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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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    1. Hugo Nguyen‏ @hugohanoi Jun 7

      2/ Quick note: contrary to popular belief that miners are bad & evil, they are vital to Bitcoin’s survival. So it’s imperative to foster a healthy mining industry.

      2 replies 1 retweet 15 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Jun 7

      3/ The best miners would be the ones who understand the nature of these variances & know how to handle them most effectively.

      1 reply 0 retweets 4 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Jun 7

      4/ For variance in finding blocks: For small solo-miners, the variance in finding blocks (& consequently, the variance in payouts) is too great to make mining practical.

      1 reply 0 retweets 6 likes
      Show this thread
    4. Hugo Nguyen‏ @hugohanoi Jun 7

      5/ Fortunately, hashing is a Poisson process. This means that on average there are 10 mins between blocks. The larger your hash rate, the closer you’ll get to this ~10 min/block average, and the more stable your payout curve.

      2 replies 0 retweets 6 likes
      Show this thread
    5. Hugo Nguyen‏ @hugohanoi Jun 7

      Hugo Nguyen Retweeted Hugo Nguyen

      6/ Solution for variance in finding blocks: join a pool. Currently, Stratum pools are popular. The downside of Stratum pools is that miners give up the right to propose blocks & harm decentralization. With BetterHash proposal, this will hopefully change.https://twitter.com/hugohanoi/status/1004455570953330689 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      @TheBlueMatt's brilliant proposal that separates 1/ block construction process from 2/ payout process. You'll still get the benefit of connecting to a pool (stable payouts) while not conceding the right to propose a block. Best of both worlds solution that will help d14n. 💪💪 https://twitter.com/TheBlueMatt/status/1004106026721972224 …
      2 replies 0 retweets 9 likes
      Show this thread
    6. Vijay Boyapati‏ @real_vijay Jun 7
      Replying to @hugohanoi

      Great thread, Hugo. I haven't read Matt's proposal yet, so forgive my ignorance but I'm very curious whether it's possible, even theoretically, for block rewards to be assigned proportionally based on hash contribution *at the protocol level*? Or is that completely bonkers?

      1 reply 0 retweets 1 like
    7. Vijay Boyapati‏ @real_vijay Jun 7
      Replying to @real_vijay @hugohanoi

      If it were possible it would completely obviate the need for pooling which is one of the most powerful causes of centralization in mining.

      1 reply 0 retweets 0 likes
    8. Hugo Nguyen‏ @hugohanoi Jun 7
      Replying to @real_vijay

      Thanks! 😀 By "protocol level" do you mean the Bitcoin protocol? I don't think that's possible 🤔 It's binary: either you successfully mine a block, or you don't. Pool protocols are different though, since they work on top of Bitcoin, they can assign rewards proportionally.

      2 replies 0 retweets 2 likes
    9. Vijay Boyapati‏ @real_vijay Jun 7
      Replying to @hugohanoi

      I know it's not possible with Bitcoin now, but is it possible under some other protocol that might at some point be incorporated into Bitcoin? E.g., if you contribute 0.1% of hash power you get 0.1% of the reward, per block without requiring pooling?

      4 replies 0 retweets 1 like
    10. Jimmy Song (송재준)‏ @jimmysong Jun 9
      Replying to @real_vijay @hugohanoi

      With BetterHash and everyone being in the same pool, yes.

      1 reply 0 retweets 1 like
      Hugo Nguyen‏ @hugohanoi Jun 9
      Replying to @jimmysong @real_vijay

      Hugo Nguyen Retweeted Hugo Nguyen

      Vijay means is it possible to bake that directly into Bitcoin itself- not a higher level protocol? My hunch is no.https://twitter.com/hugohanoi/status/1005616004032966657 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      1/ Exploring this line of thought some more. H/t @real_vijay for raising a very interesting question. There are 2 big challenges if you want to bake “reward sharing” into the protocol: a/ Keeping a record of “who did what” b/ Payout distribution process that honors that^ record https://twitter.com/real_vijay/status/1004962539187257345 …
      Show this thread
      6:26 PM - 9 Jun 2018
      • 1 Like
      • Vijay Boyapati
      1 reply 0 retweets 1 like
        1. New conversation
        2. Vijay Boyapati‏ @real_vijay Jun 9
          Replying to @hugohanoi @jimmysong

          Yeah, Hugo is correct. I was wondering whether this could be baked in at the protocol level. It's not obvious to me that it's impossible or impractical, but that may be true.

          1 reply 0 retweets 1 like
        3. Vijay Boyapati‏ @real_vijay Jun 9
          Replying to @real_vijay @hugohanoi @jimmysong

          Hugo gave some good reasons for why it may be impractical.

          1 reply 0 retweets 0 likes
        4. Jimmy Song (송재준)‏ @jimmysong Jun 9
          Replying to @real_vijay @hugohanoi

          Let's see. You could do something at the protocol level, but it would be very expensive. Essentially every qualifying share would have to get recorded and that used to pay people out when Proof of Work actually gets found. You could soft fork this, but it's massively wasteful.

          2 replies 0 retweets 1 like
        5. Vijay Boyapati‏ @real_vijay Jun 9
          Replying to @jimmysong @hugohanoi

          Yeah this is sort of what I was thinking. Could you reduce the waste in some way? Perhaps restrict to dividing the reward I to, say, 100 parts? So the biggest pool would only be 1% of hash power... My thoughts here are very incomplete :)

          1 reply 0 retweets 0 likes
        6. Jimmy Song (송재준)‏ @jimmysong Jun 9
          Replying to @real_vijay @hugohanoi

          You could change to a high share threshold. You could probably reduce the need to store the data permanently and can be thrown out after verifying. Bandwidth you can reduce by having people essentially mine similar blocks. Verification is the killer. Each share has to be verified

          2 replies 0 retweets 1 like
        7. Hugo Nguyen‏ @hugohanoi Jun 9
          Replying to @jimmysong @real_vijay

          Yeah the overhead in traffic/validation will be insane. It can also be a new attack vector as bad miners send bogus shares across the network. The other big problem, assuming you can solve the record-keeping problem, is whether you can enforce that payouts do honor that record.

          0 replies 0 retweets 1 like
        8. End of conversation

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