The Subjectivity / Exploitability Tradeoff
One of the issues inherent in many kinds of consensus architectures is that although they can be made to be robust against attackers or collusions up to a certain size, if an attacker gets large enough they are still, fundamentally, exploitable. If attackers in a proof of work system have less than 25% of mining power and everyone else is non-colluding and rational, then we can show that proof of work is secure; however, if an attacker is large enough...