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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 Feb 8

      Imo "Proof of Stake" is very close to a multi level marketing scheme: new entrants are charged an inflation tax that subsidizes participants higher up the chain, and the people higher up decide on the fate of the enterprise.

      100 replies 251 retweets 897 likes
      Show this thread
    2. Tuur Demeester‏ @TuurDemeester Feb 8

      Someone recently pointed out to me that fiat money is essentially a proof of stake based system. Banks with large balances can "stake" it to underwrite loans with newly created money = seigniorage. Users downstream pay the inflation tax.

      32 replies 115 retweets 494 likes
      Show this thread
    3. Alex Pickard‏ @AlexPickard Feb 8
      Replying to @TuurDemeester

      Been saying this for a while. Also, lightning network is proof of stake.

      3 replies 0 retweets 5 likes
    4. Tuur Demeester‏ @TuurDemeester Feb 8
      Replying to @AlexPickard

      How?

      2 replies 0 retweets 1 like
    5. Alex Pickard‏ @AlexPickard Feb 8
      Replying to @TuurDemeester

      Nodes get paid to stake coin and verify txns

      1 reply 0 retweets 1 like
    6. Hugo Nguyen‏ @hugohanoi Feb 8
      Replying to @AlexPickard @TuurDemeester

      Difference is Lightning Network is pegged to Bitcoin, therefore it inherits some of Bitcoin's strong properties, as long as the pegging is done correctly. Whereas pure PoS does not have anything to stand on.

      1 reply 0 retweets 3 likes
    7. Nash Foster‏ @NashEFoster Feb 8
      Replying to @hugohanoi @AlexPickard @TuurDemeester

      “As long as pegging is done correctly...” In all interpretations, these are words to beware of.

      1 reply 1 retweet 7 likes
    8. Hugo Nguyen‏ @hugohanoi Feb 8
      Replying to @NashEFoster @AlexPickard @TuurDemeester

      Hugo Nguyen Retweeted Peter Todd

      Yes I'm aware there are unique risks to LN that is not inherent to Bitcoin. @peterktodd elaborated on this recentlyhttps://twitter.com/peterktodd/status/953981556372094976 …

      Hugo Nguyen added,

      Peter Todd @peterktodd
      "A Lightning node cannot lose or run away with a user’s money." That's just not true. Lightning is based on reactive security, where an attempt at taking a user's money is thwarted by a response. That response _can_ fail, and thus @coincenter's argument is invalid. https://twitter.com/coincenter/status/953324223233216512 …
      Show this thread
      1 reply 1 retweet 2 likes
      Hugo Nguyen‏ @hugohanoi Feb 8
      Replying to @hugohanoi @NashEFoster and

      Still, IMO Lightning Network is still miles more secure than pure PoS systems.

      10:24 PM - 8 Feb 2018
      • 2 Likes
      • Carsten Marxist Crypto  🐺⚒⚡🌲🌹
      1 reply 0 retweets 2 likes
        1. New conversation
        2. Alex Pickard‏ @AlexPickard Feb 8
          Replying to @hugohanoi @NashEFoster and

          I just don’t like this reality. “Days” can easily be weeks, months, or years by changing one parameter in the code.pic.twitter.com/u6RvRv8dz3

          2 replies 0 retweets 0 likes
        3. Carsten‏ @Carsten71071425 Feb 10
          Replying to @AlexPickard @hugohanoi and

          It's not the code, it's a user adjustable value.

          0 replies 0 retweets 0 likes
        4. End of conversation

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