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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 Apr 14

      Hugo Nguyen Retweeted Naval

      1/ This is an interesting idea. Leaving aside the issue of whether this would actually stop the rise of altcoins, I doubt that in-protocol incentives for future development would be feasible.https://twitter.com/naval/status/985018594252742656 …

      Hugo Nguyen added,

      Naval @naval
      Most coins wouldn’t exist if Bitcoin and Ethereum had incentives for future development built into the core protocol.
      Show this thread
      3 replies 6 retweets 41 likes
      Show this thread
    2. 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
    3. 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
    4. 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
    5. 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
    6. 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
    7. 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
    8. Asad Badruddin‏ @sasadb Apr 14
      Replying to @naval @hugohanoi

      Is it possible to match code submits to outcomes (increase in currency adoption, decrease in transaction times)?

      1 reply 0 retweets 0 likes
      Hugo Nguyen‏ @hugohanoi Apr 14
      Replying to @sasadb @naval

      IMO no because a) you need objective, un-gameable metrics & b) even with the right metrics it would be impossible to clearly identify cause & effect (a good piece of code might only produce results years down the line).

      4:57 PM - 14 Apr 2018
      • 1 Like
      • Asad Badruddin
      2 replies 0 retweets 1 like
        1. Hugo Nguyen‏ @hugohanoi Apr 14
          Replying to @hugohanoi @sasadb @naval

          Hugo Nguyen Retweeted Hugo Nguyen

          Essentially anything short of the following shouldn't be baked into the protocol:https://twitter.com/hugohanoi/status/985074696633794562 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          9/ TL;DR: In-protocol incentives only work if the goal can be mathematically defined & computationally verifiable.
          Show this thread
          0 replies 0 retweets 1 like
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        1. Asad Badruddin‏ @sasadb Apr 14
          Replying to @hugohanoi @naval

          It's almost like you need a model of venture philanthropy: early founders & investors philanthropically reward later developers with large cash awards (like the McAurther Genius Award). Except in this case, the philanthropists would get a return bc of the currency appreciating.

          0 replies 0 retweets 0 likes
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