Are you saying there are people out there that are happier investing in "crypto" than in "stock X" or "gold" or "bonds"? It just makes them happier that that particular name appears on the screen?

I don't doubt that is the case, but that kind of reinforces my point. The societal cost of crypto is too high. If we have to justify the electrical consumption of crypto because people enjoy it more when they see its name on their screen, we are clearly doing something wrong.