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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. LaurentMT‏ @LaurentMT Sep 29
      Replying to @hugohanoi @NickSzabo4

      IMHO, he's right when stating the difference between consensus algorithms and anti-sybils solutions BUT I fairly disagree with his view that the anti-sybils solution used doesn't matter. It does and the associated trade offs should be explcitely explained.

      1 reply 0 retweets 2 likes
      Hugo Nguyen‏ @hugohanoi Sep 29
      Replying to @LaurentMT @NickSzabo4

      The distinction could be beneficial in some context, as long as you don’t believe that these artificial walls actually exist. PoW is not just about Sybil control, far from it. This is the (CS) terminology trap.

      11:27 AM - 29 Sep 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. LaurentMT‏ @LaurentMT Sep 29
          Replying to @hugohanoi @NickSzabo4

          Well, I think this distinction is very useful because it's helps to think more clearly about the different components of the system. The fact that PoW encompasses both of them is somewhat orthogonal...

          1 reply 0 retweets 1 like
        3. LaurentMT‏ @LaurentMT Sep 29
          Replying to @LaurentMT @hugohanoi @NickSzabo4

          LaurentMT Retweeted Maple Leaf Capital

          My main "concern" is about the idea that all anti-sybils systems are the same. Case in point.https://twitter.com/MapleLeafCap/status/1044958643731533825 …

          LaurentMT added,

          Maple Leaf Capital @MapleLeafCap
          Recently, an internal excel document from Huobi (one of the BPs) is circulating in the Chinese community. This file documents the collusion, mutual voting, and pay-offs that occur amongst the Chinese BP community. I’ m working on getting the file.
          Show this thread
          1 reply 0 retweets 2 likes
        4. LaurentMT‏ @LaurentMT Sep 29
          Replying to @LaurentMT @hugohanoi @NickSzabo4

          In a nutshell, my point is that the anti-sybils solution used by a cryptocurrency (and its properties) is a very important aspect defining the value proposition of this cryptocurrency.

          1 reply 0 retweets 1 like
        5. Hugo Nguyen‏ @hugohanoi Sep 29
          Replying to @LaurentMT @NickSzabo4

          I have no problem with the distinction per se. Like you said, it could aid in analyzing system components separately. The caveat here (and what Emin implied between the lines), is that PoW is *merely* a Sybil-control mechanism, and therefore PoS is equally valid. Misleading.

          0 replies 0 retweets 1 like
        6. End of conversation

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