Monero got 51% attacked today by some obscure shitcoin lmao remember when jeets on this board tried to tell us it was the future of money? Kek. Just buy Litecoin.
QUBIC IS LYING
>QUBIC IS LYING
QUBIC IS LYING
>QUBIC IS LYING
They do not have over 50% of the network's hashrate. Their entire attack plan is to convince miners that they *are* capable of pulling off a 51% attack, and to use the threat of lost profits to make miners switch from other pools to theirs. If they are successful in this disinformation campaign, they might convince enough miners to switch so that they do actually have over 50% hashrate. Then, they actually could pull off a 51% attack.
In reality, qubic had roughly 35-40% of the network's hashrate at its height. At the time of writing, it has actually declined to about 30%, but that's not the point. That's still a lot, but it's not nearly enough to do a 51% attack. As of right now, they'd need to increase their hashrate by 50% or more in order to be capable of a 51% attack.
Qubic was using a technique called selfish mining, which is basically a technique that temporarily hides your mined blocks from the rest of the network in order to gain a competitive advantage. Using this strategy, you can mine a lot higher percentage of blocks than you could by mining fairly. This is how they were able to mine the majority of blocks for a period during their previous "mining marathon" despite not having the majority of the network's hashrate. Here is a more detailed explanation: https://arxiv.org/pdf/1311.0243
According to MiningPoolStats and XMRWatch, at the time of Qubic supposedly surpassing 50% of the network's hashrate, all of the known non-Qubic monero pools have a combined hashrate of about 4 GH/s. You can verify this, though it may take some time, by manually adding up each pool's hashrate. In contrast, per Jetskipool and QubicDesciple, Qubic had about 2.5 GH/s. Meaning that Qubic had roughly 38% of the network's total hashpower (~6.5 GH/s) at that time. Even with a minority of hashrate, selfish mining still allows them way more blocks than expected, especially when they get lucky (picrel).
>QUBIC IS LYING
QUBIC IS LYING
>QUBIC IS LYING
They do not have over 50% of the network's hashrate. Their entire attack plan is to convince miners that they *are* capable of pulling off a 51% attack, and to use the threat of lost profits to make miners switch from other pools to theirs. If they are successful in this disinformation campaign, they might convince enough miners to switch so that they do actually have over 50% hashrate. Then, they actually could pull off a 51% attack.
In reality, qubic had roughly 35-40% of the network's hashrate at its height. At the time of writing, it has actually declined to about 30%, but that's not the point. That's still a lot, but it's not nearly enough to do a 51% attack. As of right now, they'd need to increase their hashrate by 50% or more in order to be capable of a 51% attack.
Qubic was using a technique called selfish mining, which is basically a technique that temporarily hides your mined blocks from the rest of the network in order to gain a competitive advantage. Using this strategy, you can mine a lot higher percentage of blocks than you could by mining fairly. This is how they were able to mine the majority of blocks for a period during their previous "mining marathon" despite not having the majority of the network's hashrate. Here is a more detailed explanation: https://arxiv.org/pdf/1311.0243
According to MiningPoolStats and XMRWatch, at the time of Qubic supposedly surpassing 50% of the network's hashrate, all of the known non-Qubic monero pools have a combined hashrate of about 4 GH/s. You can verify this, though it may take some time, by manually adding up each pool's hashrate. In contrast, per Jetskipool and QubicDesciple, Qubic had about 2.5 GH/s. Meaning that Qubic had roughly 38% of the network's total hashpower (~6.5 GH/s) at that time. Even with a minority of hashrate, selfish mining still allows them way more blocks than expected, especially when they get lucky (picrel).