Agreed. Satoshi thought plebs would mine. He also thought miners would tend to use free energy.(i.e. heat their homes.)

"Some places where generation will gravitate to:

1) places where it's cheapest or free

2) people who want to help for idealogical reasons

3) people who want to get some coins without the inconvenience of doing a transaction to buy them

There are legitimate places where it's free. Generation is basically free anywhere that has electric heat, since your computer's heat is offsetting your baseboard electric heating. Many small flats have electric heat out of convenience." --Satoshi Nakamoto

If people can't mine for fiat gains on a mining pool, they could solo mine with a water heater. The odds of winning are slim, but it's +EV if you planned on using hot water anyway.

It's not like the state has a shortage of lottery customers. I believe we can keep the bitcoin timechain secure forever by aggregate "free energy" such as this.

That's why I don't think we need BIP 300. That and the fact that all that degen smart contract stuff is dangerous. Besides, we already have second layer sidechains like Liquid to experiment with this type of stuff.