It depends which problem one is trying to solve: a) something new to sell to speculators, or b) a system that can scale decentralized because your plans for the use of the CC require that it does.

Satoshi's proof-of-work design is flawed in that it falls to centralization due to economies-of-scale. But the interim Nash equilibrium does function until centralization is at 33% or above, as Bitcoin proved during its nascent period. (Hint: I just refuted CfB's prior post but there is a deeper refutation that I would like to see someone else articulate)

But note every known consensus system for a block chain fails to centralization due to economies-of-scale.

I think I know how to fix Satoshi's design. My future white paper will explain the threats that remain.