I'll use TMC's format
Lag - I was on a ravine ledge, fell off, I look around and see frozen zombies in front of me when suddenly they teleport infront of me and I'm dead.
Compensation
110 lapis items
diamond sword (sharp 3, fire 2, loot 2, unb 3, knock 2) around 1460 uses
diamond pick (unb 3, eff 5) around (600?) uses- idk it doesn't matter as much
diamond pick (unb 3, fortune 3) at ~1170 uses
~57 torches
~73 baked potatos
basic iron armor (no boots)