> Virtually all existing market designs are crappy. Maybe CBOT is an exception. Michael Lewis' book is a big giant marketing document for a shitty market design, FWIIW: not a preconception; I read and panned his ridiculous book.
I'm not saying anything promoted by Lewis is a good market design, nor that existing continuous limit order books are. Merely that from the PoV of the efficient markets hypothesis, blockchain markets are worse (and have the potential to be better, e.g. by exploring batched designs).
Your statement in section 7 seems to not understand how blockchains work. I could be wrong; it don't pass the sniff test. Since I actually have a day job, I may not have time to look into this in enough detail to thoroughly pull it apart, but hey, maybe they'll catch it in "peer review."
That being said, I've been studying blockchains for years, and this paper has been reviewed by some very high caliber designers of blockchain protocols in both academia and industry. It also uses very simple models as in http://randomwalker.info/publications/mining_CCS.pdf which in my view are extremely unlikely to be incorrect (of course, anything is possible).
I didn't think you made the case in your sections 5-7. 7 in particular looked like speculation to the point of paranoia (which, admittedly, is justifiable in blockchain, but for the kinds of dollar amounts you're quoting -rather unlikely). I'll read it again to make sure.