No, this is how you bootstrap a currency without concentrating all the wealth in a few hands.
From an investing standpoint, which is where I am, it doesn't matter why or how a currency is maintained, all that matters is the bottom line cost. Centralized, decentralized, all things considered, which is the cheaper way to do business? That is my question.
To simplify things, lets imagine that we are in 2040 and that there are no more Bitcoins entering the market. Will the market cost of solving these algorithms on the Bitcoin network be less than that of centralized systems doing the same work? I honestly don't know but the next question to ask is this:
As transaction volume goes up on the BTC network, is the average transaction cost (after 2040) going to look like a negative exponential curve, will it be linear, or will it be exponential? Would love to hear anyone's response on this one. **
On the other hand when looking at CC's, will fraud become more or less prevalent in the future? I read that fraud prevention accounts for 40% of CC company costs. If fraud declines because cyber security improves over time, or if the general population becomes more educated on identity protection, then this will lower the cost of CC transaction fees.
Other things to consider are: Electricity cost in the future, precious metal costs in the future, Moore's law, and open internet to name a few. BTC is more sensitive to these variables than conventional means of transaction processing.
P.S.
FYI those figures are well-known to be overstated because miners don't use equipment they calculate for. Blockchain should update for the efficiency of ASICs
The chart shows BTC payout per volume, I don't see how an increase in efficiency would change anything on this chart. To my understanding it is simply 3600/daily volume. Please explain.
** I have read a bit on how the blockchain works and how solving these algorithms works, but I do not know what determines increase or decrease in complexity of these algorithms, particularly how the difficulty is expected to change over time per transaction