As a lifelong registered independent because neither Party represents me, I have voted third Party or write in in every election so far, so obviously I don't consider my protest vote a waste.
I would like to see my vote have some teeth, and I have said in earlier threads I would like to see a "none of the above" or a candidate "NO" as a term limits mechanism. Any candidate who gets less votes than "NO" cannot run for that particular office again. It is essential that "NO" is used in all primaries to eliminate bad candidates before the national elections. But I would also want it in the national elections. We could always move up the national elections a month to give more time if "NO" beats both corporate candidates. But I definitely would like a protest vote with teeth.
What IS a waste is waiting on line for hours to vote third Party, so I always vote by absentee ballot.