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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 Sep 11

    Hugo Nguyen Retweeted Hugo Nguyen

    Staking will inevitably involve debt which increases the average cost of staking. This means 2 things: i/ PoS inherently doesn’t help reservation demand & a coin in being a good Store-of-Value ii/ the energy argument is bullshit because absolutely nothing is cheaper than PoWhttps://twitter.com/hugohanoi/status/1039558224389726210 …

    Hugo Nguyen added,

    Hugo Nguyen @hugohanoi
    Replying to @hugohanoi @nic__carter and 2 others
    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.
    11:11 AM - 11 Sep 2018
    • 5 Likes
    • Patrick M. Vijay Boyapati Mitchell Bradley VERTHASH IS COMING
    2 replies 0 retweets 5 likes
      1. New conversation
      2. James‏ @lowerjd Sep 11
        Replying to @hugohanoi

        How does mining not incure the same debt? And i am a little unsure if debt in a decentralized p2p economy works in any way similiar to debt in a capitalistic state issued currency economy.

        1 reply 0 retweets 0 likes
      3. Hugo Nguyen‏ @hugohanoi Sep 11
        Replying to @lowerjd

        Hugo Nguyen Retweeted Hugo Nguyen

        The cost to have the currency is the same in PoW vs. PoS, but there is a crucial difference (besides the fact that technically PoS provides inferior security):https://twitter.com/hugohanoi/status/1039594926143561729 …

        Hugo Nguyen added,

        Hugo Nguyen @hugohanoi
        Replying to @hugohanoi @jimbo_mr and 3 others
        Tbf, this (low rate of return compared to other types of investments) can happen to PoW mining too but since PoW requires extremely specialized equipment, it is a lot harder to sell a mining stake. Mining requires long term commitment, staking does not.
        0 replies 0 retweets 0 likes
      4. End of conversation
      1. New conversation
      2. Edi‏ @edixonve Sep 11
        Replying to @hugohanoi

        Wait, so you saying that burning electricity that cost more than the machine is producing is cheaper than anything? + networking settings, cooling system, renting a place and also don’t forget to purchase the machines, plus upgrading plus the tons of CO2 ?

        1 reply 0 retweets 0 likes
      3. Hugo Nguyen‏ @hugohanoi Sep 11
        Replying to @edixonve

        Everything has a cost, physical/financial. Just because a cost is not visible to the naked eyes doesn’t mean it isn’t there. The cost of having uncensorable money to society is purely a function of how valuable people deem that utility. Nothing to do with energy or electricity.

        1 reply 0 retweets 0 likes
      4. James‏ @lowerjd Sep 11
        Replying to @hugohanoi @edixonve

        Yeah see this is where u lost me. How could u build any more of a sound security than on the production and use of green energy to cryptographically secure bloclchains? Sun -> solar panel -> mining/staking machine. Decentralize to all parts of the world = sound money.

        0 replies 0 retweets 1 like
      5. End of conversation

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