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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

      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
    2. 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
    3. 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
    4. 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
    5. 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
    6. 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
    7. 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
    8. Ari Paul‏Verified account @AriDavidPaul Jan 13
      Replying to @hugohanoi

      This is pseudoscience, like the new age healers that try to combine quantum mechanics with crystal healing. Technological innovation often provides more/better at lower cost.

      4 replies 0 retweets 16 likes
    9. Larry Sukernik‏ @lsukernik Jan 13
      Replying to @AriDavidPaul @hugohanoi

      There is always some type of tradeoff being made. A lower cost to consumers can be at the expense of lower profit margins to the company, i.e., lower employee pay. Not clear to me if that’s a net win for society. But hey, progress for the sake of progress is good right!

      1 reply 0 retweets 1 like
    10. Ari Paul‏Verified account @AriDavidPaul Jan 13
      Replying to @lsukernik @hugohanoi

      Disagree. New medicines are often founs that are better in *all* regards. Technological innovation means that things are not zero sum.

      2 replies 0 retweets 8 likes
      Hugo Nguyen‏ @hugohanoi Jan 13
      Replying to @AriDavidPaul @lsukernik

      You’re missing the point. New medicines are better because there are some exploitable inefficiencies. Whereas every hash in PoW goes to secure the ledger. One hash mined == one hash harder to revert.

      10:51 AM - 13 Jan 2018
      2 replies 0 retweets 0 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @hugohanoi @AriDavidPaul @lsukernik

          You can improve the hardware that performs the hashing function itself. But there’s no getting around the fact that to rewrite history you have to spend an equivalent amount of hash operations. 100% efficiency.

          1 reply 0 retweets 2 likes
        3. Ari Paul‏Verified account @AriDavidPaul Jan 13
          Replying to @hugohanoi @lsukernik

          1/ You're stating an assumption as though it's fact. Try this thought experiment: would it be possible to devise a PoW cryptocurrency that is *less* efficient than Bitcoin? Consider how the energy -> security dynamic changes based on miner centralization,

          2 replies 0 retweets 4 likes
        4. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @AriDavidPaul @lsukernik

          Hugo Nguyen Retweeted Hugo Nguyen

          It's not an assumption, it's math.https://twitter.com/hugohanoi/status/952289179387310080 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          Replying to @david_koops @TuurDemeester
          Like I said, the mining hardware can be inefficient, and there’s room for improvement there (faster, generate less heat etc.). But the hashing operations themselves are 100% efficient for the purpose of protecting the ledger from being rewritten. One hash in, one hash out.
          2 replies 0 retweets 4 likes
        5. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @hugohanoi @AriDavidPaul @lsukernik

          Over a large distribution, the amount of hash power required to rewrite X blocks is *exactly the same as what was required to mine those X blocks in the first place*. That's a fact and what I meant by PoW having 100% efficiency in terms of protecting the ledger against rewrite.

          1 reply 0 retweets 2 likes
        6. Ari Paul‏Verified account @AriDavidPaul Jan 13
          Replying to @hugohanoi @lsukernik

          No one disputed that. You're fixating on one tiny part of the security system. A key question is based on the structure, does the system naturally gravitate towards one in which there's a monopoly or oligopoly on hash power, and what incentives does that create?

          1 reply 0 retweets 3 likes
        7. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @AriDavidPaul @lsukernik

          That's a completely orthogonal issue. Whether a PoW ledger was written by a single powerful miner, or by a diverse group of miners: that still does *not* negate the fact that to attack that ledger you need to spend an equivalent amount of hash power that was expensed.

          4 replies 0 retweets 2 likes
        8. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @hugohanoi @AriDavidPaul @lsukernik

          Now that doesn't mean that mining centralization is not an issue, and the nature of the PoW hashing algo *might* have some impact on the degree of centralization. But what doesn't have centralization tendencies?

          1 reply 1 retweet 2 likes
        9. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @hugohanoi @AriDavidPaul @lsukernik

          If you know some alternatives to PoW mining that doesn't gravitate towards centralization, I'm all ears.

          2 replies 0 retweets 3 likes
        10. 4 more replies
        1. Ari Paul‏Verified account @AriDavidPaul Jan 13
          Replying to @hugohanoi @lsukernik

          Simple debunk of your statement: consider what happens to the energy -> security dynamic if Bitcoin block size is 100 kb vs 100 MB.

          0 replies 0 retweets 1 like
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