Computationalism (the idea that everything in existence is fully characterized by states and transition functions) is
Yes, in the worst case you can put the physical universe on hold, compute whatever you want, and then continue the regular program. In this way, you can even do acausal computation on a bounded Turing machine.
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Computationally, systems with different kinds of infinite computing power behave in qualitatively different ways than finite ones. So presenting computation from the point of view of Turing machines alone misses those things or handles them awkwardly.
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It is unfortunate that the Turing machine gained such prominence. We can only ever use finite state machines, because we cannot wait for infinite numbers of steps to pass. This changes almost everything.
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