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hugohanoi's profile
Hugo Nguyen
Hugo Nguyen
Hugo Nguyen
@hugohanoi

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Hugo Nguyen

@hugohanoi

I chain, therefore I am ⛓️

Joined April 2012

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    Hugo Nguyen‏ @hugohanoi May 25

    Hugo Nguyen Retweeted Tushar Jain

    1/ This is an interesting thesis but I think what this misses is that the actual enforcement of ownership for these “tokenized” physical assets will depend on central authorities, and therefore, they are censorable assets.https://twitter.com/TusharJain_/status/989653842257154048 …

    Hugo Nguyen added,

    Tushar Jain @TusharJain_
    0/ Blockchain will first redefine what assets are considered money. Then it will actually reduce the total demand for money. Yes, blockchain will actually mean we need less money in the economy. Time for a thread.
    Show this thread
    9:31 PM - 25 May 2018
    • 7 Retweets
    • 46 Likes
    • thangoffshore Tudor ⚡ ⚡️Chris Walker ⚡️Run-a-full-Node! Sam Samskies 😂🤣 WTF is Bitcoin? Ian Farnung Johnathan Corgan Nguyen Van Thi Melik Manukyan ⚡️ ludvigart.com
    4 replies 7 retweets 46 likes
      1. New conversation
      2. Hugo Nguyen‏ @hugohanoi May 25

        2/ Example: a farmer in Vietnam can own a fraction of a Manhattan building via “tokens”. But who will enforce this ownership? What happens if the issuer deems the poor farmer’s tokens no longer valid? The poor farmer can see his digital "wealth" becoming worthless overnight.

        3 replies 0 retweets 15 likes
        Show this thread
      3. Hugo Nguyen‏ @hugohanoi May 25

        3/ This makes this model very shaky. BTC, otoh, operates in its own universe and is uncensorable. So it would make absolutely sense to hold on to BTC even under a "tokenize-everything / hyper-liquidity" scenario.

        2 replies 1 retweet 19 likes
        Show this thread
      4. Hugo Nguyen‏ @hugohanoi May 25

        4/ Also, it's not quite correct to call BTC a "non-income generating asset". BTC is deflationary: the rise in BTC value should be proportional to the rise in total production output.

        2 replies 2 retweets 21 likes
        Show this thread
      5. End of conversation
      1. New conversation
      2. Johnathan Corgan‏ @jmcorgan May 25
        Replying to @hugohanoi

        I've had a hard time getting this point across. Bitcoin, as a bearer token, is given value by anyone who wants to trade for it. Any other kind of token, on the other hand, requires a central third party to "interpret" their meaning and grant them promised value.

        1 reply 3 retweets 21 likes
      3. 1 more reply
      1. New conversation
      2. Ian Farnung‏ @ifarnung May 25
        Replying to @hugohanoi

        I can't really put my finger on it, but this tokenize every financial asset idea seems like pure fantasy. I think you strike at the heart of the problem, centralized enforcement. I see no benefit of turning my $BRK into a token when I still need my broker to handle custody, etc.

        1 reply 0 retweets 3 likes
      3. Ian Farnung‏ @ifarnung May 25
        Replying to @ifarnung @hugohanoi

        Also, a global money can have extremely high liquidity and tiny trading spreads never seen among traditional investment assets. A quality we already see with BTC on major exchanges like GDAX (0-.25% fee, 1¢ spread under normal market conditions) @TusharJain_

        1 reply 0 retweets 0 likes
      4. Ian Farnung‏ @ifarnung May 25
        Replying to @ifarnung @hugohanoi @TusharJain_

        Trading costs in stocks CAN be relatively low (<1%) but real estate (5%), physical gold (4%), fine art (25%), eBay (13%), etc. This frictional cost to market making doesn't magically go away with tokenization.

        0 replies 0 retweets 0 likes
      5. End of conversation

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