> If 66% of miners not only censor their own blocks, but also collude to continually reorg the chain, then obviously all bets are off, the project has failed, and the exchange rate is headed to 0.
Is it though? If crypto ever becomes a common currency people will still want to transact in it regardless of corruption/collusion among miners. Most are not going to stop using it for ideological reasons like "miners are altering the chain" unless it negatively impacts their own transactions.
If 66% of miners censor their own blocks to comply with OFAC, then eventually the transaction will get in.
If 66% of miners not only censor their own blocks, but also collude to continually reorg the chain, then obviously all bets are off, the project has failed, and the exchange rate is headed to 0.
I think the former is infinitely more likely than the latter.