For the record, this is quite a simplified overview of proof-of-work. It ignores the complexities of network propagation speeds and orphaning, which can result

For the record, this is quite a simplified overview of proof-of-work. It ignores the complexities of network propagation speeds and orphaning, which can result in withholding attacks being more effective. Proof of work is not a magical bullet -- although, arguably it is the best one we know of so far.