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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. Noah Smith‏Verified account @Noahpinion Jun 24

      This is the first deep, pioneering economics paper I've seen about Bitcoin and cryptocurrency: http://www.nber.org/papers/w24717  I really wish NBER working papers were ungated, so more crypto enthusiasts could read it.

      56 replies 143 retweets 512 likes
    2. Riccardo Spagni‏Verified account @fluffypony Jun 26
      Replying to @Noahpinion

      Read the ungated one, it’s not particularly revolutionary or impressive, and contains much which is wildly inaccurate. However, here’s some actual deep, pioneering work by @evoskuil on cryptoeconomics:https://github.com/libbitcoin/libbitcoin/wiki/Cryptoeconomics …

      4 replies 6 retweets 41 likes
    3. Hugo Nguyen‏ @hugohanoi Aug 13
      Replying to @fluffypony @Noahpinion @evoskuil

      Budish paper IMO raises interesting questions but its conclusions are built on highly unrealistic assumptions & an inaccurate pricing model (for mining hardware). My take herehttps://medium.com/@hugonguyen/a-review-of-budishs-51-attack-theories-what-is-the-fair-price-of-an-old-asic-59a7dcf9ff94 …

      1 reply 0 retweets 2 likes
    4. Eric Voskuil‏ @evoskuil Aug 13
      Replying to @hugohanoi @fluffypony @Noahpinion

      Cost of hardware is irrelevant. Amount of energy is also irrelevant. An external irreducible (energy) cost is required for confirmation. Confirmation cost is controlled by demand for confirmation (supply is capped). As in all markets, competition maintains return on investment.

      2 replies 0 retweets 1 like
    5. Eric Voskuil‏ @evoskuil Aug 13
      Replying to @evoskuil @hugohanoi and

      A 51% attack is not only possible, it’s inevitable once Bitcoin starts to really matter. Bitcoin doesn’t use hope as a defense. Fees rise on censored txs until the free market can overcome the censor’s ability to subsidize its operations, or it fails to do so.

      2 replies 5 retweets 15 likes
    6. Hugo Nguyen‏ @hugohanoi Aug 13
      Replying to @evoskuil @fluffypony @Noahpinion

      > A 51% attack is not only possible, it’s inevitable Let me make sure I understand... So you think 51% attacks are inevitable, and imagine a future where Bitcoin would go back and forth between being 51-percent-attacked (low fees) and censorship-resistant (high fees)?

      1 reply 0 retweets 2 likes
    7. Eric Voskuil‏ @evoskuil Aug 13
      Replying to @hugohanoi @fluffypony @Noahpinion

      Yes - for some definitions of “hi” and “low”. And fees are the *only* thing that defends Bitcoin from censorship.

      2 replies 0 retweets 2 likes
    8. Hugo Nguyen‏ @hugohanoi Aug 13
      Replying to @evoskuil @fluffypony @Noahpinion

      Two points: (a) while I agree that fees will have to rise substantially to shoulder the bulk of security cost, surely you cannot ignore the sunk cost in mining equipments altogether?

      2 replies 0 retweets 0 likes
    9. Eric Voskuil‏ @evoskuil Aug 13
      Replying to @hugohanoi @fluffypony @Noahpinion

      I did not ignore hardware cost. I stated that the absolute cost of hardware is not relevant to bitcoin security. “Surely” is an implicit statement of assumption.

      1 reply 0 retweets 1 like
      Hugo Nguyen‏ @hugohanoi Aug 13
      Replying to @evoskuil @fluffypony @Noahpinion

      Hugo Nguyen Retweeted Hugo Nguyen

      I'm confused... you said that "cost of hardware is irrelevant" & if Bitmain is forced to liquidate S9s at $10 a piece tomorrow, that will have no impact on Bitcoin security. How is that NOT ignoring hardware cost?https://twitter.com/hugohanoi/status/1029176495145533440 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      Replying to @evoskuil @fluffypony @Noahpinion
      Not sure what you mean by “cost of hardware is irrelevant”? It is absolutely relevant. Let’s say Bitmain is forced to liquidate all their mining inventory tomorrow at say, $10 per S9, are you saying that won’t have any effect on Bitcoin security?
      8:08 PM - 13 Aug 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Eric Voskuil‏ @evoskuil Aug 13
          Replying to @hugohanoi @fluffypony @Noahpinion

          If I call you irrelevant I have not ignored you.

          1 reply 0 retweets 0 likes
        3. Hugo Nguyen‏ @hugohanoi Aug 13
          Replying to @evoskuil @fluffypony @Noahpinion

          O...k?! You have a different definition of "irrelevant" than I do. Sounds hella confusing to me, but must be the fact that I'm not a native speaker ;-)

          1 reply 0 retweets 0 likes
        4. Eric Voskuil‏ @evoskuil Aug 13
          Replying to @hugohanoi @fluffypony @Noahpinion

          You seem to have a unique interpretation of ignore. If something is valued at zero it is not ignored - it has been considered.

          2 replies 0 retweets 1 like
        5. Hugo Nguyen‏ @hugohanoi Aug 13
          Replying to @evoskuil @fluffypony @Noahpinion

          You just made it more confusing... So you value hardware cost at zero always, now & future? And because you treat this cost as zero it doesn't factor into your Bitcoin security calculation? But you don't call this... ignoring?

          1 reply 0 retweets 0 likes
        6. Eric Voskuil‏ @evoskuil Aug 13
          Replying to @hugohanoi @fluffypony @Noahpinion

          Maybe you should follow my subsequent posts.

          1 reply 0 retweets 0 likes
        7. Hugo Nguyen‏ @hugohanoi Aug 13
          Replying to @evoskuil @fluffypony @Noahpinion

          Hugo Nguyen Retweeted Eric Voskuil

          Read it, don't agree with it. What you call "absolute", I call extremely simplified abstraction of reality. What you call "relative", I call that real-world economics. Your theory is only as good as situations & factors on the ground.https://twitter.com/evoskuil/status/1029206261047279619 …

          Hugo Nguyen added,

          Eric Voskuil @evoskuil
          Replying to @evoskuil @hugohanoi and 2 others
          It is true that relative differences in any mining cost (hardware,energy or otherwise) gives advantage to the party who can take advantage of them. However it is not true that high or low absolute costs are generally relevant at all.
          1 reply 0 retweets 0 likes
        8. Eric Voskuil‏ @evoskuil Aug 13
          Replying to @hugohanoi @fluffypony @Noahpinion

          You can call things whatever you want, but it doesn’t qualify as an argument. Nor does stating you disagree. Saying something is “on the ground” doesn’t mean anything except maybe that it’s not airborne. If you have something meaningful to add I’m happy to discuss.

          0 replies 0 retweets 0 likes
        9. End of conversation

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