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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. Bob McElrath‏ @BobMcElrath Aug 25

      There are only two numbers of relevance in mining: capital cost and operating cost. High capital cost (ASIC resistance, PoS) makes the rich richer. Low capital cost favors smaller miners and decentralization because you can earn as you go. The rich don't need to be richer.

      2 replies 5 retweets 16 likes
    2. Emin Gün Sirer‏Verified account @el33th4xor Aug 25
      Replying to @BobMcElrath

      PoS doesn't mean the stake amounts *have to be* high. They are typically high because the consensus protocols that people have used to date with PoS cannot handle large numbers of participants. N^2 grows fast, so they need to ensure small N.

      4 replies 0 retweets 8 likes
    3. JunGyu [Bitcoin SV]‏ @JynGyu Aug 25
      Replying to @el33th4xor @BobMcElrath

      Pos is just piece of shit. Only mining nodes with hashpower secures the network. If someone buy bunch of coins and just hold, there's no way to compete with him. It not a capitalism. It's like permanent governmntal control

      1 reply 0 retweets 3 likes
    4. Emin Gün Sirer‏Verified account @el33th4xor Aug 25
      Replying to @JynGyu @BobMcElrath

      There's no difference between setting capital aside as capital versus setting it aside as a bunch of mining hardware.

      3 replies 0 retweets 1 like
    5. Bob McElrath‏ @BobMcElrath Aug 25
      Replying to @el33th4xor @JynGyu

      Exchanges are politically controlled. Hashpower isn't.

      1 reply 0 retweets 1 like
    6. Hugo Nguyen‏ @hugohanoi Aug 25
      Replying to @BobMcElrath @el33th4xor @JynGyu

      For me, the argument isn't that PoS raises (or reduces) capital cost, it's that PoS has _the same_ capital cost as PoW, but provides inferior security. As @Truthcoin aptly put it, "NOTHING is cheaper than PoW."

      1 reply 0 retweets 3 likes
    7. Emin Gün Sirer‏Verified account @el33th4xor Aug 25
      Replying to @hugohanoi @BobMcElrath and

      The nothing-at-stake problem is one of those things that sounds smart to the uninitiated, but the smart people know that it's totally trivial to fix.

      1 reply 0 retweets 2 likes
    8. Hugo Nguyen‏ @hugohanoi Aug 25
      Replying to @el33th4xor @BobMcElrath and

      If by "fix" you mean the introduction of trusted 3rd-party, then sure :-) Could you explain how your PoS chain would recover from a long network partition (could be accidental) that splits the chain into 3 parts - each part has vested interest in becoming the canonical chain?

      1 reply 0 retweets 1 like
    9. Emin Gün Sirer‏Verified account @el33th4xor Aug 25
      Replying to @hugohanoi @BobMcElrath and

      Wait, you do not believe that PoW handles partitions well, do you?

      1 reply 0 retweets 0 likes
      Hugo Nguyen‏ @hugohanoi Aug 25
      Replying to @el33th4xor @BobMcElrath and

      Network partitions will be ugly regardless of whether one uses PoW or PoS. But I think people gloss over the consequences in worst-case scenarios. There's "ugly but still sorta works", and there's "ugly & totally broken".

      6:37 PM - 25 Aug 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Aug 25
          Replying to @hugohanoi @el33th4xor and

          PoW can resolve partitions automatically, without a centralized party. PoS cannot. That's the difference.

          1 reply 0 retweets 2 likes
        3. Emin Gün Sirer‏Verified account @el33th4xor Aug 25
          Replying to @hugohanoi @BobMcElrath and

          Emin Gün Sirer Retweeted Emin Gün Sirer

          You're confounding PoS with the kinds of consensus protocols people usually couple it with.https://twitter.com/el33th4xor/status/1006931658338177024 …

          Emin Gün Sirer added,

          Emin Gün SirerVerified account @el33th4xor
          Ok, there is a terribly wrong framework emerging around consensus protocols. People think that PoW and PoS are consensus protocols, and that they are the only two consensus protocols out there. This is false. Let me explain.
          Show this thread
          1 reply 0 retweets 1 like
        4. Hugo Nguyen‏ @hugohanoi Aug 25
          Replying to @el33th4xor @BobMcElrath and

          Seems to me like a trivial & artificial distinction. Of cos PoW *by itself* does not create consensus. But reducing PoW’s role to only Sybil-control is silly. PoW does a lot more than Sybil-control.

          1 reply 0 retweets 1 like
        5. Emin Gün Sirer‏Verified account @el33th4xor Aug 25
          Replying to @hugohanoi @BobMcElrath and

          You are welcome to believe whatever you like. I did my part.

          1 reply 0 retweets 1 like
        6. 1 more reply

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