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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

      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
    2. 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
    3. 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
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    4. 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
    5. 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
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    6. 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
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    7. 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
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    8. 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
    9. 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
    10. 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
      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.

      2:35 PM - 9 Mar 2018
      • 2 Retweets
      • 18 Likes
      • Old Dude [$MAX] ⚡️Genghis🚀 JediWarchief Mitchell Bradley Andreas Tasch ⚡ David "getmaxcoin" Serrano Michael Culhane Phineas Cakehill less_is_more
      1 reply 2 retweets 18 likes
        1. New conversation
        2. The Emperor‏ @Emperor_Bitcoin Mar 9
          Replying to @hugohanoi

          There is reason for this apparently nonsensical interest in PoS. It tries to solve an existential problem that these coins have. There is an implicit cost in holding these coins instead of bitcoin, so an interest paying mechanism must be developed to try to compensate the holders

          1 reply 0 retweets 1 like
        3. The Emperor‏ @Emperor_Bitcoin Mar 9
          Replying to @Emperor_Bitcoin @hugohanoi

          Although I agree that Vitalik doesn't understand PoW, that PoS sacrifices every property that makes a blockchain valuable, and I don't think it would ultimately work. I think there is another reason for the interest in it. Trying to save an economically doomed appcoin protocol.

          1 reply 0 retweets 0 likes
        4. Hugo Nguyen‏ @hugohanoi Mar 9
          Replying to @Emperor_Bitcoin @ricardocielak

          Yes, it’s possible that ETH is desperate to stay relevant, hence the PoS attempt. However that doesn’t explain the new PoS coins like Cardano.

          1 reply 0 retweets 0 likes
        5. The Emperor‏ @Emperor_Bitcoin Mar 9
          Replying to @hugohanoi

          Agree. My main argument is regarding Ethereum, I think most of the others are outright scams.

          0 replies 0 retweets 1 like
        6. End of conversation

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