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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 Jul 22

      Hugo Nguyen Retweeted Vijay Boyapati

      1/ My thoughts RE: “HODLing == free riding?” that @naval raised. Building on @real_vijay’s thoughts as well.https://twitter.com/real_vijay/status/1019804185334722560 …

      Hugo Nguyen added,

      Vijay Boyapati @real_vijay
      1/ Now I have you in my clutches, @naval, let's tango! You brought up a subject worth debating and considering in some depth, and certainly without any animosity (I'm sorry if it feels like you've been bombarded with negativity on this). https://twitter.com/naval/status/1019766115398893568 …
      Show this thread
      2 replies 5 retweets 30 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Jul 22

      2/ I think the answer is no, if it’s early-stage Bitcoin, and yes, if it’s late-stage Bitcoin. Although “free riding” in late-stage Bitcoin takes on a different meaning.

      1 reply 0 retweets 1 like
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Jul 22

      3/ In the early stage of Bitcoin, HODLing establishes a base level of price support, reduces volatility & the perceived risks in the Bitcoin market.

      2 replies 0 retweets 2 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Jul 22

      4/ Unlike Gold, which has a natural price floor- thanks to its industrial usage, Bitcoin relies purely on the belief of its strongest adherents to establish a price floor.

      1:36 PM - 22 Jul 2018
      • 2 Likes
      • Murad Mahmudov 🚀 Melik Manukyan ⚡️ ludvigart.com
      2 replies 0 retweets 2 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jul 22

          5/ As Vijay puts it: HODLing requires *ideological conviction* - without which the price will collapse, the network go BOOM & all that fancy dev work going to waste. In fact, in the early days, HODLing is as essential as writing code itself.

          1 reply 1 retweet 5 likes
          Show this thread
        3. Hugo Nguyen‏ @hugohanoi Jul 22

          6/ Based on this fact alone, “free riding” is probably not the correct term to describe HODLing in early-stage Bitcoin, when it plays such as crucial role.

          1 reply 0 retweets 2 likes
          Show this thread
        4. Hugo Nguyen‏ @hugohanoi Jul 22

          7/ Bitcoin would not survive with mere traders/speculators who lack ideological conviction. The price would likely go to zero in any of the major crashes, and unable to come back or become vulnerable to 51% attack.

          1 reply 0 retweets 3 likes
          Show this thread
        5. Hugo Nguyen‏ @hugohanoi Jul 22

          8/ While it’s true that someone who can (HODL + code) is doing more than someone who merely HODL. The reality is that the pool of qualified protocol devs is extremely tiny. @real_vijay touched on this as well, and I want to expand on this.

          1 reply 0 retweets 2 likes
          Show this thread
        6. Hugo Nguyen‏ @hugohanoi Jul 22

          9/ If you ever work in software, you’d understand that a developer is only as good as his ability to understand product requirements, no matter how strong his coding skills or understanding of the tech stack he works on.

          1 reply 1 retweet 4 likes
          Show this thread
        7. Hugo Nguyen‏ @hugohanoi Jul 22

          10/ The mythical 10x programmer is not a code monkey that can type 10x faster than average programmers, perform matrix operations in his head, or memorize a thousand design patterns that he can readily draw from.

          1 reply 0 retweets 4 likes
          Show this thread
        8. Hugo Nguyen‏ @hugohanoi Jul 22

          11/ The 10x programmer is someone who, first & foremost, deeply understands product requirements better than any of his peers, ruthlessly cut down waste in planning, design & implementation.

          1 reply 6 retweets 16 likes
          Show this thread
        9. Hugo Nguyen‏ @hugohanoi Jul 22

          12/ Once you understand this, you’d understand that becoming a qualified dev to work on the Bitcoin protocol is not an easy task. How could you make any changes to such a complex beast, without understanding all the philosophical underpinnings of the project?

          1 reply 1 retweet 8 likes
          Show this thread
        10. Hugo Nguyen‏ @hugohanoi Jul 22

          13/ Some trivial looking things such as block size parameters or max number of peer connections, can have huge ramifications for the network.

          1 reply 0 retweets 3 likes
          Show this thread
        11. Hugo Nguyen‏ @hugohanoi Jul 22

          14/ Another example: Vitalik trying to bring Turing-completeness to Bitcoin in the early days. That *sounds like* it’s something useful- how bad can it be right? Wrong. Not only “world decentralized computer” is a dubious vision, it’s a total distraction.

          1 reply 0 retweets 9 likes
          Show this thread
        12. Hugo Nguyen‏ @hugohanoi Jul 22

          15/ It then naturally follows that the most qualified devs we want to work on Bitcoin, are likely *already in it*. Their ideological conviction draws them to the project, not the promise of wealth.

          1 reply 1 retweet 12 likes
          Show this thread
        13. Hugo Nguyen‏ @hugohanoi Jul 22

          Hugo Nguyen Retweeted Hugo Nguyen

          16/ TL;DR: Shortage of Bitcoin developers is not a problem you can simply throw money at or add in-protocol incentives for (I described how that’s impossible: https://twitter.com/hugohanoi/status/985073633419673600 …). It requires ideological conviction & only a tiny tiny number of people are qualified.

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          1/ This is an interesting idea. Leaving aside the issue of whether this would actually stop the rise of altcoins, I doubt that in-protocol incentives for future development would be feasible. https://twitter.com/naval/status/985018594252742656 …
          Show this thread
          1 reply 1 retweet 7 likes
          Show this thread
        14. Hugo Nguyen‏ @hugohanoi Jul 22

          17/ In late-stage Bitcoin, specifically post-hyperbitcoinization, the benefit of HODLing (to the network, not the individual) will decrease as Bitcoin becomes mainstream. The mere size of the mature market (say 10 trillion) will make any individual act of HODLing insignificant.

          1 reply 1 retweet 3 likes
          Show this thread
        15. Hugo Nguyen‏ @hugohanoi Jul 22

          18/ Conviction is most useful when you hold a contrarian view. Conviction is not a big deal when most people already believe in it.

          1 reply 0 retweets 8 likes
          Show this thread
        16. Hugo Nguyen‏ @hugohanoi Jul 22

          19/ HODLers in late-stage, post-hyperbitcoinization, are then merely hoarders of a scare & *non-productive* asset. Hoarders also tend to work less & produce less than others, since they believe that their hoarded assets always increase in value.

          1 reply 0 retweets 2 likes
          Show this thread
        17. Hugo Nguyen‏ @hugohanoi Jul 22

          20/ IMO the term “free riding”, then, might apply. Late-stage Bitcoin HODLers free ride not off protocol development, but society at large.

          1 reply 0 retweets 1 like
          Show this thread
        18. Hugo Nguyen‏ @hugohanoi Jul 22

          21/ If everyone hoards & starts working less, we might end up with a situation where total production output & total number of things available to buy decrease. In which case, not only you will need to pay more for each product, the economy will stagnate as well.

          2 replies 0 retweets 1 like
          Show this thread
        19. Hugo Nguyen‏ @hugohanoi Jul 22

          22/ Hoarding without working is free riding. You are free riding off efforts of others to push society forward. The interesting question then, is at the macro level, is there a level of free riding where it becomes unhealthy? But that is a topic for another day.

          3 replies 0 retweets 1 like
          Show this thread
        20. Hugo Nguyen‏ @hugohanoi Aug 4

          Hugo Nguyen Retweeted Hugo Nguyen

          23/ *Tweets 19-22 were unclear. Clarifications here:https://twitter.com/hugohanoi/status/1021866669281406976 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          1/ IMO Bitcoin HODLers *can* become free riders. Clarifying my thoughts here. If you think my logic is wrong, pls comment! Economics is one of the areas I both love & hate because it’s such a pseudo-science. But it’s still important to think things thru. https://twitter.com/hugohanoi/status/1021131553336786945 …
          Show this thread
          0 replies 0 retweets 1 like
          Show this thread
        21. End of conversation
        1. FrothyCrypto [LTC $50K] [BTC $500K]‏ @FrothyCrypto Jul 24
          Replying to @hugohanoi

          I've always thought as more apps built on BTC go mainstream, that would create more utility demand for bitcoin other than investors/speculators. I also think it might unlock billions more in liquidity going thru BTC net. Unless im behind and this is already common knowledge

          0 replies 0 retweets 0 likes
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