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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. Naval‏ @naval Apr 14
      Replying to @hugohanoi

      Naval Retweeted Naval

      Agreed. I can’t come up with a decentralized, on-chain solution for incenting developers either:https://twitter.com/naval/status/985020476744400896?s=21 …

      Naval added,

      Naval @naval
      Replying to @jimmysong
      Well ETH and BTC are worth more than the rest put together. And have more liquidity. It’s just unfortunate that all future funding goes to miners and none to new developers. But perhaps it’s impossible to distribute to new developers in a decentralized way.
      1 reply 1 retweet 7 likes
    2. Naval‏ @naval Apr 14
      Replying to @naval @hugohanoi

      What I don’t buy is the argument that good developers don’t need to be paid (not saying you’re making it, others are). It’s an AND not an OR. Anyone designing an incentive system should acknowledge Free Rider and Tragedy of the Commons.

      1 reply 1 retweet 14 likes
    3. Naval‏ @naval Apr 14
      Replying to @naval @hugohanoi

      What we have right now is suboptimal incentive allocation - all the rewards are going to founders, early investors and miners. None to late developers. Which leads to more independent blockchains that would exist otherwise.

      1 reply 5 retweets 18 likes
    4. Naval‏ @naval Apr 14
      Replying to @naval @hugohanoi

      But there seems to be no decentralized, on-chain solution to the problem. But the market will test BTC and ETH by creating “innovation incentives.” BTC has a weak implicit one (own some BTC). ETH has a slightly stronger one (ERC 20).

      2 replies 1 retweet 5 likes
    5. Naval‏ @naval Apr 14
      Replying to @naval @hugohanoi

      But in this Cambrian Coin Explosion, we will see coins that use inflation funding and centralized grants to fund engineering for a while, and then switch to decentralized models.

      1 reply 2 retweets 6 likes
    6. Naval‏ @naval Apr 14
      Replying to @naval @hugohanoi

      For the non-private pure-SoV use case, there’s a good argument that Bitcoin is done, should stay simple and decentralized. For the “Global Computing Platform” use case, further innovation is likely needed. So ongoing incentives for development matter.

      2 replies 1 retweet 5 likes
    7. Hugo Nguyen‏ @hugohanoi Apr 14
      Replying to @naval

      I mostly agree. Lack of top dev talents is def a big problem & like you said, Tragedy of the Commons. Maybe the next best solution is for the biggest companies in the space to step up & raise a common, neutral fund to attract protocol developers. Give them a stake in the coin.

      3 replies 0 retweets 8 likes
    8. Naval‏ @naval Apr 14
      Replying to @hugohanoi

      Historically that hasn’t happened much. My guess is: • More Treasury models like DASH • Inflation funding with centralized grants during the early period. • Inflation funding for technology / team acquisitions (speculative and further out and yes, centralized).

      1 reply 0 retweets 5 likes
    9. Hugo Nguyen‏ @hugohanoi Apr 14
      Replying to @naval

      My concern with the inflation funding model is that we'd recreate the problem of central banking: how much inflation is enough? 🤔 And it might set a precedent where if it can be inflated once, it can be inflated again & again.

      1 reply 0 retweets 2 likes
    10. Naval‏ @naval Apr 14
      Replying to @hugohanoi

      Yes. Not a good route for a SoV coin. The best way to keep a train on the track is to remove the steering altogether.

      1 reply 1 retweet 17 likes
      Hugo Nguyen‏ @hugohanoi Apr 14
      Replying to @naval

      haha, nicely put 😂

      2:28 AM - 14 Apr 2018
      • 2 Likes
      • Hasu Naval
      0 replies 0 retweets 2 likes

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