Summary
TLDR: Proof-of-work, the algorithm behind Bitcoin, is intentionally wasteful. Satoshi acknowledged this and said it may lead to a choice between economic liberty and conservation.
Key Points
1. Proof-of-work, the algorithm backing Bitcoin, is a fundamentally wasteful process by design.
2. Satoshi anticipated the debate over the massive hashpower directed towards securing the network.
3. There may be a choice between economic liberty and conservation as Bitcoin becomes more successful.