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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 24

      Hugo Nguyen Retweeted Francis Pouliot

      "Irretrievable sunk cost" is the key in PoW. The "stake" used in PoS creates a temporary illusion of security/immutability. It's neither sunk nor irretrievable, and that's a fundamental flaw you can never get around.https://twitter.com/francispouliot_/status/1021563523598573568 …

      Hugo Nguyen added,

      Francis PouliotVerified account @francispouliot_
      "Proof-of-stake alternatives do not have a key feature of Proof-of-work: one needs to spend large amount of resources to be successful in cheating, and being unsuccessful means that one has incurred a large irretrievable sunk cost" -Central Bank of Canada https://www.bankofcanada.ca/2018/07/staff-working-paper-2018-34/ … pic.twitter.com/4wPFNVi0jO
      16 replies 55 retweets 185 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Jul 24

      For those who are interested, my prior articles on this: 1/ https://medium.com/@hugonguyen/proof-of-stake-the-wrong-engineering-mindset-15e641ab65a2 … 2/https://medium.com/@hugonguyen/proof-of-stake-private-keys-attacks-and-unforgeable-costliness-the-unsung-hero-5caca70b01cb …

      12:00 PM - 24 Jul 2018
      • 4 Retweets
      • 17 Likes
      • BitCommit Lane Rettig Volkan Aslaner Beep Boop Pat⚡️ unconfirmed Daniel Tung Carsten Luis Porras Jordan Black
      3 replies 4 retweets 17 likes
        1. Hugo Nguyen‏ @hugohanoi Jul 24

          Hugo Nguyen Retweeted Hugo Nguyen

          Another weakness of PoS h/t @Datavetarenhttps://twitter.com/hugohanoi/status/1012696531269369856 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          Good addition to the list of potential issues with PoS: since stakers are required to have staking keys online to sign txs, the dynamic validator set is vulnerable to silent key theft & majority attacks. h/t @Datavetaren Note that this problem is unique to PoS. https://twitter.com/datavetaren/status/1012529987545698305 …
          Show this thread
          1 reply 1 retweet 1 like
          Show this thread
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        1. New conversation
        2. antiprosynthesis‏ @antiprosynth Jul 24
          Replying to @hugohanoi

          Have you looked into Casper?

          1 reply 0 retweets 0 likes
        3. Hugo Nguyen‏ @hugohanoi Jul 24
          Replying to @antiprosynth

          Yes, all these PoS protocols play with variants of check-pointing or freeze the chain when they run into trouble. Won't work.

          1 reply 0 retweets 2 likes
        4. antiprosynthesis‏ @antiprosynth Jul 24
          Replying to @hugohanoi

          @VitalikButerin @VladZamfir @karl_dot_tech Not to detract you from your research efforts, but how legitimate are the criticisms on Casper mentioned in this person's article and tweets?

          1 reply 0 retweets 0 likes
        5. Rick Dudley‏ @AFDudley0 Jul 25
          Replying to @antiprosynth @hugohanoi and

          They are very poor quality. His response to solutions to long range attack was "nope". Literally no argument was made. I understand we are group of rich entitled men, but at some point we have to be held accountable for this absurd behavior.

          1 reply 0 retweets 3 likes
        6. Rick Dudley‏ @AFDudley0 Jul 25
          Replying to @AFDudley0 @antiprosynth and

          Someone with 25% of the bitcoin hash power can stop the progress of the chain.http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/ …

          0 replies 0 retweets 3 likes
        7. End of conversation
        1. Francis Pouliot‏Verified account @francispouliot_ Jul 24
          Replying to @hugohanoi

          Totally underrated securety flaw in PoS indeed. Imagine in EOS how bad that is

          0 replies 0 retweets 3 likes
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