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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 14

      Hugo Nguyen Retweeted Hugo Nguyen

      1/ Once we realize that PoW hashing ops are close to 100% efficiency *for the purpose of protecting the ledger from being rewritten*. That is, one hash in (to mine), one hash out (to revert). A follow-up question might be: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.
      1 reply 2 retweets 16 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Jan 14

      2/ “Ok, so hash power is what provides security. How do we go about deciding how much hash power we should dedicate to that purpose?”

      1 reply 0 retweets 1 like
      Show this thread
      Hugo Nguyen‏ @hugohanoi Jan 14

      3/ Initially, block reward is the primary driver of hash power. So price drives security. A $1000 Bitcoin means that the market deems it worth ~($1000 x number of coins rewarded per block), to secure each block of the ledger.

      12:33 PM - 14 Jan 2018
      • 3 Likes
      • Appyhay Alex Krüger 🇦🇷 Libertarian Henry
      1 reply 0 retweets 3 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jan 14

          4/ Eventually, once transactions fees completely take over block reward as mining incentive, transactions volume would become the primary driver of hash power.

          1 reply 1 retweet 3 likes
          Show this thread
        3. Hugo Nguyen‏ @hugohanoi Jan 14

          5/ In both cases, the market decides how much resource to put in securing the ledger. That is, Bitcoin users decide. If one day users deem Bitcoin is worthless, there will be zero hash power going into securing the ledger. Then its immutability property would be gone. Poof.

          1 reply 0 retweets 3 likes
          Show this thread
        4. Hugo Nguyen‏ @hugohanoi Jan 14

          6/ Note that this is true for all variants of PoW, i.e., different hashing algorithms. It’s probably true even for things like Proof-of-Space. The amount of burnt resource will rise up to match whatever the market deems the security is worth (MR=MC).

          1 reply 0 retweets 2 likes
          Show this thread
        5. Hugo Nguyen‏ @hugohanoi Jan 14

          7/ Would it be possible to cap the amount of hash power going into a block? This would serve as an artificial limit on the burnt resource / security.

          1 reply 0 retweets 1 like
          Show this thread
        6. Hugo Nguyen‏ @hugohanoi Jan 14

          8/ I’m not even sure if that could be feasible / implemented in consensus code without significantly changing the security model & network stability, but let’s assume we have some way of capping the hash power, lets call it C ~= 10,000 TH/s.

          1 reply 0 retweets 2 likes
          Show this thread
        7. Hugo Nguyen‏ @hugohanoi Jan 14

          9/ Below C, miners compete as they do right now. The nature of Bitcoin mining is a random lottery function plus proof of work burnt, let’s call it L1. Beyond C, the winner of a block will be determined by a new, different random function L2 that does not require further PoW.

          1 reply 0 retweets 2 likes
          Show this thread
        8. Hugo Nguyen‏ @hugohanoi Jan 14

          10/ First problem: mining hardware constantly improves. So you’d have to constantly update the cap to match with improved hardware. Who would decide on this cap & when to update it?

          1 reply 0 retweets 3 likes
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        9. Hugo Nguyen‏ @hugohanoi Jan 14

          11/ Second problem: an artificial limit on resource burnt means that miners will earn a surplus on their investment, beyond what they already earn, since price & transaction fees are still determined by the market.

          1 reply 0 retweets 1 like
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        10. Hugo Nguyen‏ @hugohanoi Jan 14

          12/ This extra miner surplus might have an impact on centralization since they could potentially use this surplus to build a higher barrier-to-entry to mining.

          1 reply 0 retweets 1 like
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        11. Hugo Nguyen‏ @hugohanoi Jan 14

          13/ TL;DR: hashing ops are close to 100% efficiency for their purpose. It’s impossible to reduce energy cost without reducing security. Currently market determines how much security the ledger needs. Not sure if there’s a non-market-based solution that can do "better."

          0 replies 0 retweets 2 likes
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        12. End of conversation

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