Hold on tight because this is getting heated! 🔥 Monero, the cryptocurrency that was sold as the most private and secure, is on the edge! It turns out that a mining pool called Qubic launched a "51% attack" and now has more than half of the network's power. 😱
The head of Qubic, a guy named Sergey Ivancheglo, is going around saying that this is a "benevolent experiment," like some kid taking toys from his little brother to see how he reacts. But who does he think he is? The man boasts that his company now controls 52% of the Monero hashrate. Imagine, it's like in a football match where one team has all the players and the other is left with half. ⚽️
The most shady part of the matter is that Qubic is using a very clever strategy to gain more power. 🧠 They pay the miners working for them with their own tokens (Qubic), and with the Monero coins they obtain, they sell them to buy more Qubic tokens, causing their own token to increase in price while Monero's price falls. A chess move that leaves the Monero community with their hearts in their hands! ♟️
This is not just a little miner's joke, it’s a low blow to decentralization, which is the backbone of any cryptocurrency. It's like if the government of a country that boasted about being democratic suddenly turned into a dictatorship. 💥 There are already reports that the Monero blockchain is undergoing reorganizations, which means the immutability of transactions is at risk. A chaos! 🚨 And the worst part is that this already happened to Ethereum Classic in 2020. Will history repeat itself with Monero? 🤔
The question is, who watches the watcher? Or in this case, who protects the coin that was supposed to protect you? This leaves us thinking, how safe are we with these "crypto" that promise gold and silver? Or is it simply the price we pay for decentralization? 🤷♂️$XMR
