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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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    Hugo Nguyen‏ @hugohanoi Jan 12

    1/ Here’s why I think Ethereum & Proof-of-Stake are bad ideas.

    2:27 AM - 12 Jan 2018
    • 696 Retweets
    • 1,946 Likes
    • Yassine Elmandjra NamZy Tobias Gastón Silva 🍿 Send DM in Crypto! Angular PLOW Condor-Affiliates premine apologist Lika Way
    203 replies 696 retweets 1,946 likes
      1. New conversation
      2. Hugo Nguyen‏ @hugohanoi Jan 12

        2/ Bitcoin ledger (relative) immutability isn’t magic, it has that special property only because it pays an extremely high price for it. That price is PoW mining.

        3 replies 20 retweets 158 likes
        Show this thread
      3. Hugo Nguyen‏ @hugohanoi Jan 12

        3/ PoS proponents claim they can achieve the same immutability property, while doing away with this “wasteful” mining and as a result, operate at a fraction of the cost.

        5 replies 11 retweets 82 likes
        Show this thread
      4. Hugo Nguyen‏ @hugohanoi Jan 12

        4/ There’s something very similar to PoS in the history of technology, it’s called the idea of a Perpetual Motion Machine.

        7 replies 19 retweets 135 likes
        Show this thread
      5. Hugo Nguyen‏ @hugohanoi Jan 12

        5/ In the 19th & 20th centuries, people spent tons of money & effort trying to create a Perpetual Motion Machine. A Perpetual Motion Machine produces perpetual motion without requiring any energy, essentially creating energy out of thin air.

        9 replies 12 retweets 88 likes
        Show this thread
      6. Hugo Nguyen‏ @hugohanoi Jan 12

        6/ Similarly, PoS promises ledger immutability without requiring any upfront cost, basically creating ledger security out of thin air.

        12 replies 16 retweets 112 likes
        Show this thread
      7. Hugo Nguyen‏ @hugohanoi Jan 12

        7/ (“Ledger security” is used here interchangeably with immutability, or the ledger’s ability to resist changes or tampering.)

        1 reply 9 retweets 77 likes
        Show this thread
      8. Hugo Nguyen‏ @hugohanoi Jan 12

        8/ We know now why Perpetual Motion Machine doesn’t work. It violates the laws of physics. Specifically, the Conservation of Energy law: "Energy cannot be created or destroyed, it can only be changed from one form to another”.

        8 replies 14 retweets 135 likes
        Show this thread
      9. Hugo Nguyen‏ @hugohanoi Jan 12

        9/ You cannot gain something without giving up something equivalent. This is the absolute law that governs our universe.

        20 replies 33 retweets 201 likes
        Show this thread
      10. Hugo Nguyen‏ @hugohanoi Jan 12

        10/ Blockchains also have to follow the laws of physics. Everything in our world ultimately translates back to energy, at the lowest level. You are energy. I am energy. Blockchain is energy. Specifically:

        12 replies 21 retweets 148 likes
        Show this thread
      11. Hugo Nguyen‏ @hugohanoi Jan 12

        11/ a- Ledger security is energy. This manifests in electricity cost in PoW mining.

        5 replies 13 retweets 117 likes
        Show this thread
      12. Hugo Nguyen‏ @hugohanoi Jan 12

        12/ b- Decentralization is energy. This manifests in the cost required to run full nodes across the network and for these nodes to communicate. This includes costs for storage, bandwidth, TCP/IP routing, etc.

        3 replies 12 retweets 118 likes
        Show this thread
      13. Hugo Nguyen‏ @hugohanoi Jan 12

        13/ c- Scalability is energy. This manifests in the cost required to support more and more transactions on the network.

        1 reply 9 retweets 86 likes
        Show this thread
      14. Hugo Nguyen‏ @hugohanoi Jan 12

        14/ You can think of a blockchain as a fluid system where energy can flow from one property to another. You can move decentralization energy to scalability energy, and vice versa. You can move ledger security energy to scalability energy, and vice versa.

        6 replies 12 retweets 103 likes
        Show this thread
      15. Hugo Nguyen‏ @hugohanoi Jan 12

        15/ The total utility of a blockchain should be roughly equal to the energy cost that goes into producing it. (In reality, utility is less than cost due to friction & other inefficiencies).

        4 replies 11 retweets 103 likes
        Show this thread
      16. Hugo Nguyen‏ @hugohanoi Jan 12

        16/ What you cannot do, is to magically keep all properties the same while reducing total energy cost.

        8 replies 8 retweets 79 likes
        Show this thread
      17. Hugo Nguyen‏ @hugohanoi Jan 12

        17/ The only way PoS can reduce energy cost while keeping the same properties, is by showing that PoW is truly “wasteful.” That PoW doesn’t contribute anything to ledger security.

        5 replies 8 retweets 87 likes
        Show this thread
      18. Hugo Nguyen‏ @hugohanoi Jan 12

        18/ But PoW absolutely does contribute to ledger security, 100% ! Every single hash operation in PoW contributes to ledger security. In fact, PoW makes ledger security highly quantifiable & easy to calculate. Cost of rewriting X blocks == cost of mining X blocks.

        5 replies 10 retweets 121 likes
        Show this thread
      19. Hugo Nguyen‏ @hugohanoi Jan 12

        19/ Since PoS removes billions of dollars of the mining that secures the ledger, it must follow that a PoS blockchain is billions of dollars less secure. Again, Conservation of Energy.

        5 replies 14 retweets 95 likes
        Show this thread
      20. Hugo Nguyen‏ @hugohanoi Jan 12

        20/ So, the TL;DR is that PoS cannot work unless it violates the laws of physics: getting security without spending any energy.

        9 replies 20 retweets 112 likes
        Show this thread
      21. Hugo Nguyen‏ @hugohanoi Jan 12

        21/ Let’s look at PoS from another angle. Concretely, PoS aims to achieve immutability via the idea of “punishment.”

        1 reply 7 retweets 65 likes
        Show this thread
      22. Hugo Nguyen‏ @hugohanoi Jan 12

        22/ The idea is that if you misbehave, you pay a heavy penalty. PoS people hope this threat will deter bad actors from attacking. However, this has a fatal flaw.

        1 reply 8 retweets 73 likes
        Show this thread
      23. Hugo Nguyen‏ @hugohanoi Jan 12

        23/ Threat of punishment works in real life, because in real life, there is only one version of reality.

        2 replies 10 retweets 86 likes
        Show this thread
      24. Hugo Nguyen‏ @hugohanoi Jan 12

        24/ This does not translate to a distributed ledger. Each fork of a ledger is an alternate version of reality.

        1 reply 7 retweets 93 likes
        Show this thread
      25. Hugo Nguyen‏ @hugohanoi Jan 12

        25/ Punishing bad actors in your version of reality works only if attackers choose to remain in your reality.

        4 replies 14 retweets 117 likes
        Show this thread
      26. Hugo Nguyen‏ @hugohanoi Jan 12

        26/ But they don’t have to. By rewriting history, an attacker can wipe the slate clean. In an attacker’s version of reality, she’s the honest actor.

        3 replies 7 retweets 81 likes
        Show this thread
      27. Hugo Nguyen‏ @hugohanoi Jan 12

        27/ PoS can only punish bad actors *after the fact*. By the time you get to punish somebody, it might already be too late.

        4 replies 18 retweets 138 likes
        Show this thread
      28. Hugo Nguyen‏ @hugohanoi Jan 12

        28/ This is drastically different from PoW mining. In PoW mining, attackers have to pay upfront cost in order to mine a single block. In order to attack, you have to pay first. Period.

        8 replies 26 retweets 183 likes
        Show this thread
      29. Hugo Nguyen‏ @hugohanoi Jan 12

        29/ Whether an attacker has to pay the cost *upfront* or *after-the-fact*, makes a huge difference. The difference is billions of dollars in security.

        4 replies 13 retweets 126 likes
        Show this thread
      30. Hugo Nguyen‏ @hugohanoi Jan 12

        30/ PoS might be mildly interesting without being as secure as PoW. But I don’t really see the point. If you compromise on ledger security, you compromise on what makes blockchains special in the first place.

        3 replies 13 retweets 133 likes
        Show this thread
      31. Hugo Nguyen‏ @hugohanoi Jan 12

        31/ PoS weaker security is also evidenced by its need to require a lot more “social consensus” (which is just a fancy word for manual human intervention) than PoW.

        5 replies 13 retweets 125 likes
        Show this thread
      32. 13 more replies

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