We could blacklist by changing their keys to unusable values. The account would be inaccessible to everyone, the action wouldn't require constant vigilance from all producers, and 15/21 producers would be able to execute the action.
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Makes sense. Blowing away the keys on an account would definitely nuke it out. I imagine the blockchain world will go crazy the first time this happens. The real question is if we're ready for a truly governed blockchain.
Thanks for the replies.