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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

      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
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    2. 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
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    3. 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
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    4. 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
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    5. 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
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    6. 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
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    7. 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
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    8. 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
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    9. 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
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    10. Rearden Code‏ @reardencode Jul 22
      Replying to @hugohanoi

      I think this is a misunderstanding. To the degree that people hoard, the rate of improvement in the standard of living in society falls to the point that hoarding is no longer appealing or viable. The amount of hoarding will adjust to supply the demanded rate of progress.

      2 replies 0 retweets 0 likes
      Hugo Nguyen‏ @hugohanoi Jul 22
      Replying to @reardencode

      It's not hoarding per se that might worsen the standard of living. It's hoarding *combined with the proclivity to work less* (and reduce net production output) that might do it. Adjusting the level of hoarding (by spending more) won't do anything in that case.

      8:56 PM - 22 Jul 2018
      2 replies 0 retweets 0 likes
        1. Hugo Nguyen‏ @hugohanoi Jul 22
          Replying to @hugohanoi @reardencode

          Sure, some people might step up & produce more when standard of living worsens, but the majority of hoarders will choose to wait for someone else to do it, aka "free-riding".

          0 replies 0 retweets 0 likes
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        1. Rearden Code‏ @reardencode Jul 22
          Replying to @hugohanoi

          An increased rate of spending directly leads to an increased rate of work. Perhaps not today, but it reduces the duration of available leisure. Therefore, at some future point, increasing production. It's entirely self regulating.

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