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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 Aug 10

      1/ Thoughts on the Equation of Exchange (MV=PQ). 

I think people are abusing it. Reliance on this oversimplified equation to value “crypto-assets” misses important nuances.

      1 reply 5 retweets 16 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Aug 10

      2/ The tragedy of using ill-fitted equations to model a new reality is akin to abusing analogies to understand something you’ve never seen before.

      4:23 PM - 10 Aug 2018
      • 4 Likes
      • Michel Rauchs RobertKnolles Ryan Rush Kevin ''Thuggish'' Pham
      1 reply 0 retweets 4 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Aug 10

          3/ A small portion of the time you might be lucky & your equation accidentally fits. The majority of the time however, you’d be wildly off the mark.

          1 reply 0 retweets 1 like
          Show this thread
        3. Hugo Nguyen‏ @hugohanoi Aug 10

          4/ MV=PQ works if the token in question represents an established, widely-used money, such as the US Dollar.

          1 reply 0 retweets 0 likes
          Show this thread
        4. Hugo Nguyen‏ @hugohanoi Aug 10

          5/ But MV=PQ doesn’t work for a brand new asset such as Bitcoin that is still early in its adoption. And it especially does not work for altcoins & for the entire category of so-called “utility tokens”.

          1 reply 0 retweets 1 like
          Show this thread
        5. Hugo Nguyen‏ @hugohanoi Aug 10

          6/ The reason is the PQ part. PQ assumes a token can capture most of the economic value of the network/service that it tries to represent.

          1 reply 0 retweets 1 like
          Show this thread
        6. Hugo Nguyen‏ @hugohanoi Aug 10

          7/ PQ for Bitcoin hasn’t been established yet. Bitcoin is still very early in its quest to capture a significant portion of global GDP.

          1 reply 0 retweets 0 likes
          Show this thread
        7. Hugo Nguyen‏ @hugohanoi Aug 10

          8/ PQ for altcoins, if they compete with BTC to be money (and they have to), also haven’t been established. BTC is way ahead of them in this regard.

          1 reply 0 retweets 0 likes
          Show this thread
        8. Hugo Nguyen‏ @hugohanoi Aug 10

          9/ Even if your altcoin is supposedly designed for “dApps” not money, it still needs to succeed in being money first (including Ethereum). Otherwise your incentive scheme using native token won’t work.

          1 reply 0 retweets 1 like
          Show this thread
        9. Hugo Nguyen‏ @hugohanoi Aug 10

          10/ PQ for “utility tokens” is even further behind in this race. In fact, if Bitcoin ends up capturing the PQ of *all* economic activity, your utility tokens might not be able to capture anything at all.

          1 reply 0 retweets 1 like
          Show this thread
        10. Hugo Nguyen‏ @hugohanoi Aug 10

          11/ The assumption that you’d be able to lock users into exclusively using your token for your *decentralized* network is naive.

          1 reply 1 retweet 2 likes
          Show this thread
        11. Hugo Nguyen‏ @hugohanoi Aug 10

          12/ Even if decentralized token-based networks work, one can hold only bitcoins & exchange them for these tokens at the last minute. Meaning it will be *Bitcoin* that actually captures your network value.

          1 reply 0 retweets 2 likes
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        12. Hugo Nguyen‏ @hugohanoi Aug 10

          13/ Remember: money is the ultimate “utility” token. The utility of money encompasses all sub-utilities.

          1 reply 1 retweet 3 likes
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        13. Hugo Nguyen‏ @hugohanoi Aug 10

          Hugo Nguyen Retweeted Hugo Nguyen

          14/ For more on why utility tokens make absolutely no sense:

https://twitter.com/hugohanoi/status/976261540419534848 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          1/ Exactly. I never understood why companies cannot build so-called "tokenized services" directly on top of established tokens such as BTC (yes, BTC was the original token). The whole category of "utility tokens" just doesn't make any sense. https://twitter.com/MaxFangX/status/976031730460012545 …
          Show this thread
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        14. End of conversation

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