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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. Chandra Duggirala MD‏ @csentropy Mar 20
      Replying to @hugohanoi @balajis

      It is. https://medium.com/tides-network/in-defense-of-tokens-2d648f67839a …

      1 reply 0 retweets 0 likes
    7. Hugo Nguyen‏ @hugohanoi Mar 20
      Replying to @csentropy @balajis

      That's a long rant without any good arguments. Show me one “crypto-asset” that is a) not just money- what unique features does it have that money does not have? and b) doesn’t have a single point of failure.

      2 replies 0 retweets 1 like
    8. Chandra Duggirala MD‏ @csentropy Mar 20
      Replying to @hugohanoi @balajis

      Network currencies capture the value of networks that they are intrinsic to. At the expense of liquidity (money) but capture the transaction value of the network in the token itself. Bitcoin isn’t money either, ftm

      1 reply 1 retweet 0 likes
      Hugo Nguyen‏ @hugohanoi Mar 20
      Replying to @csentropy @balajis

      You still haven't answered my question: what prevents these networks from using BTC as its native token? What is it that forces these networks to develop their own tokens?

      8:06 PM - 20 Mar 2018
      • 1 Like
      • ⚡️Maestro⚡️
      2 replies 0 retweets 1 like
        1. ab‏ @aburttschell Mar 21
          Replying to @hugohanoi @csentropy @balajis

          It's capitalism. One is much more andvantageous to companies than the other. I'm not sure why this argument is even relevant, are you saying the world should only print and use one currency?

          0 replies 0 retweets 0 likes
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        1. Chandra Duggirala MD‏ @csentropy Mar 20
          Replying to @hugohanoi @balajis

          Did you read the article? Your token can (and bitcoin won’t) 1. Capture the transaction value of your network 2. Capture the network effect 3. Coordinate your network functions

          0 replies 0 retweets 0 likes
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