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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. Glen Hendriks‏ @GlenHendriks Mar 21
      Replying to @hugohanoi

      "I never understood why companies cannot build so-called "tokenized services" directly on top of established tokens such as BTC" Please read the attached picture.. #OST $OST http://ost.com pic.twitter.com/9C71sRJJIP

      5 replies 11 retweets 29 likes
    3. Hugo Nguyen‏ @hugohanoi Mar 21
      Replying to @GlenHendriks

      Hugo Nguyen Retweeted Hugo Nguyen

      Nope, still does not make any sense. All reasons you listed are benefits for the companies & creators themselves, not for the end users. Utility tokens actually hurt the end users, and do not solve a real problem.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
      4 replies 0 retweets 13 likes
    4. Glen Hendriks‏ @GlenHendriks Mar 21
      Replying to @hugohanoi

      There are clear benefits for consumers as well.. #OST $OSTpic.twitter.com/rALs6DutFz

      1 reply 3 retweets 3 likes
    5. Hugo Nguyen‏ @hugohanoi Mar 22
      Replying to @GlenHendriks

      1, 2 & 4 are essentially rehashing the same argument & no, that doesn't explain how adding friction in the form of multiple tokens help the users. Having multiple types of currencies/credit cards/airline point systems is an inefficiency, not something to be proud about.

      4 replies 0 retweets 5 likes
    6. Hugo Nguyen‏ @hugohanoi Mar 22
      Replying to @hugohanoi @GlenHendriks

      3 is simply not true. The tokens lose all value if the airlines drop support for them or go under. Ownership of token != ownership of asset (in this case, real flight mileage).

      1 reply 0 retweets 2 likes
    7. blablabla‏ @ElGordodel2012 Mar 22
      Replying to @hugohanoi @GlenHendriks

      If you could use your failed airline/ droped tokens into another airline program, service or just convert it to fiat/crypto then problem solved?

      1 reply 1 retweet 3 likes
      Hugo Nguyen‏ @hugohanoi Mar 22
      Replying to @ElGordodel2012 @GlenHendriks

      you're assuming you can exchange the failed tokens for a good price? who would be the buyers of these failed tokens when you want to sell? 🙂 the moment they fail, their price on the market would immediately drop to zero.

      1:24 AM - 22 Mar 2018
      • 1 Like
      • OTIS FUNKMEYER
      6 replies 0 retweets 1 like
        1. New conversation
        2. Glen Hendriks‏ @GlenHendriks Mar 22
          Replying to @hugohanoi @ElGordodel2012

          But that is the point.. if a business that has tokens made with OST fails, the tokens can always be swapped for OST (with use of the OST Wallet, no hassle with exchanges for consumers) to get their value back. This can then be spent at any OST based economy elsehwere.

          1 reply 1 retweet 3 likes
        3. Hugo Nguyen‏ @hugohanoi Mar 22
          Replying to @GlenHendriks @ElGordodel2012

          What? this doesn't make any sense. So OST the platform functions like a bank that guarantees the value behind the tokens? Are all BT-to-OST exchange rates fixed? (BT = 'branded token' using your terminology)

          4 replies 0 retweets 0 likes
        4. Glen Hendriks‏ @GlenHendriks Mar 22
          Replying to @hugohanoi @ElGordodel2012

          I fully recommend reading this:https://medium.com/@glen_hendriks/ost-explained-684938740e98 …

          1 reply 0 retweets 1 like
        5. Hugo Nguyen‏ @hugohanoi Mar 22
          Replying to @GlenHendriks @ElGordodel2012

          So when users have BTs, they are guaranteed a fixed BT-to-OST conversion rate. Apologies for not reading your article before making above statement. BTs are hard-pegged to OST, got it.

          6 replies 0 retweets 0 likes
        6. Hugo Nguyen‏ @hugohanoi Mar 22
          Replying to @hugohanoi @GlenHendriks @ElGordodel2012

          But with all due respect, I still don’t see the point. Nothing changes here. All you’re doing is allowing companies to outsource the risks normally associated with utility tokens (if the companies were to launch their own) to somebody else - the OST token.

          1 reply 0 retweets 0 likes
        7. Hugo Nguyen‏ @hugohanoi Mar 22
          Replying to @hugohanoi @GlenHendriks @ElGordodel2012

          The same risks still apply. Higher liquidity & volatility risks compared to using an established “money” token like BTC directly. More importantly, the risk of OST going under, which would instantly makes all OST & BT tokens worthless.

          2 replies 0 retweets 0 likes
        8. Hugo Nguyen‏ @hugohanoi Mar 22
          Replying to @hugohanoi @GlenHendriks @ElGordodel2012

          Not to mention the *added* risk of having to trust the OST platform & wallet for always honoring the fixed BT-to-OST conversion rates.

          1 reply 0 retweets 0 likes
        9. Hugo Nguyen‏ @hugohanoi Mar 22
          Replying to @hugohanoi @GlenHendriks @ElGordodel2012

          All this complexity for the sake of putting an extra layer of friction (multiple representations of essentially the same thing) in front of the user. Sorry but I don’t see the point.

          1 reply 0 retweets 0 likes
        10. 1 more reply
        1. New conversation
        2. blablabla‏ @ElGordodel2012 Mar 22
          Replying to @hugohanoi @GlenHendriks

          Actually i do agree with most of what you say Hugo, prob 95% of coins/tokens if not more could and should just use an already stablished one but there are some other coins/tokens out there that actually bring value to users and will help blockchain go mainstream.

          1 reply 0 retweets 1 like
        3. 1 more reply
        1. blablabla‏ @ElGordodel2012 Mar 22
          Replying to @hugohanoi @GlenHendriks

          Not if this token is part of a token ecosystem. Think colored btc, if grey btc fails for some reason you can always change yours to pink btc

          0 replies 0 retweets 0 likes
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        1. Glen Hendriks‏ @GlenHendriks Mar 22
          Replying to @hugohanoi @ElGordodel2012

          I think, if that's the case, then you may be getting idealism mixed up with what actually makes sense for business and customers. There obviously is room for both in this space with all due respect 🙏

          0 replies 0 retweets 0 likes
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        1. Glen Hendriks‏ @GlenHendriks Mar 22
          Replying to @hugohanoi @ElGordodel2012

          And, surely there is room for a diversity of blockchain based solutions and crypto assets in this space. Or must we all stick to BTC blockchain because it was first?

          0 replies 0 retweets 0 likes
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        1. Glen Hendriks‏ @GlenHendriks Mar 22
          Replying to @hugohanoi @ElGordodel2012

          The branded tokens themselves do not get traded on exchanges. Their USD value is derived from the OST that is staked to mint these branded tokens. May I suggest you read this: https://medium.com/@glen_hendriks/ost-explained-684938740e98 … That will probably drive home the concept behind it.

          0 replies 0 retweets 0 likes
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