1) To not live up to your full potential.

2) To bestow large amounts of your biscuit upon those who are not deserving of the biscuit or do not appreciate the biscuit.
1) Did you really drop out of college? You're totally wasting your biscuit.

2) Dude, Greg just threw away the biscuit you gave him. He's totally wasting your biscuit.
by Jucebawks December 28, 2010

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