1/ What is handwaving & sloppy thinking is ignoring subtle but important differences between PoW & PoS. Such as the *degree of social consensus required* - in terms of both magnitude & frequency.https://twitter.com/killerstorm/status/1044522585663447040 …
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Hugo Nguyen Retweeted Hugo Nguyen
2/ …or relative security strength under sync & semi-sync settings.https://twitter.com/hugohanoi/status/1040663728042082304 …
Hugo Nguyen added,
Hugo Nguyen @hugohanoiReplying to @hugohanoi @aparnalockedSimply put, under semi-sync setting, PoW strongly satisfies liveness & consistency. Whereas PoS protocols do not & break down under a number of scenarios. See my 2 articles for a few examples of these scenarios & the addition by@Datavetaren https://twitter.com/hugohanoi/status/1021832568314843136 …1 reply 0 retweets 0 likesShow this thread -
3/ A lot of terminology in this space are unfortunately imprecise. When we talk of “immutability”, “decentralization”, “trustlessness”, we don’t really mean them in the binary yes/no sense, but it’s often over a spectrum. A better term than “trustless” is “trust-minimized”.
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4/ No one handwaves away the problem of trust & decentralization in PoW - that’s a baseless claim. I’ve found that Bitcoiners are often the most paranoid when it comes to the threat of centralization, mining centralization in particular.
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Replying to @hugohanoi
Alex Mizrahi Retweeted Pieter Wuille
Well what would you say about this: https://twitter.com/lopp/status/1028092364559208448 … and this: https://twitter.com/pwuille/status/1028109412584452096 … PoW proponents gave up on quantifying decentralization & security metric, it now essentially boils down to an argument "It have not failed yet, thus it cannot fail".
Alex Mizrahi added,
Pieter Wuille @pwuilleReplying to @loppFurthermore, formalizing a metric for decentralization and then optimizing that metric will almost certainly select for the wrong thing. E.g., more listening nodes is better, because it's a proxy for independent users. But incentivizing more nodes will just give you AWS hordes.1 reply 0 retweets 0 likes -
Replying to @killerstorm
I don't see
@lopp 's &@pwuille 's tweets as dismissing centralization issue. What they are cautioning against is chasing some vanity metrics that end up causing more harm than good. Concern over the wrong centralization metrics != no concern over centralization. Big difference.1 reply 0 retweets 2 likes -
Well, they are clearly against using **any** metrics. If it was the issue with wrong metrics, surely they would have suggested right metrics, or how to come up with such, or research papers they like. But I see nothing like that. They just dismissed ALL academic research,
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Replying to @killerstorm @hugohanoi and
wholesale. Obviously, there's some bad research, but if you dismiss the whole academia that means that your position can't be defended using rigorous reasoning.
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What do you expect? They are engineers
No offense to academics, but from what I've seen, the engineers have a *much* better grasp on Bitcoin fundamentals than most academics (even CS researchers), and the engineers are rightfully conservative when it comes to make-up metrics.1 reply 0 retweets 0 likes -
Replying to @hugohanoi @killerstorm and
If I have to choose whom to trust, I'd choose the engineers. Any day. Now that's not to say that's there's no quality research in crypto. I'm particularly a big fan of
@random_walker . http://randomwalker.info/publications/mining_CCS.pdf …1 reply 0 retweets 0 likes
Hugo Nguyen Retweeted Arvind Narayanan
Speaking of @random_walker, his most recent paper formalizes the problems with PoS, from the aspect of pseudorandomness. Doesn’t surprise me one bit. Although he seems to still give PoS some benefit of the doubt
https://twitter.com/random_walker/status/1043552710086340609 …
Hugo Nguyen added,
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