Absolutely spot-on. If you include PoW in tx cost accounting, you can’t ignore that: a/ it's amortized over all global txs b/ can be amortized much further w/ layer 2 A fair comparison to fiat is to properly account for fiat's hidden costs: infrastructure, manpower, inflation.https://twitter.com/LaurentMT/status/1051529968751128576 …
Yup, and that tx cost will get even lower (further amortized) as the chain gets longer. That's before accounting for all the L2 transactions.
@LaurentMT went a lot deeper into the unit cost efficiency of PoW:https://medium.com/@laurentmt/gravity-10e1a25d2ab2 …
