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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. Tuur Demeester‏ @TuurDemeester Jan 13

      Tuur Demeester Retweeted Hugo Nguyen

      PoS vs PoW tweetstorm that digs into the fundamentals. Great overview of the argument:https://twitter.com/hugohanoi/status/951762596255838209 …

      Tuur Demeester added,

      Hugo Nguyen @hugohanoi
      1/ Here’s why I think Ethereum & Proof-of-Stake are bad ideas.
      Show this thread
      64 replies 211 retweets 661 likes
    2. Hugo Nguyen‏ @hugohanoi Jan 13
      Replying to @TuurDemeester

      Thanks Tuur. To add since so many people seem to be missing the point... “What about tech innovations? Cars vs horses? LED vs. lightbulb? Aren’t those examples of using less energy to achieve the same goal?” No because in those cases there are exploitable inefficiencies.

      4 replies 4 retweets 24 likes
      Hugo Nguyen‏ @hugohanoi Jan 13
      Replying to @hugohanoi @TuurDemeester

      Every hash in PoW goes to secure the ledger. 1 hash mined == 1 hash harder to revert. You can improve the hardware that performs the hashing op itself, but there’s no getting around the fact that to rewrite history you have to spend an equiv amount of hash ops. 100% efficiency.

      11:04 AM - 13 Jan 2018
      • 2 Retweets
      • 17 Likes
      • David McAtee dotglum WinkeŁmeister John Tiernan Shammah Lucas⚡️฿⚡️ Hasu Capt. Blackheart, US Space Force Tuur Demeester
      4 replies 2 retweets 17 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @hugohanoi @TuurDemeester

          Whereas one joule of horse energy != one joule of kinetic energy. One joule lightbulb used != one joule of photons released. Huge inefficiencies.

          1 reply 1 retweet 8 likes
        3. David‏ @david_koops Jan 13
          Replying to @hugohanoi @TuurDemeester

          Ehh yes but most of these joules are turned into heat in mining farms. How is this efficient?

          2 replies 0 retweets 3 likes
        4. Hugo Nguyen‏ @hugohanoi Jan 13
          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.

          1 reply 0 retweets 27 likes
        5. David‏ @david_koops Jan 13
          Replying to @hugohanoi @TuurDemeester

          No: energy goes in, hashes are produced, security is the result. However, security can be achieved without those hashes, for example by PoS.

          2 replies 0 retweets 4 likes
        6. Rami Kridly‏ @RamiKridly Jan 13
          Replying to @david_koops @hugohanoi @TuurDemeester

          Its like u want not to understand

          1 reply 0 retweets 22 likes
        7. David‏ @david_koops Jan 13
          Replying to @RamiKridly @hugohanoi @TuurDemeester

          Well, enlighten me.. . Proof of stake protects the ledger from being rewritten with a fraction of the energy cost. That is what I call efficient.

          2 replies 0 retweets 4 likes
        8. Rami Kridly‏ @RamiKridly Jan 13
          Replying to @david_koops @hugohanoi @TuurDemeester

          It doesn't protect it as PoW, not as safe, period.

          1 reply 0 retweets 6 likes
        9. David‏ @david_koops Jan 13
          Replying to @RamiKridly @hugohanoi @TuurDemeester

          I would be more than happy to learn why PoS is less secure, but I don't see why. PoW gives security because it is expensive to generate a high fraction of the total hash rate, whereas PoS gives security because it is expensive to have a large fraction of the coin supply.

          2 replies 1 retweet 1 like
        10. 2 more replies
        1. New conversation
        2. CryptoFighters‏ @CryptoFighters Jan 13
          Replying to @hugohanoi @TuurDemeester

          There is some inefficiency here. Hundreds of miners all trying the same hashes. Double work for the same hash

          1 reply 0 retweets 0 likes
        3. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @CryptoFighters @TuurDemeester

          Sure you can give that up if you don’t want decentralization & trustless-ness properties...😅

          0 replies 0 retweets 1 like
        4. End of conversation
        1. New conversation
        2. Shahin Khan‏ @ShahinKhan Jan 13
          Replying to @hugohanoi @TuurDemeester

          Not 100%, since there's non-zero probability to get lucky.

          1 reply 0 retweets 0 likes
        3. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @ShahinKhan @TuurDemeester

          Yeah I meant that figuratively, not literally 😜 it’s close to 100% over a large distribution.

          0 replies 0 retweets 0 likes
        4. End of conversation

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