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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

      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
    2. 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
    3. 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
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    4. 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
    5. 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
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    6. 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
    7. 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
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    8. Ari Paul‏Verified account @AriDavidPaul Oct 3
      Replying to @hugohanoi

      We have fiat money, and tradeable rewards points and airline miles. There are thousands of examples (even excluding fiat money). Bitcoin is very different from these, with many advantages, but it's incorrect to say that evidence suggests you need unforgeable costliness.

      2 replies 0 retweets 0 likes
    9. Hugo Nguyen‏ @hugohanoi Oct 3
      Replying to @AriDavidPaul

      I fell it was obvious so didn’t add a qualifier but unforgeable costliness is a mandatory requirement only for hard-to-manipulate sound money. You can of cos do whatever you want with make-believe unsound money: fiat, reward points, travel miles, etc. 😜

      1 reply 0 retweets 0 likes
    10. Ari Paul‏Verified account @AriDavidPaul Oct 3
      Replying to @hugohanoi

      Isn’t it the opposite? If funny money can so easily gain real value, doesn’t that suggest unforgeable costliness isn’t necessary for something less funny?

      1 reply 0 retweets 0 likes
      Hugo Nguyen‏ @hugohanoi Oct 3
      Replying to @AriDavidPaul

      Having a price tag doesn’t construe “real” value. Anything can have a price tag above its true value due to people being irrational or threat of violence. But in the long run things always return to their true value.

      11:50 AM - 3 Oct 2018
      • 1 Retweet
      • 2 Likes
      • Brad Folkens Melik Manukyan ⚡️ ludvigart.com Hugo Nguyen
      2 replies 1 retweet 2 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Oct 3
          Replying to @hugohanoi @AriDavidPaul

          The “sound” part of sound money gives the monetary asset an anchor of value to return to. Funny money has no anchor.

          1 reply 1 retweet 4 likes
        3. Sam‏ @digitalturtle_ Oct 3
          Replying to @hugohanoi @AriDavidPaul

          But also individual people don't exist for the long run.

          0 replies 0 retweets 2 likes
        4. End of conversation
        1. New conversation
        2. Ari Paul‏Verified account @AriDavidPaul Oct 3
          Replying to @hugohanoi

          You’re now totally down the “no true Scotsman fallacy” with circular reasoning. You: historic evidence suggests money must have unforgeable costliness, then dismiss the 92%+ of the world’s actual money and tens of billions in sellable rewards and airline miles. Circular.

          2 replies 0 retweets 1 like
        3. Ari Paul‏Verified account @AriDavidPaul Oct 3
          Replying to @AriDavidPaul @hugohanoi

          2/ you’re free to argue that all current fiat and all the other money-like assets will eventually fall to zero, but you have to acknowledge and give a reason why you think past evidence will cease to apply.

          1 reply 0 retweets 1 like
        4. Ari Paul‏Verified account @AriDavidPaul Oct 3
          Replying to @AriDavidPaul @hugohanoi

          3/ you can argue that once people have BTC as an option that all fiat will fall to zero. Then you have to explain why people seemed eager to abandon gold for fiat and why BTC will be so different from gold.

          3 replies 0 retweets 1 like
        5. Ari Paul‏Verified account @AriDavidPaul Oct 3
          Replying to @AriDavidPaul @hugohanoi

          4/ lastly, if something is liquidly sellable at a price for 40+ years, claiming it doesn’t have “real” value is bad semantics. You don’t get to define what the world values. I may not like soda, but it has value to people.

          2 replies 0 retweets 1 like
        6. Hugo Nguyen‏ @hugohanoi Oct 3
          Replying to @AriDavidPaul

          On the contrary, in the relatively short history of the modern fiat, there has been plenty of evidence (evidence, not arguments) that fiats either go bust or lose most of their purchasing power. Honest question: why are you in crypto if you believe in fiat Ari? 🙂

          2 replies 0 retweets 2 likes
        7. Hugo Nguyen‏ @hugohanoi Oct 3
          Replying to @hugohanoi @AriDavidPaul

          In fact, if the central bankers had succeeded in maintaining a sensible fiat money system - as make-believe as it is - there would be ZERO chance for something like Bitcoin to exist. Real is real is real. Semantics is not the issue here.

          0 replies 2 retweets 3 likes
        8. End of conversation

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