In this presentation, I will explore the security assumptions of PoW networks and why only nation-states pose a risk. We will discuss the impact of a 51% attack, how it would be carried out, and the incentives/disincentives to do so.

• PoW's economic security model, blockspace as a free market, and censorship resistance.
• Mining pool architecture, attack vectors, and decentralized mining incentives.

We will also explore what honest network participants can do in response to such an attack and how to mitigate the risks. Finally, we will highlight Monero's base layer privacy, ASIC-resistance, tail emissions, and how they play a unique role in resisting a 51% attack.