This requires its own thread or book chapter. I don't think I can do it justice here. Let me give my nutshell opinions here and it you want a long discussion, please start a new thread and invite me to discuss it. Historically, proof of work was a genius solution to a problem that was (at the time) thought unsolvable. (Byzantine generals)  Satoshi took that clever hack and wrapped it into a marketing scheme that was three times move clever than PoW itself. His scheme, 1) solves consensus, 2