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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. Vijay Boyapati‏ @real_vijay Sep 9
      Replying to @MisterKeegan

      Theoretically it could help but I strongly doubt POS is going to work at scale

      1 reply 0 retweets 3 likes
    2. Alan Keegan‏ @MisterKeegan Sep 9
      Replying to @real_vijay

      Why?

      1 reply 0 retweets 1 like
    3. Vijay Boyapati‏ @real_vijay Sep 9
      Replying to @MisterKeegan

      That subject is deserving of a tweet storm in and of itself. I suggest you look up the writing of @hugohanoi on this topic, he's great.

      1 reply 0 retweets 8 likes
    4. Hugo Nguyen‏ @hugohanoi Sep 10
      Replying to @real_vijay @MisterKeegan

      Hugo Nguyen Retweeted Hugo Nguyen

      🙏🏻😊 This thread gives a good summary of what I’ve written on the topic. From the engineering perspective, PoS is unlikely to work / offer any real benefit over PoW.https://twitter.com/hugohanoi/status/1021831408489136128 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      "Irretrievable sunk cost" is the key in PoW. The "stake" used in PoS creates a temporary illusion of security/immutability. It's neither sunk nor irretrievable, and that's a fundamental flaw you can never get around. https://twitter.com/francispouliot_/status/1021563523598573568 …
      Show this thread
      2 replies 3 retweets 7 likes
    5. Hugo Nguyen‏ @hugohanoi Sep 10
      Replying to @hugohanoi @real_vijay @MisterKeegan

      From the economic perspective, PoS has zero impact on “reservation demand” beyond what’s being offered by PoW. Any extra reservation demand that comes from staking will only exist to the extent that MR stays > MC: this demand is fleeting & won't last.

      3 replies 3 retweets 11 likes
    6. nic carter‏ @nic__carter Sep 11
      Replying to @hugohanoi @real_vijay @MisterKeegan

      I actually disagree here. I think the transition from [no stake] to [stake] should induce some amount of reservation (assuming stake returns exceed some acceptable threshold). but this only happens once, and it actually gets priced in prior to PoS.

      1 reply 0 retweets 3 likes
    7. nic carter‏ @nic__carter Sep 11
      Replying to @nic__carter @hugohanoi and

      if you see people saying "PoS is coming, better buy now" – that's the market pricing in the expected scarcity inducement... so the effect should be minimal on rollout. but I do think PoS should induce some reservation, again assuming sufficient returns

      2 replies 0 retweets 3 likes
    8. Hugo Nguyen‏ @hugohanoi Sep 11
      Replying to @nic__carter @real_vijay @MisterKeegan

      I’m not sure we disagree? 🤔 Let me try to unpack this.

      1 reply 0 retweets 0 likes
    9. Hugo Nguyen‏ @hugohanoi Sep 11
      Replying to @hugohanoi @nic__carter and

      It’s true that the initial switch to PoS will probably induce a one-shot, temporary boost in reservation demand, as people flock to “stock up” on tokens in preparation for staking, but this reservation demand is indefensible.

      1 reply 1 retweet 1 like
    10. Hugo Nguyen‏ @hugohanoi Sep 11
      Replying to @hugohanoi @nic__carter and

      As long as there’s a premium on staking returns over the risk-free rate, capital will flow into staking, i.e., people will start taking on debt to participate in staking, until the premium is no longer there.

      2 replies 0 retweets 1 like
      Hugo Nguyen‏ @hugohanoi Sep 11
      Replying to @hugohanoi @nic__carter and

      The bigger the staking return premium, the greater the influx of debt-based capital into staking.

      10:01 AM - 11 Sep 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Sep 11
          Replying to @hugohanoi @nic__carter and

          Hugo Nguyen Retweeted Hugo Nguyen

          In the long run, staking return cannot be larger than the risk-free rate as money is a non-productive asset & staking a non-productive activity, so return cannot be perpetually above the returns given by productive assets. It is simply not sustainable.https://twitter.com/hugohanoi/status/1021918438678122496 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          Money is not equity of the global economy 🙂 Money is not equity, period. When you park capital in a non-productive asset, it is OUT of the system completely. Decommissioned. The non-productive asset value can only rise if it piggybacks on the success of productive assets. https://twitter.com/timos_m/status/1021893267733000192 …
          2 replies 1 retweet 2 likes
        3. Hugo Nguyen‏ @hugohanoi Sep 11
          Replying to @hugohanoi @nic__carter and

          The subsequent transition from non-debt-based staking to debt-based staking will revert reservation demand back to its initial state, prior to PoS rollout.

          1 reply 0 retweets 1 like
        4. Hugo Nguyen‏ @hugohanoi Sep 11
          Replying to @hugohanoi @nic__carter and

          As more debt are taken on, people will become less & less incentivized to hold on to their stake. Reservation demand then will come purely from how good the PoS coin is as a Store-of-Value (not likely to be good), not from the requirement for staking.

          1 reply 0 retweets 0 likes
        5. 11 more replies

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