1/ Just one word about this "paper" trying to prove Bitcoin is more efficient (1.2x to 5x) than the Banking system ... per transaction.
It's just a gigantic pile of crap.
3/ Bitcoin settles around 300k transactions per day (which is a pathetic throughput btw, less than a 33 kbps modem from the 1990's).
4/ The SWIFT banking system (inter banking transactions) processes more that 42 millions transactions per day.
SWIFT is like the settlement / L1 of the banking system and a lower bound of total nb of transactions.
9/ In reality the proof of work is a gigantic waste of energy. It is thousands of times less efficient per transaction than the current system, and cannot physically scale.
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