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 …
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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,
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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
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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.
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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 likesShow this thread -
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 likesShow this thread -
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 …
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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.
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Replying to @hugohanoi
Absolutely spot on analysis
@el33th4xor clearly doesn’t understand PoW. I kinda disagree with this one tweet though it’s certainly possible for value to be driven through some collective consensus (eventually at least) NFTs and curation markets will be based on this.1 reply 0 retweets 2 likes
Hugo Nguyen Retweeted Hugo Nguyen
What you’re describing is very similar to a fiat system (“value” propped up purely based on collective consensus). I’m saying that scheme does not work/is not sustainable.https://twitter.com/hugohanoi/status/1047559904632791041?s=21 …
Hugo Nguyen added,
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