so the solution is to do away with borrowing and lending (and therefore saving and investment, btw)? doesnt seem too plausible
lend what is saved to invest, not some fantasy multiple of what is saved. like in days of yore. as value of bitcoin increases, value of savings increases, ability to lend increases. A closer coupling between wealth and lending. The rich lend, the borrower borrows to invest and build wealth rather than consume.
OR borrow dollars secured by bitcoin holdings. Otherwise, don't borrow.
Lending used to be about investment, not consumption, remember?
"Debt‐fueled mass consumption is as much a normal part of capitalism as asphyxiation is a normal part of respiration”
The intoxication of easy money via debt fuels useless consumption, high time preference, I'll have my marshmallow now not two tomorrow. That's what's hurting the environment, not bitcoin mining.