The latest season of Futurama actually illustrated this, that due to time being relative you can just slow down the simulation to reduce the requirement to run at a 1:1 performance ratio with our current environment.
It also describes that someone from flatland wouldn’t be able to tell that they’re missing out on a dimension, or quality, because it’s their only frame of reference.
Definitely not scientific in approach, but it is thought provoking around the possibility of a simulated existence.
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