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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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    Hugo Nguyen‏ @hugohanoi Aug 13

    You did not "miss" a step in his logic ;-) His logic is full of jumps. Comparing block subsidy to mining investment is ridiculous. They're nothing alike. I'm not gonna go into Chia (not relevant).

    9:36 PM - 13 Aug 2018
    • 1 Like
    • Beep Boop Pat⚡️
    1 reply 0 retweets 1 like
      1. New conversation
      2. Hugo Nguyen‏ @hugohanoi Aug 13
        Replying to @hugohanoi @SGBarbour and

        Block subsidy is built-in to the consensus code & by design will go away. So of cos it has zero value in the long term calculations. You can't say the same about hardware cost. It will always be a non-zero factor. Please.

        1 reply 0 retweets 0 likes
      3. Eric Voskuil‏ @evoskuil Aug 13
        Replying to @hugohanoi @SGBarbour and

        Actually I was referring to non-zero block subsidy. Referring to the eventual zero subsidy as having zero confirmation security value would be sort of pointless, so I didn’t feel it was necessary to spell it out.

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

        It does not follow that a mining factor with a nonzero absolute cost is a positive security contribution. You are assuming this to be true, and I have explained to you why it is not.

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

        To contribute to confirmation security a factor must disproportionately favor market mining (which is the same as disfavoring the censor, given zero sum). Hardware costs and block subsidies affect both equally. Only fees favor market miners over the censor.

        1 reply 0 retweets 2 likes
      6. Hugo Nguyen‏ @hugohanoi Aug 13
        Replying to @evoskuil @SGBarbour and

        Flawed argument. You are assuming censoring is the only attack vector. An attacker can earn a lot more reward from a successful double-spend, than the fees he foregoes from censoring. Not to mention exogenous factors such as shorting BTC on the side.

        2 replies 0 retweets 0 likes
      7. Eric Voskuil‏ @evoskuil Aug 13
        Replying to @hugohanoi @SGBarbour and

        Given that you don’t understand the threat it’s understandable that you don’t understand how it is countered. Double spending is a form of theft. It is not a threat to Bitcoin. The thief both devalues his reward and also causes it to become more costly to extract.

        1 reply 0 retweets 2 likes
      8. Eric Voskuil‏ @evoskuil Aug 13
        Replying to @evoskuil @hugohanoi and

        It is exactly the same as a merchant stealing from his customers. He isn’t a merchant for long.

        1 reply 0 retweets 1 like
      9. Hugo Nguyen‏ @hugohanoi Aug 14
        Replying to @evoskuil @SGBarbour and

        Double spending is not a threat to Bitcoin, really? Never heard this b4! 🙂 Remind me but isn’t the whole point of PoW mining to prevent double-spending in the 1st place? If you don’t care about double-spends, why go thru all this mining trouble?

        2 replies 0 retweets 0 likes
      10. 21 more replies

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