1. Does the desire for a personalized address outweigh the privacy concerns associated with generating a vanity Bitcoin address?
It's simply No from my angle. Bitcoin was not primarily designed for personalization and recognition. On the contrary, was designed for anonymity and privacy.
2. Is the environmental impact of the computing power required to generate vanity addresses justified for personalization purposes?
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It's not worth it if one should consider conservativeness. But to those who put the personalization on their head, it might.