POW incentivizes wasting energy for a practice that turns it into money without the in between steps of creating businesses and jobs (read: progress), and that alone is a huge minus point. That energy is then wasted for more POW currencies, which implies that those who make the most money out of it can dictate energy prices.
The only way to bring back down energy prices isn't to create more, as it would quickly be allocated by highest bidders for more POW mining in an endless circle, but to reduce that toxic demand, and eliminating POW mining would represent a good start.
People had an option against the "you must believe me it has value" money and now it goes down the drain because a bunch of idiots are crying about "excessive" energy usage. It was the perfect energy backed money (like there was a gold backed money back then...).
