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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 27

      Hugo Nguyen Retweeted LaurentMT

      1/ Great article by @LaurentMT ! The TL;DR is that energy spent per block contributes not just to UTXOs belonging in that block, but retroactively to all global & past UTXOs. The often-cited “energy spent per Bitcoin tx” number in many economic papers is flawed for this reason.https://twitter.com/LaurentMT/status/1034046547896492032 …

      Hugo Nguyen added,

      LaurentMT @LaurentMT
      I just published "Gravity", first part of a series of 4 articles about Bitcoin's PoW, its properties and its efficiency. https://medium.com/@laurentmt/gravity-10e1a25d2ab2 …
      Show this thread
      2 replies 7 retweets 36 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Aug 27

      2/ Another way to put it is that Bitcoin transactions are secured by high stock-to-flow ratio. I mentioned this recently in terms of mining hardware stock. But economic history is also another kind of stock.

      1 reply 0 retweets 3 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Aug 27

      3/ So Bitcoin possesses high stock-to-flow ratio in two dimensions: - Stock #1: ledger history - Stock #2: mining hardware

      1 reply 0 retweets 0 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Aug 27

      4/ Stock in ledger history is the accumulation of *past* transactions. Stock in mining hardware is the accumulation of *future* transactions. It is equal to the stream of future rewards, discounted back to the present. Discussed in my article here:https://medium.com/@hugonguyen/bitcoin-stock-flow-c4d4db98b751 …

      1:02 PM - 27 Aug 2018
      • 2 Likes
      • Melik Manukyan ⚡️ ludvigart.com Libertarian Henry
      1 reply 0 retweets 2 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Aug 27

          5/ To revert a tx, an attacker needs to overcome both types of stock. He needs to acquire the necessary hardware, AND spend an amount of energy proportional to the distance from the tip of the UTXO he wants to revert.

          1 reply 0 retweets 2 likes
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        3. Hugo Nguyen‏ @hugohanoi Aug 27

          6/ Of cos, if he wants to revert the most recent transaction (distance=0), then there’s not much stock in the ledger history for that transaction, but there’s still an enormous amount of stock in the hardware dimension.

          1 reply 0 retweets 0 likes
          Show this thread
        4. Hugo Nguyen‏ @hugohanoi Aug 27

          7/ The longer a transaction has occurred, the more stock it accumulates in the ledger history, and the harder it is for an attacker to revert.

          1 reply 0 retweets 0 likes
          Show this thread
        5. Hugo Nguyen‏ @hugohanoi Aug 27

          8/ In terms of hashes, stock in ledger history only goes up, never goes down. In terms of actual economic cost (and @LaurentMT ’s “number of Bitcoin.days secured” metric), it could in theory go down, if say, a Quantum computer is invented & mass-produced tomorrow.

          1 reply 0 retweets 2 likes
          Show this thread
        6. Hugo Nguyen‏ @hugohanoi Aug 27

          9/ In terms of economic cost, stock in mining hardware could also go up & down. A sustained bear market would likely cause the cost of acquiring ASICs to go down, while a bull market would do the opposite.

          1 reply 0 retweets 0 likes
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        7. Hugo Nguyen‏ @hugohanoi Aug 27

          10/ Mining centralization reduces the security provided by stock in mining hardware. But mining centralization does *not* reduce the security provided by stock in ledger history. A miner with majority hash rate still needs to spend tons of energy to go back far in history.

          1 reply 0 retweets 0 likes
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        8. Hugo Nguyen‏ @hugohanoi Aug 27

          11/ To sum it up, Bitcoin is protected by high stock-to-flow ratio in 2 dimensions: (i) Stock in ledger history - security can be weakened with advances in computing (ii) Stock in mining hardware - security can be weakened with bear markets & a high level of mining centralization

          0 replies 0 retweets 1 like
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        9. End of conversation

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