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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. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @chris_belcher_ @hasufl and

      Yup, power remains with the ability to control the larger payout.

      2 replies 0 retweets 1 like
    2. Hugo Nguyen‏ @hugohanoi Jun 11
      Replying to @evoskuil @chris_belcher_ and

      That's true, but pools have always had this power. I wouldn't say BetterHash "shifts the point of centralization". It's still the same point. What it'd do is potentially reducing pools' power - an improvement over the status quo. That is worth something.

      2 replies 0 retweets 4 likes
    3. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @hugohanoi @chris_belcher_ and

      Just as with FIBRE the “shift” is cosmetic, the power structure remains the same. In FIBRE the relay operator is assuming the power of the pool. In this thing the payout pool is assuming the power of a pool under a different name. But yes, what would a true “shift” even mean?

      1 reply 0 retweets 1 like
    4. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @evoskuil @hugohanoi and

      But it is not true at all that this reduces pool power. There is no security improvement.

      2 replies 0 retweets 1 like
    5. Steve Barbour  ⛏‏ @SGBarbour Jun 11
      Replying to @evoskuil @hugohanoi and

      What about accessibility improvements (reducing cost to run a BetterHash pool). What about bandwidth usage to receive / transmit pool shares in the Work Pool, any improvement? My business uses cellular and we mine in remote locations, so this is interesting to me.

      1 reply 0 retweets 4 likes
    6. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @SGBarbour @hugohanoi and

      There may very well be optimizations, which would not be surprising given the very shitty state of existing protocols. However given the security design failure it’s necessary to consider the protocol strictly as an optimization. This may lead one to a different design.

      1 reply 0 retweets 2 likes
    7. Hugo Nguyen‏ @hugohanoi Jun 11
      Replying to @evoskuil @SGBarbour and

      The big improvements BetterHash brings, IMO: 1/ Individual miners regain their right to propose blocks 2/ Authenticated connections between miners & pools - something Stratum didn't have 3/ Reduced latency by eliminating the dependency on a centralized getblocktemplate() service

      1 reply 0 retweets 8 likes
    8. Steve Barbour  ⛏‏ @SGBarbour Jun 11
      Replying to @hugohanoi @evoskuil and

      Assuming BetterHash makes improvements on lowering the cost to run a pool (BetterHash ‘Pool Protocol’ operator vs Stratum pool operator), then does that not incentivize more competition between pool operators, thus improving security?

      1 reply 0 retweets 2 likes
    9. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @SGBarbour @hugohanoi and

      No, the incentive for competition remains unchanged. If there is a financial benefit to the protocol, they simply all upgrade.

      2 replies 0 retweets 2 likes
    10. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @evoskuil @SGBarbour and

      1) No, this is unchanged vs. current pools. They of course have the "right" to change pools, but the larger pool wins. No improvement. 2) This is not a system security improvement, and is not necessarily an improvement. 3) No, in this case latency increases.

      2 replies 0 retweets 3 likes
      Hugo Nguyen‏ @hugohanoi Jun 11
      Replying to @evoskuil @SGBarbour and

      1/ That’s assuming pooling will be winner-take-all, which is possible but not guaranteed - why hasn’t one single pool dominated the market *already*?

      2:27 PM - 11 Jun 2018
      • 2 Likes
      • AvY Giacomo Zucco
      3 replies 0 retweets 2 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @hugohanoi @evoskuil and

          Hugo Nguyen Retweeted Hugo Nguyen

          2/ That logic also doesn’t factor in the possibility of solving mining variance *without using pools*, e.g., thru external means such as financial hedges. See my thread on the topic of variance - finding blocks is not the only type of variance.https://twitter.com/hugohanoi/status/1004875566477004800 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          11/ Potential solution for variance in market demand: use financial hedges such as insurance and/or future contracts.
          Show this thread
          3 replies 0 retweets 1 like
        3. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @hugohanoi @evoskuil and

          3/ Pool architecture dominates mining today, which means the majority of mining traffic is unauthenticated. How is adding authentication not a security improvement?

          3 replies 0 retweets 1 like
        4. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @hugohanoi @evoskuil and

          4/ Can you elaborate RE: latency? Traditional pools rely on one single getblocktemplate() service to divide the work between all miners. Eliminating this bottleneck at least gets rid of one type of latency.

          2 replies 0 retweets 1 like
        5. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @hugohanoi @evoskuil and

          5/ Bottom line is even if it’s possible to solve mining variance thru something like #braidpool, it doesn’t mean we can’t pursue both approaches. Especially given that #braidpool is still highly experimental.

          2 replies 0 retweets 1 like
        6. Matt Corallo‏ @TheBlueMatt Jun 11
          Replying to @hugohanoi @evoskuil and

          Ignore @evoskuil, he loves to throw shit on stuff by ignoring all the practical effects, and mostly not even bothering to do research.

          3 replies 0 retweets 0 likes
        7. Bob McElrath‏ @BobMcElrath Jun 11
          Replying to @TheBlueMatt @hugohanoi and

          Now now kids, we can all get along.

          2 replies 0 retweets 4 likes
        8. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @BobMcElrath @TheBlueMatt and

          Man this sure blew up 😂😂

          1 reply 0 retweets 1 like
        9. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @hugohanoi @BobMcElrath and

          Not for me... shit-tons of tweets just disappeared :).

          0 replies 0 retweets 2 likes
        10. End of conversation
        1. New conversation
        2. Bob McElrath‏ @BobMcElrath Jun 11
          Replying to @hugohanoi @evoskuil and

          Because it would destroy confidence in the system. https://en.m.wikipedia.org/wiki/Ghash.io 

          1 reply 0 retweets 1 like
        3. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @BobMcElrath @evoskuil and

          Precisely, so you can say that there is a natural force against pool monopoly - pools don't want to kill their golden goose. Even better if pools are forced to show their hands in the open, which is what BetterHash could do.

          1 reply 0 retweets 1 like
        4. Bob McElrath‏ @BobMcElrath Jun 11
          Replying to @hugohanoi @evoskuil and

          Bob McElrath Retweeted Bob McElrath

          It's a political solution to a computer science problem.https://twitter.com/BobMcElrath/status/1005921429840375808?s=19 …

          Bob McElrath added,

          Bob McElrath @BobMcElrath
          Political and economic solutions to computer science problems will always lose in the face of a well-engineered protocol, but political and economic solutions will always garner FAR more attention and investment, because people think they understand them and protocols are hard.
          2 replies 0 retweets 1 like
        5. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @BobMcElrath @evoskuil and

          I would also love to just stay in the realm of computer science - but the fact is that Bitcoin is half-political in nature 😀 Decentralization needs active human participation.

          3 replies 1 retweet 2 likes
        6. Bob McElrath‏ @BobMcElrath Jun 11
          Replying to @hugohanoi @evoskuil and

          Unless a computer science solution is proven to NOT exist, we shouldn't compromise in the name of expediency.

          2 replies 0 retweets 1 like
        7. Hugo Nguyen‏ @hugohanoi Jun 12
          Replying to @BobMcElrath @evoskuil and

          Agreed! But this argument doesn’t apply here since a/ Bitcoin is a live, 100-bil-dollar network running in production & b/ pool mining centralization is *already* the political reality. BetterHash will improve on the status quo, not making things worse. It’s highly practical.

          2 replies 0 retweets 1 like
        8. Hugo Nguyen‏ @hugohanoi Jun 12
          Replying to @hugohanoi @BobMcElrath and

          Now if #braidpool is proven to work & we’re launching Bitcoin tomorrow, it’ll be a different story 🙂

          0 replies 0 retweets 0 likes
        9. End of conversation
        1. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @hugohanoi @SGBarbour and

          Because there is a declining advantage to having greater than 50%. At 100% there is no advantage whatsoever. It makes not more assumptions than are in place for existing pool operations.

          0 replies 0 retweets 1 like
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