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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
    8. 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.

      6 replies 0 retweets 1 like
    9. 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
      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)

      1:37 AM - 22 Mar 2018
      4 replies 0 retweets 0 likes
        1. New conversation
        2. 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
        3. 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
        4. 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
        5. 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
        6. 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
        7. 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
        8. Hugo Nguyen‏ @hugohanoi Mar 22
          Replying to @hugohanoi @GlenHendriks @ElGordodel2012

          To add: OST is essentially competing with BTC to be the backing asset here. But unlike BTC, which is decentralized & has something real behind it (the PoW chain), OST is centralized & is not backed by anything.

          0 replies 0 retweets 2 likes
        9. End of conversation
        1. Glen Hendriks‏ @GlenHendriks Mar 22
          Replying to @hugohanoi @ElGordodel2012

          OST the platform offers a simple solution to get a part of any business on the blockchain hassle free throuhg use of OST KIT (a SaaS). You can have your own branded token set up in mere minutes. That is what the platform does. As for the OST Token..

          0 replies 1 retweet 0 likes
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        1. PieterS‏ @Ghust Mar 22
          Replying to @hugohanoi @GlenHendriks @ElGordodel2012

          Have you even read how the platform works? The company uses fiat to buy OST. With those OST they can brand their own tokens, hassle free @ a fixed conv rate (f.e. 1 HugoToken = 0.1 OST). If anything happens, 10 HugoTokens will still be worth 1OST.

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

          That is needed to mint these branded tokens. It backs the USD value of the branded tokens. It does not dictate the USD price. The OST to BT ratio is however locked in a smart contract after minting. That is to ensure that a company con not go and 'change the rules' on customers.

          0 replies 0 retweets 0 likes
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