4/ To quote @NickSzabo4 : “Trusted third parties are security holes.”
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15/ The true cost analysis of attacking public-key cryptography must include social engineering attacks: kidnapping, extortion, torture. You can make attacking cost much lower than the cost of brute-forcing the key.
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16/ So anything that has asymmetric attack/defense ratio has to be relative. There’s always a way to go around the asymmetry.
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17/ PoW security, otoh, is *absolute*. It doesn't matter which frame of reference you come from, the cost of attack is the same. PoW ledger immutability is objective, it doesn’t care who you are.
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18/ Ledger immutability that relies on relative security will always be weaker than one that relies on absolute security.
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19/ EDIT (13): it is only *secure* from the point of view of the owner of the private key
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End of conversation
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