“ As a result, a coalition of ES-miners is not stable. In short, a coalition of ES-miners cannot form and will not survive.”

Not a thorough analysis…. This idea comes up a lot that somehow coalitions won’t form because people could break them and form other coalitions. 1) Actual coalitional game theory has notions of kernel and nucleus and stable set etc that take further horse trading into consideration 2) Empirically in the real world coalitions do form and tend to have cohesion, the real world is not zero viscosity