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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 20

      Hugo Nguyen Retweeted Max Fang

      1/ Exactly. I never understood why companies cannot build so-called "tokenized services" directly on top of established tokens such as BTC (yes, BTC was the original token). The whole category of "utility tokens" just doesn't make any sense.https://twitter.com/MaxFangX/status/976031730460012545 …

      Hugo Nguyen added,

      Max Fang @MaxFangX
      Adding a token to a network is like a country forcing you to pay in their national currency. If your vendor in Japan accepts USD, why must you use JPY? If a dapp service provider accepts BTC, why must you use ICOcoin?
      Show this thread
      42 replies 137 retweets 448 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Mar 20

      2/ The argument “well, ERC20 tokens can be used in decentralized smart contracts, so you don’t have to trust anyone” doesn’t fly, since most if not all of these contracts must inevitably interact with centralized solutions anyway. A.k.a. the Oracle problem.

      2 replies 2 retweets 45 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Mar 20

      3/ If your token has a fixed supply, your users will always face higher liquidity & volatility risks than using BTC. Since the demand & market for sound money (which encompasses all types of services) will *always* be larger than the demand & market for any single service.

      4 replies 9 retweets 51 likes
      Show this thread
    4. Hugo Nguyen‏ @hugohanoi Mar 20

      4/ If your token has a variable supply or pegged to some stablecoin, then it’s just a needless layer of indirection.

      2 replies 1 retweet 24 likes
      Show this thread
    5. Hugo Nguyen‏ @hugohanoi Mar 20

      5/ I'm a big fan of @balajis, but I think the argument that buying tokens is akin to buying "paid API keys" to services, and therefore tokens have inherent utility is not quite correct (from https://news.earn.com/thoughts-on-tokens-436109aabcbe …).

      2 replies 2 retweets 27 likes
      Show this thread
    6. Hugo Nguyen‏ @hugohanoi Mar 20

      6/ A private key has no value *in and of itself*. It can only have value if the thing it protects has value. In the case of company-issued tokens, that hinges on the company actually providing a service & making good on their promises.

      1 reply 4 retweets 28 likes
      Show this thread
    7. Hugo Nguyen‏ @hugohanoi Mar 20

      7/ The company can shut down their service, disappear tomorrow, and your paid API keys would amount to nothing. This can happen to Bitcoin too, but you’ll have to shut down the entire Bitcoin network- much harder to do.

      3 replies 6 retweets 38 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Mar 20

      8/ So no, I don’t think ERC20 tokens are “inherently useful”.

      6:33 PM - 20 Mar 2018
      • 6 Retweets
      • 52 Likes
      • The_Soylent_Majority thangoffshore Miles Suter Crypto Turk bitcoiner nic carter Uchin Melik Manukyan ⚡️ ludvigart.com Holee (BTC only, alts are all fraud)
      13 replies 6 retweets 52 likes
        1. Hugo Nguyen‏ @hugohanoi Mar 21

          Hugo Nguyen Retweeted Hugo Nguyen

          9/ More on token-asset linkage:https://twitter.com/hugohanoi/status/976601253634387970 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          1/ The fact that people still ask questions like this shows how not-well-understood Bitcoin still is. Bitcoin token has value because it directly represents the asset it tokenizes: an unforgeable, costly and decentralized ledger. (thx @NickSzabo4 for the lovely term). https://twitter.com/leoncfu/status/976469536894521345 …
          Show this thread
          5 replies 1 retweet 4 likes
          Show this thread
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        1. New conversation
        2. Melik Manukyan  ⚡️ ludvigart.com‏ @realLudvigArt Mar 20
          Replying to @hugohanoi

          Melik Manukyan  ⚡️ ludvigart.com Retweeted Melik Manukyan  ⚡️ ludvigart.com

          Completely agree with you Hugo. I'd also like to add to your thoughts by sharing my own views on token economics. Here is the entire thread:https://twitter.com/realLudvigArt/status/970771942062960640 …

          Melik Manukyan  ⚡️ ludvigart.com added,

          Melik Manukyan  ⚡️ ludvigart.com @realLudvigArt
          Token economics is one of the most ludicrous things I’ve ever come across. Token economics is a return to the barter system, only made even more complex through abstraction via ‘tokens.’ The entire premise of money is to be universal. Use #Bitcoin.
          1 reply 0 retweets 1 like
        3. Hugo Nguyen‏ @hugohanoi Mar 20
          Replying to @realLudvigArt

          man, we agree on so many things! are you me? am I you? 😂😂

          1 reply 0 retweets 1 like
        4. Melik Manukyan  ⚡️ ludvigart.com‏ @realLudvigArt Mar 20
          Replying to @hugohanoi

          😂https://www.youtube.com/watch?v=7bfKCk3cRTM …

          1 reply 0 retweets 2 likes
        5. Hugo Nguyen‏ @hugohanoi Mar 20
          Replying to @realLudvigArt

          🤣🤣🤣

          0 replies 0 retweets 1 like
        6. End of conversation
        1. New conversation
        2. bitcoiner‏ @AnselLindner Mar 20
          Replying to @hugohanoi

          It's slowly starting to dawn on people I think. They need to grasp the relationship between their centralized app, cryptography and a blockchain. Ofc, most have no intention on delivering anything anyway.

          1 reply 0 retweets 2 likes
        3. Hugo Nguyen‏ @hugohanoi Mar 20
          Replying to @AnselLindner

          I agree. Most are just cash grabs. 💰💰💰

          0 replies 0 retweets 2 likes
        4. End of conversation
        1. New conversation
        2. Xiongniu‏ @taidi_ji Mar 21
          Replying to @hugohanoi

          inherently useless is closer to the truth

          1 reply 0 retweets 1 like
        3. Hugo Nguyen‏ @hugohanoi Mar 21
          Replying to @taidi_ji

          I thought about writing that instead 🤣 too bad you can't edit

          0 replies 0 retweets 1 like
        4. End of conversation
        1. New conversation
        2. Don [LTC]  ⚡ 🐤‏ @smartbrain Mar 20
          Replying to @hugohanoi

          Utility tokens sole utility is to try and bypass the Howey test and evade regulation.

          1 reply 1 retweet 2 likes
        3. Hugo Nguyen‏ @hugohanoi Mar 20
          Replying to @smartbrain

          bingo

          1 reply 0 retweets 1 like
        4. Don [LTC]  ⚡ 🐤‏ @smartbrain Mar 20
          Replying to @hugohanoi

          The only token i see whose business model cannot rely on its underlying Blockchain is arguably cryptokitties where non fungibility becomes its key feature ;)

          0 replies 0 retweets 2 likes
        5. End of conversation
        1. New conversation
        2. Eric Voskuil‏ @evoskuil Mar 21
          Replying to @hugohanoi

          https://github.com/libbitcoin/libbitcoin/wiki/Blockchain-Fallacy …

          1 reply 1 retweet 3 likes
        3. 1 more reply
        1. Storms‏ @austorms Mar 20
          Replying to @hugohanoi

          👏🏻 MONEY 👏🏻 GRAB 👏🏻

          0 replies 0 retweets 1 like
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        1.  ⚡️Genghis 🚀‏ @GenghisKhanhSD Mar 28
          Replying to @hugohanoi

          If ERC20 tokens are not useful, then Can ETH be useful?

          0 replies 0 retweets 0 likes
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        1. MAZUMA‏ @themazuma Mar 21
          Replying to @hugohanoi

          Then, through your argumentation, with the ICO the system has created a source of VC and investments money without restrictions and global. Tokenize was the excuse for the startups to get founded. Which is your suggestion?

          0 replies 0 retweets 0 likes
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        1. MyŁegacyKit - [♡CRYPTO☆] -‏ @MyLegacyKit Mar 21
          Replying to @hugohanoi

          Maybe you want to have a look at WTT tokens, those are (crypto mining related) utility tokens pur sang. I own a bunch of them. They give me 50 years rentfree hosting and rent on my surplus. I don't think it's good for the ETH space when ETH was locked 50 years for this concept.

          0 replies 0 retweets 0 likes
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        1. JCrypto‏ @justjamescrypto Mar 21
          Replying to @hugohanoi

          I recently posted an article that shared this sentiment. Nothing based on ERC20 should be proof of concept or some strange work-around. It should be a totally stand alone working product.

          0 replies 0 retweets 0 likes
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