>Circular. Circular, self-referential. Works great until it doesn't, then fails catastrophically. Most people don't think about the kind of risks that have l

>Circular. Circular, self-referential. Works great until it doesn't, then fails catastrophically. Most people don't think about the kind of risks that have low odds of occurrence but drastic consequences when they do occur (coughGFCcoughFukushimacough), especially not when blinded by $$$ in their eyes and/or the idea of being part of the next big thing. One interesting line of research in the field is in ways to anchor the security of the system or value of the network to something external. PoW does this by anchoring the value of the token and the security of the network in the cost of electricity. There are other experiments going on trying to anchor it to a basket of fiat currencies, for example, or other forms of cryptographic randomness. PoW I think will remain the most robust, but worth experimenting.