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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 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
    2. 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
    3. 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
    4. 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
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    5. 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
    6. 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
    7. 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
    8. 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
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    9. 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
    10. Louis Marais‏ @maraisl_ Jan 12
      Replying to @hugohanoi

      Master nodes and nodes in a PoS chain still requires energy. It is however more distributed than PoW as most people can have a computer but not neccesarily an antminer. Aren't everyone invested in a chain supposed to benefit from it's use? I believe there is space for both.

      1 reply 0 retweets 0 likes
      Hugo Nguyen‏ @hugohanoi Jan 12
      Replying to @maraisl_

      I’m sure the amount of energy PoS spends on security is not literally zero. At the same time, it is orders of magnitude lower than PoW. Hence orders of magnitude less secure.

      10:58 AM - 12 Jan 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Louis Marais‏ @maraisl_ Jan 12
          Replying to @hugohanoi

          PoW is indeed effective, but less efficient. I like PoW - especially ASIC resistant PoW. I however believe that both could be compromised by collusion or massive investment. Sorry I'm not an expert on the subject.

          1 reply 0 retweets 1 like
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