Panpsychism is not as crazy as it sounds.

[Mudhammam]

Putting aside my difficulties in defining consciousness in the first place, I found the panpsychism thing compelling for a while. An observational fact which led me to discard the idea again is how easily we lose consciousness. For it to be present, the brain has to function very well, and minor disturbances such as interference from chemicals or electricity lets us lose it. This to me points to consciousness as an emergent phenomenon of feedback circuits i.e. your first category. If consciousness were somehow a deep property of the matter I am made of, I would not expect it to kick the bucket only because there's some C2H5OH around.

If this is not an argument against panpsychism in your sense, I'd be gratetful if you explained where I go wrong.

So one might postulate a fundamental law that says when physical requirements X, Y, and Z are met, you get consciousness, the experience of a subjective feeling, say, pain. The reason this is a fundamental law is that it says consciousness will always emerge when these physical conditions are met. In order to have this psychophysical law be realized, which is consciousness, a coherence principle exists between the psychophysical laws and the physical laws, by which those organize matter in such a way to realize the other (some psychophysical laws are dependent on physical laws if to be effectual). However, deeper still, a coherence holds the physical and psychophysical laws together so that consciousness depends on the physical for its emergent conditions to be met. When a brain is damaged, the physical structure changes, which is closely related to how the psychophysical law gets expressed.