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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 Mar 9

      Hugo Nguyen Retweeted Tushar Jain

      1/ Analogies are tricky. When used appropriately, they reduce complex ideas into familiar concepts so that they are easier to understand. Otoh, bad analogies oversimplify things to the point that they lose all touch with reality & confuse more than help.https://twitter.com/TusharJain_/status/972145928902758400 …

      Hugo Nguyen added,

      Tushar Jain @TusharJain_
      1/ Proof of work is like physical keyboards on smartphones. It was a part of the first successful blockchains & smartphones, Bitcoin & Blackberry, so some people think it is essential.
      Show this thread
      1 reply 27 retweets 78 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Mar 9

      2/ That’s why reasoning from first principles (bottom-up reasoning) is superior to analogies, when it comes to understanding things.

      1 reply 0 retweets 15 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Mar 9

      3/ When I became more involved with crypto, I was really surprised at how not-well-understood the fundamental building blocks are.

      1 reply 0 retweets 11 likes
      Show this thread
    4. Hugo Nguyen‏ @hugohanoi Mar 9

      Hugo Nguyen Retweeted Hugo Nguyen

      4/ This was what prompted me to study & write ‘the Anatomy of Proof-of-Work’.https://twitter.com/hugohanoi/status/965672795647524864 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      My Proof-of-Work article published on Bitcoin Tech Talk. Thanks @jimmysong !!! (and @hrdng for the comments) :-) https://twitter.com/jimmysong/status/965624805667024896 …
      1 reply 1 retweet 17 likes
      Show this thread
    5. Hugo Nguyen‏ @hugohanoi Mar 9

      5/ IMO people regularly underestimate the significance & full meaning of Proof-of-Work.

      1 reply 2 retweets 12 likes
      Show this thread
    6. Hugo Nguyen‏ @hugohanoi Mar 9

      6/ This led to erroneous thinking like PoW is “wasteful”. How can one look at the inner workings of PoW, how it secures the chain, and proclaim that PoW is “wasteful” is beyond me. *Eg: Vitalik or Cardano researchers.

      2 replies 0 retweets 12 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Mar 9

      7/ PoW is the invention that allows us, for the first time in history, to emulate physical properties like Immutability & Scarcity (*keyword: emulate). These properties previously only exist in rare & unforgeable metals.

      2:30 PM - 9 Mar 2018
      • 6 Retweets
      • 24 Likes
      • Eric Scrivner CryptOrbuld⚡️ The Crypto Dog📈 Marcilio Mosco Brendan Bernstein Gregorio Abreu ISAM Parabolic Satoshi RobertKnolles
      2 replies 6 retweets 24 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Mar 9

          8/ These metals were created from the nucleosynthesis process billions of years ago (ht @realLudvigArt). PoW is our feeble attempt at emulating this amazing phenomenon in nature. If anything, energy spent in PoW is *not enough*, in terms of securing the chain against changes.

          2 replies 1 retweet 11 likes
          Show this thread
        3. Hugo Nguyen‏ @hugohanoi Mar 9

          9/ Once we understand Proof-of-Work, it’s easy to see that what Proof-of-Stake proponents call “finality” or “immutability” is simply an illusion. A PoS ledger is immutable to the degree that some people in the group say that it is immutable.

          1 reply 1 retweet 14 likes
          Show this thread
        4. Hugo Nguyen‏ @hugohanoi Mar 9

          10/ In order to maintain the illusion of immutability, a member has to maintain contact with this group at all time. This is apparent in assumption #3 in the original Ouroboros paper, and the "weak subjectivity" concept Vitalik talked about in Casper- which is a BS terminology.

          1 reply 0 retweets 11 likes
          Show this thread
        5. Hugo Nguyen‏ @hugohanoi Mar 9

          11/ When a member of such a group gets detached from the group (maybe for reasons beyond his control), he risks breaking this illusion, each & every time.

          1 reply 0 retweets 4 likes
          Show this thread
        6. Hugo Nguyen‏ @hugohanoi Mar 9

          12/ When a temporarily detached member joins back in, he has no way to determine which PoS chain is the canonical chain, unless he has a trusted 3rd party. A PoS system cannot be truly permission-less.

          2 replies 1 retweet 11 likes
          Show this thread
        7. Hugo Nguyen‏ @hugohanoi Mar 9

          13/ No matter how many layers of obscurity & bullshit you sprinkle on top, PoS can never overcome this fatal weakness.

          1 reply 0 retweets 12 likes
          Show this thread
        8. Hugo Nguyen‏ @hugohanoi Mar 9

          14/ IMO the mistake PoS researchers often make, is to look at Bitcoin as a purely distributed system problem. But Bitcoin is more than that.

          1 reply 0 retweets 5 likes
          Show this thread
        9. Hugo Nguyen‏ @hugohanoi Mar 9

          15/ Bitcoin is a distributed system *with physical properties*. You can emulate the distributed components (leader election, randomness, hashing, etc.), but you can’t cheaply emulate physical properties.

          1 reply 0 retweets 14 likes
          Show this thread
        10. Hugo Nguyen‏ @hugohanoi Mar 9

          16/ Looking at Bitcoin purely through the lens of distributed system research is like a caveman seeing a stethoscope for the first time & conclude it’s useless for fixing people. Or a medieval man seeing a radio & think it’s a worthless piece of brick.

          1 reply 2 retweets 11 likes
          Show this thread
        11. Hugo Nguyen‏ @hugohanoi Mar 9

          17/ The old mental models are usually insufficient to fully understand the significance of new technology.

          2 replies 1 retweet 16 likes
          Show this thread
        12. Hugo Nguyen‏ @hugohanoi Mar 9

          18/ It’s kinda sad to see so much time & effort being spent on these PoS systems, that are to me an obvious dead-end. So much ado about nothing.

          1 reply 2 retweets 18 likes
          Show this thread
        13. End of conversation
        1. Y Y‏ @yrys88 Mar 11
          Replying to @hugohanoi

          Hi, what are your views on PoS?

          0 replies 0 retweets 0 likes
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