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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. Neha Narula‏ @neha Oct 18

      An N block reorg on Bitcoin with more proof-of-work appears out of nowhere with a double spend. How big does N have to be before you choose not to accept the reorg?

      31 replies 25 retweets 70 likes
    2. Hugo Nguyen‏ @hugohanoi Oct 18
      Replying to @neha

      if it’s a deeeeep reorg, then either a/ you alone have been partitioned off of the main network, in which case the choice to HF & reject the heaviest chain is kinda suicidal since the fork only affects you

      2 replies 0 retweets 4 likes
    3. Hugo Nguyen‏ @hugohanoi Oct 18
      Replying to @hugohanoi @neha

      or b/ a malicious entity has taken over majority hash rate- you can confirm this by checking with other miners. Once confirmed, coordinating on a hard fork is a temporary solution, with the caveat that if the HF still uses the same hash algo, solution might not be sustainable.

      2 replies 0 retweets 3 likes
    4. Steve Barbour  ⛏‏ @SGBarbour Oct 18
      Replying to @hugohanoi @neha

      Regardless of whether you consider the entity malicious or not, forking (even if coordinated) is not an option. Doing so is conceding that the consensus mechanism has failed, and the new coin is unsound.

      1 reply 0 retweets 4 likes
      Hugo Nguyen‏ @hugohanoi Oct 18
      Replying to @SGBarbour @neha

      I'm inclined to agree. The point of having consensus codified in the protocol is that you can avoid stuff like this. Even if the fork works, it would set a precedent & reduce the value proposition of Bitcoin. Otoh, deep reorgs might also indicate a failed experiment... Catch-22.

      6:55 PM - 18 Oct 2018
      • 6 Likes
      • Jacob Eliosoff MⒶrtin HⒶboⓋštiak Bob McElrath Thεο  ₿Maximus Steve Barbour ⛏ Stephan Livera
      2 replies 0 retweets 6 likes
        1. New conversation
        2. Jacob Eliosoff‏ @JaEsf Oct 20
          Replying to @hugohanoi @SGBarbour @neha

          Yes, agreed w/ both of you. I actually see this attack (eg NK govt secretly invests in ASICs) as a major vuln of PoW/motivation for PoS.

          1 reply 0 retweets 0 likes
        3. Jacob Eliosoff‏ @JaEsf Oct 20
          Replying to @JaEsf @hugohanoi and

          (Caveats: 1. "Major" ≠ "likely" (it's not) - just "one of the likeliest" 2. O/c no one's denying PoS has other risks; just not this one.)

          1 reply 0 retweets 0 likes
        4. Jacob Eliosoff‏ @JaEsf Oct 20
          Replying to @JaEsf @hugohanoi and

          In particular, the knowledge that this more-or-less-game-over attack is a remote possibility, will always hang over PoW chains.

          2 replies 0 retweets 0 likes
        5. Jacob Eliosoff‏ @JaEsf Oct 20
          Replying to @JaEsf @hugohanoi and

          The PoS equivalent - buying a majority of stakers - can be reverted by social consensus, which disincentivizes it. See "spawn camping" etc

          1 reply 0 retweets 0 likes
        6. Hugo Nguyen‏ @hugohanoi Oct 20
          Replying to @JaEsf @SGBarbour @neha

          While I ack. that occurrences of deep reorgs is problematic for PoW, I disagree that PoS is safer in this regard 🙂 Let's face it: an entity who's able to overcome high stock cost barriers in PoW, will have zero problem achieving controlling stake in PoS.https://medium.com/@hugonguyen/work-is-timeless-stake-is-not-554c4450ce18 …

          0 replies 0 retweets 2 likes
        7. End of conversation
        1. Steve Barbour  ⛏‏ @SGBarbour Oct 18
          Replying to @hugohanoi @neha

          I just think a deep reorg signifies an irrational choice, that's it.

          0 replies 0 retweets 0 likes
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