[cottenio]

As a huge fan and experienced implementer of merkle trees in my modern work I really wish I had known what they were at the time :)

Merkle trees don’t solve the forgeability issue, just the unbroken chain of what you currently have. So, if you have control over the server you can just create a set of events with your “+5 billion gold” event injected in it, recalculate the tree and root and voila: forgery.

PoW doesn’t prevent this, it just adds computational time provably spent between the events so that if you DID try to inject a false record a year ago you’d have to spend that same amount of time calculating the resulting merkle tree.

Merkle trees all the way down!