But Bitcoin is something else also, it's a proof of concept, more academic work rather than what it is made out to be now. That alone doesn't have to be a bad thing, but that it wasn't made to handle the requirements very well is. The distributed blockchain for example is prohibitive expensive, it doesn't suit to store every transaction ever made on every node. The list goes on, proof of work consumes too much energy, transaction conformation time is to long to be suited for a POS system, etc...
It's a immature concept in every way, and one way or the other it is going to be replaced by a successor which was made with those things in mind, not just patched.
OK enough digressions.
This idea is not digression in the long term bear scenario, just a digressions short term.
But honestly you don't need Bitcoin to be a POS system to be successful, it would be better used as a means of settlement much like gold was in the early 1900's and the excessive energy usage really just results in waste heat, and in any efficient system waste provides food for another part of the system, so it isn't waste but an available resource.
So while I agree it is a proof of concept I don't share your pessimism.
