The fact we have a system where 97% of all the equipment isn't used to ever do anything useful and instead "increase security" is an insanely wasteful system. Nobody has quantified what level of "security" is required. There's no feedback mechanism to pull back based on need because the need is fundamentally unquantified. It's a grey goo style uncontrolled positive feedback loop.
Each time more miners come online it's lauded as "more security is better" - but how much security do you need! The answer isn't "as much as you can afford period no follow-up questions."
You don't have 75 seatbelts in your car because "security." You don't use a dump truck to take your kids to school because "security." And you don't use a global army of computers consuming 100+TWh/yr to process 2-3 tx/sec because "security."
Ultimately it's a half-baked security model, and Bitcoin is a half-baked proof of concept that escaped the lab and gained a cult following.
> What is your source around Hal Finney? I have not heard that.
My source is Hal Finney [1]