Monero appears to be in the midst of a successful 51% attack (twitter.com)

Article summary

A 51% attack appears to have been launched on the Monero blockchain, with a mining pool called Qubic gaining control of a majority of the network's hashrate. This could potentially allow Qubic to rewrite the blockchain, enable double-spending, and censor transactions. The attack is estimated to cost $75 million per day to sustain. Qubic has since halted its attack, claiming it had chosen not to take over Monero yet.

Main themes

• 51% attack
• Blockchain security
• Monero
• Mining pools
• Cryptocurrency
• Decentralization

What commenters say

• A 51% attack on a blockchain allows the attacker to control the network and potentially enable double-spending and transaction censorship.
• The attack on Monero may not be a traditional 51% attack, but rather a demonstration of Qubic's hashrate dominance.
• Implementing a whitelist of trusted mining pools could help prevent 51% attacks, but this approach is seen as centralization and has its own risks.
• Some commenters believe that Qubic's actions were a proof of concept rather than a malicious attack, and that the potential impact of such an attack is disputed.
• The cost of sustaining a 51% attack is estimated to be high, which may deter potential attackers, but the potential reward could be worth the cost.
• The incident highlights the vulnerability of smaller cryptocurrencies to 51% attacks due to their relatively low hashrate compared to larger cryptocurrencies like Bitcoin.
• Some argue that a 51% attack is not a significant threat as it would be easily detectable and miners could stop mining in response, while others believe that the attack could be successful and have significant consequences.
• The true intentions and identity of Qubic and its founder are unclear, leading to speculation about their motivations and goals.