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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

      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
    2. 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
    3. 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
    4. 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
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    5. 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
    6. 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
    7. 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
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    8. 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
    9. Erik Voorhees‏Verified account @ErikVoorhees Jan 13
      Replying to @hugohanoi

      Not true. Wealth is created in surplus, as a sum that is bigger than its parts. Vastly more wealth exists today than 100 years ago.

      3 replies 0 retweets 9 likes
    10. Hugo Nguyen‏ @hugohanoi Jan 13
      Replying to @ErikVoorhees

      That’s because we found ways to capture the abundance of energy using machines, and a result, enjoy higher levels of production. Further progress was made by improving on the machines’ inefficiencies. The energy has always been there.

      1 reply 0 retweets 3 likes
      Hugo Nguyen‏ @hugohanoi Jan 13
      Replying to @hugohanoi @ErikVoorhees

      Hugo Nguyen Retweeted Hugo Nguyen

      https://twitter.com/hugohanoi/status/952254443365347328 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      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.
      6:53 PM - 13 Jan 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @hugohanoi @ErikVoorhees

          So society progress can be seen as a constant search for reducing waste & finding ways to capture the energy that’s already there. Wealth is created in the process. “Wealth capture” is the more correct term than “wealth creation.” Wealth is not born out of thin air.

          1 reply 2 retweets 18 likes
        3. Hugo Nguyen‏ @hugohanoi Jan 13
          Replying to @hugohanoi @ErikVoorhees

          In contrast, hash operations (not the mining hardware) are already 100% efficient *for the purpose of protecting a ledger from being rewritten*. One hash in, one hash out. No inefficiencies to exploit there.

          2 replies 0 retweets 6 likes
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