Paraphrasing Pierre:

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Permissionless nature of mining is more important than the absolute size of the resources consumed in the mining process.

When “attacked” the system responds with an increasingly lucrative fee market that incentives others to mine without having to ask anyone.

Responsively Resistant. Tough only when you need to be. Kind of like the toughest kid in the school yard. Doesn’t have to fight all the time. Everyone knows the cost.

Leads to situation where humans *can’t* sustain attacks: too costly.

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