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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 @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
    2. 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
    3. 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
    4. 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
    5. 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
    6. 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
    7. 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
    8. 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*?

      3 replies 0 retweets 2 likes
    9. 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
    10. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @hugohanoi @SGBarbour and

      People selecting their own blocks and solving for variance using financial instruments is not a change, so this is a red herring. There is a cost to hedging, and that's your increased cost of capital that is the variance discount.

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

      There's always a cost for hedging against variance. Doesn't matter if it's thru technical means or other means. I don't think it can come for free.

      3:13 PM - 11 Jun 2018
      1 reply 0 retweets 0 likes
        1. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @hugohanoi @SGBarbour and

          Maybe it cannot be eliminated, but shifting the cost is not "solving mining variance".

          0 replies 0 retweets 0 likes
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