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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 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).

      1 reply 0 retweets 1 like
    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. Hugo Nguyen‏ @hugohanoi Aug 13
      Replying to @hugohanoi @evoskuil and

      And the fact that the cost of hardware is the same to an attacker & a honest miner does not mean that this (sunk) cost contributes nothing to security. Your "proportionate" argument, even if true, does not explain that at all.

      2 replies 0 retweets 0 likes
      Hugo Nguyen‏ @hugohanoi Aug 13
      Replying to @hugohanoi @evoskuil and

      Saying "must" doesn't it make it true, your own words ;-)

      10:36 PM - 13 Aug 2018
      1 reply 0 retweets 0 likes
        1. Eric Voskuil‏ @evoskuil Aug 13
          Replying to @hugohanoi @SGBarbour and

          Yeah, but the other words matter too. In this context is means “necessarily”. As I’ve explained several tunes now. It is *necessary* that the economy pay market miners more than it pays the censor.

          0 replies 0 retweets 1 like
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