I agree, procrastination is different as it is putting off what you know what needs to be done whereas waiting is much more subtle. Can we make up for lost time though? I see it as lost as even when we push harder later, we could have been pushing harder doing something else if we had done that thing earlier :)
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You are right, exactly the cost of wasting time, We could always do much better when we never wasted time than when we did. So literally we can't make up for lost time.