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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 28

      Hugo Nguyen Retweeted Matthew Green

      Err... no 😐 Efficiency was never the point. Bitcoin specifically sacrificed all manners of efficiency in order to provide something useful. In fact, Bitcoin *must be inefficient* for its properties to hold. (Doesn’t mean there aren’t room for improvements but you get the point.)https://twitter.com/matthew_d_green/status/1012322080250056704 …

      Hugo Nguyen added,

      Matthew Green @matthew_d_green
      Satoshi: I just want to build a payment system that makes routine payments efficient. Bitcoin maximalists: well, actually... pic.twitter.com/BYKzkWXsXt
      Show this thread
      2 replies 5 retweets 37 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Jun 28

      Nowhere in the whitepaper Satoshi mentioned anything about efficiency - except maybe the use of Merkle Tree as an *efficient data structure*. It’s a bit disingenuous to paraphrase Satoshi and says he wanted to build an *efficient payment system*.

      1 reply 1 retweet 10 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Jun 28

      The main theme of the paper, if you read it carefully, is the *removal of trusted third parties* from the system. That is the whole point. Never efficiency.

      9:37 AM - 28 Jun 2018
      • 3 Retweets
      • 18 Likes
      • sl William Maverick Jordan Kittle [LTC] 2357_is_prime ⚡️ ~⚡ eunjiAllDay Mitchell Bradley Ben Franklin: Zombie Hunter
      1 reply 3 retweets 18 likes
        1. Edwin den Boer  ⛓️‏ @edbwt Jun 29
          Replying to @hugohanoi

          And what was the reason for removing trusted third parties, explained in the first paragraph? Avoiding the *cost of mediation*. A silly priority, which we'd rather forget, but the original goal of Bitcoin would be defeated by high transaction fees.

          0 replies 0 retweets 0 likes
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