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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 Sep 29

      Hugo Nguyen Retweeted Emin Gün Sirer

      1/ Emin again with the BS that PoW’s role is merely a “Sybil-controlled mechanism”. (And therefore PoS is a reasonable drop-in replacement.) It’s the classic mistake domain experts make when analyzing systems purely from their Point-of-View.https://twitter.com/el33th4xor/status/1046042561067003904 …

      Hugo Nguyen added,

      Emin Gün SirerVerified account @el33th4xor
      Replying to @zooko
      No no, the entire discussion groups all uses of PoS as if they are equivalent, and misses the crucial distinction that it's the consensus algos that matter, not the Sybil control mechanisms.
      12 replies 42 retweets 144 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Sep 29

      Hugo Nguyen Retweeted Emin Gün Sirer

      2/ Here is Emin’s original “lecture” for reference https://twitter.com/el33th4xor/status/1006931729679044608?s=21 … I seriously hope Emin is not the only one teaching blockchain at @Cornell. Because he is dead wrong.

      Hugo Nguyen added,

      Emin Gün SirerVerified account @el33th4xor
      Proof-of-Work and Proof-of-Stake are **sybil control mechanisms**. PoS doesn't achieve consensus by itself. It has to be coupled with a protocol, such as PBFT, or Ben-Or, or Tendermint/Cosmos, or Avalanche, to make decisions.
      Show this thread
      2 replies 3 retweets 39 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Sep 29

      3/ Reducing PoW’s role to Sybil control is like an alien looking at cars and conclude that their main purpose is for protecting people from external objects. When they try to create the same thing, they might end up with something like the Flintstones’ car. 🙄pic.twitter.com/yMnFWQ9fHA

      1 reply 2 retweets 35 likes
      Show this thread
    4. Hugo Nguyen‏ @hugohanoi Sep 29

      4/ Where pure-CS-type PoS people fail is a complete disregard for (a) economics (b) history & (c) physics. The same way people chased Perpetual Motion completely disregarded (a) (b) & (c), although they had a better excuse since they didn't possess the right conceptual tools.

      3 replies 4 retweets 32 likes
      Show this thread
    5. Hugo Nguyen‏ @hugohanoi Sep 29

      5/ If an object has value, people *will* spend effort to chase it, up to whatever the object is worth. MC=MR, in other words. PoS won’t save you from PoW’s “waste”, cost just manifests in a different way. “Nothing is cheaper than PoW”. h/t @Truthcoin http://www.truthcoin.info/blog/pow-cheapest/ …

      2 replies 6 retweets 54 likes
      Show this thread
    6. Hugo Nguyen‏ @hugohanoi Sep 29

      6/ PoW is what gives Bitcoin “unforgeable costliness”, something few CS people would even try to analyze. @NickSzabo4 spent years researching & elaborately explained in his study on the Origin of Money: (Good) money *must* have unforgeable costliness. https://nakamotoinstitute.org/shelling-out/ 

      3 replies 13 retweets 59 likes
      Show this thread
    7. Hugo Nguyen‏ @hugohanoi Sep 29

      7/ PoW is a lot more than Sybil-control, it gives digital blocks real-world weight, the same way Gold has real weight. What are blocks but simply a bunch of 1s & 0s? PoW is the _bridge_ between the digital & the physical.https://bitcointechtalk.com/the-anatomy-of-proof-of-work-98c85b6f6667 …

      2 replies 9 retweets 60 likes
      Show this thread
    8. Hugo Nguyen‏ @hugohanoi Sep 29

      8/ Value doesn’t come from nothing, it doesn’t arise just because a bunch of people collectively decide that some digital strings have value via their computer nodes - which is what Proof-of-Stake does.

      3 replies 2 retweets 32 likes
      Show this thread
    9. Hugo Nguyen‏ @hugohanoi Sep 29

      9/ Like many astutely observed, if it was possible to create money this way (by hooking up a bunch of computers together), we wouldn’t have to wait until now. Make no mistake, PoW mining & Nakamoto consensus are crucial in the creation of digital hard money.

      3 replies 3 retweets 28 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Sep 29

      10/ P.S. This type of tunnel vision & pretense of knowledge is what spawns a bunch of ludicrous ideas in the crypto space. From PoS to Ethereum to utility tokens.

      11:18 AM - 29 Sep 2018
      • 5 Retweets
      • 41 Likes
      • Stein H Ludvigsen re.Phil Cryptoconomy ⚡ Vijay Boyapati Murad Mahmudov 🚀 CryptoHumor YACoinBen Don't send money to scams Damian Mee
      6 replies 5 retweets 41 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Sep 30

          Hugo Nguyen Retweeted Hugo Nguyen

          11/ *Note: Unforgeable costliness is *not* the same thing as the labor theory of value:https://twitter.com/hugohanoi/status/1046105642870681600?s=21 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          Replying to @el33th4xor
          You're missing half the equation. Energy cost doesn't *guarantee* value, but all things valuable must cost energy. The other required ingredient is un-forgeability.
          1 reply 0 retweets 9 likes
          Show this thread
        3. Hugo Nguyen‏ @hugohanoi Sep 30

          Hugo Nguyen Retweeted Hugo Nguyen

          12/ Note #2: don’t confuse the *creation* of value with the *transfer* of valuehttps://twitter.com/hugohanoi/status/1046125820161323008?s=21 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          Replying to @SGBarbour @el33th4xor
          Not quite, @el33th4xor is still wrong. Staking *itself* requires little to no energy expenditure. Emin is confusing the creation of value (internally) from the *transfer* of value.
          2 replies 1 retweet 9 likes
          Show this thread
        4. End of conversation
        1. New conversation
        2. Hyple‏ @hyple Sep 30
          Replying to @hugohanoi

          @threadreaderapp unroll please.

          1 reply 0 retweets 0 likes
        3. Thread Reader App‏ @threadreaderapp Sep 30
          Replying to @hyple

          Hallo there is your unroll: https://threadreaderapp.com/thread/1046101870840868865.html … Share this if you think it's interesting. 🤖

          0 replies 0 retweets 1 like
        4. End of conversation
        1. Lane Rettig‏ @lrettig Sep 30
          Replying to @hugohanoi

          @threadreaderapp unroll please

          0 replies 0 retweets 0 likes
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        1. New conversation
        2. nzlconcerto‏ @nzlconcerto Sep 30
          Replying to @hugohanoi

          PoS requires value to be parked, therefore not partaking in the medium of exchange. Which is a very important aspect of a currency. So the more that's parked, accumulates even more static 💰 over time. Until no new money ever makes it to the wider economy.

          1 reply 0 retweets 0 likes
        3. nzlconcerto‏ @nzlconcerto Sep 30
          Replying to @nzlconcerto @hugohanoi

          However, just like everything in life that takes some deep thought. I could be over simplifying things.

          0 replies 0 retweets 0 likes
        4. End of conversation
        1. CleanApp‏ @CleanApp Sep 29
          Replying to @hugohanoi

          Great thread -- more please!

          0 replies 0 retweets 0 likes
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        1. X-Revolution‏ @luc_he Sep 29
          Replying to @hugohanoi

          Utility tokens are not so ludicrous comparing with fiats in the real word. Proof of anything is good when it matches its utilities.

          0 replies 0 retweets 0 likes
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