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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. Brendan Bernstein‏ @BMBernstein Jul 22

      The debate around pts @naval raised is just about exhausted, but instead of banging my head against the wall I figured I'd chime in. This article discusses some of the fundamental misconceptions in crypto and the pivotal role investors playhttps://medium.com/@BMBernstein/cryptocurrencies-are-money-not-equity-30ff8d0491bb …

      17 replies 54 retweets 170 likes
    2. Hugo Nguyen‏ @hugohanoi Jul 22
      Replying to @BMBernstein @naval

      Hugo Nguyen Retweeted Hugo Nguyen

      "Unlike equity, because money is not a productive asset, holding money makes you entirely dependent on the actions of others" Yes! Although precisely because of this reason, IMHO HODLers CAN become free riders in late-stage Bitcoin. 😀https://twitter.com/hugohanoi/status/1021131553336786945 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      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 …
      Show this thread
      2 replies 1 retweet 3 likes
    3. Melik Manukyan  ⚡️ ludvigart.com‏ @realLudvigArt Jul 22
      Replying to @hugohanoi @BMBernstein @naval

      Its not really 'free-riding' though, is it? They take on massive risk and thus get rewarded in the future. > the free-rider problem occurs when those who benefit from resources, public goods, or services do not pay for them HODLers did pay for them, in *past* risk and opp. costs

      1 reply 0 retweets 2 likes
    4. Hugo Nguyen‏ @hugohanoi Jul 22
      Replying to @realLudvigArt @BMBernstein @naval

      I think it's debatable. They did pay for a portion of it by taking on early risk, but the reward (if Bitcoin hits 10 trillion cap) is not proportional to the earlier risk, IMO. 🤔

      1 reply 0 retweets 1 like
      Hugo Nguyen‏ @hugohanoi Jul 22
      Replying to @hugohanoi @realLudvigArt and

      Earlier risk is a fixed number, so if the reward is fair, it should not continue forever, and any extra increase in future purchasing power, past the point of hyperbitcoinization, must come from free riding.

      9:16 PM - 22 Jul 2018
      • 1 Like
      • Melik Manukyan ⚡️ ludvigart.com
      4 replies 0 retweets 1 like
        1. New conversation
        2. Melik Manukyan  ⚡️ ludvigart.com‏ @realLudvigArt Jul 23
          Replying to @hugohanoi @BMBernstein @naval

          I feel like you’re arguing for perpetual inflation in which I disagree. Savers should be rewarded. Human civilization has proved only one thing, aggregate economic output and total human energy consumption continues to rise meaning future prices of goods should always go down.

          1 reply 0 retweets 1 like
        3. Melik Manukyan  ⚡️ ludvigart.com‏ @realLudvigArt Jul 23
          Replying to @realLudvigArt @hugohanoi and

          Production for the sake of production to escape from inflation is *not* value creation. It is outright lunacy and a misallocation of resources, energy and time.

          1 reply 1 retweet 7 likes
        4. Melik Manukyan  ⚡️ ludvigart.com‏ @realLudvigArt Jul 23
          Replying to @realLudvigArt @hugohanoi and

          In all honesty, the real free riders in society are those who benefit from inflation, or in other words those who benefit from the mass thievery of everyone’s wealth.

          1 reply 0 retweets 9 likes
        5. Melik Manukyan  ⚡️ ludvigart.com‏ @realLudvigArt Jul 23
          Replying to @realLudvigArt @hugohanoi and

          No man should be coerced or forced to surrender their wealth at the sound of inflation. Do not be shamed as “free riders” by disgusting Keynesian fools who are the very embodiment of free riding.

          2 replies 3 retweets 9 likes
        6. Hugo Nguyen‏ @hugohanoi Jul 23
          Replying to @realLudvigArt @BMBernstein @naval

          No, I'm not arguing for inflation & agree with all those points you make about its deficiencies 😀 Inflation *is* theft! Make no mistake, Bitcoin/sound money will be an improvement over the status quo, I'm not questioning that.

          3 replies 0 retweets 2 likes
        7. Hugo Nguyen‏ @hugohanoi Jul 23
          Replying to @hugohanoi @realLudvigArt and

          What I'm saying is, free riding can occur even under a system of sound money. Sound money & saving alone won't solve all of our economic problems.

          2 replies 0 retweets 2 likes
        8. Hugo Nguyen‏ @hugohanoi Jul 23
          Replying to @hugohanoi @realLudvigArt and

          > Savers should be rewarded. Only in proportion to their contribution to society. If they hoard more than contribute, it's free riding & a net negative.

          2 replies 0 retweets 0 likes
        9. Melik Manukyan  ⚡️ ludvigart.com‏ @realLudvigArt Jul 23
          Replying to @hugohanoi @BMBernstein @naval

          They aren’t consuming or taking anything from society when they are saving. Free riding by definition is when one take more than he puts in. Savers put in more then they take, otherwise their savings won’t increase. I think you have it backwards.

          2 replies 0 retweets 1 like
        10. 5 more replies
        1. Hugo Nguyen‏ @hugohanoi Jul 22
          Replying to @hugohanoi @realLudvigArt and

          Also, there's an interesting comparison with stock ownership. With stock, any rise in the value of the stock is fair reward, because it is the firm you invested in that directly produced that extra value. It's not free riding. Whereas that's not true with a currency.

          0 replies 0 retweets 1 like
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        1. Jürgen Strobel  ⚡️‏ @JuergenStrobel Jul 23
          Replying to @hugohanoi @realLudvigArt and

          If you think holding bitcoin at the current price is unfairly cheap you should buy some. Whether to buy or not is the same economic decision as whether to sell for HODLers.

          0 replies 0 retweets 1 like
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        1. Ben Westgate‏ @ansalhar Jul 23
          Replying to @hugohanoi @realLudvigArt and

          Past the point of hyperbitcoinization the actual real returns of holding Bitcoin decrease because it's saturated the available markets. Only measured in a broken currency does it appear they are still making massive gains. But in purchasing power? No.

          0 replies 0 retweets 1 like
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