Replies (47)
Kinda glad I got rid of all my crypto back at 85k.
What a mental Rollercoaster.
"When the media is on your side, you are no longer the resistance."
Guy Swann
So #Monero is being persistently 51% attacked right now by paying miners who merge mine a shitcoin token and reorging all of the blocks produced by the rest of the network. And miners are staying because they are making like 300% what the other miners are making do to the shitcoin. Looks like they’ve had a few 6 block reorgs and it’s still just rolling like this. 🤯😬
Experiments in malicious crypto economics in real time.
This is what happens when you mix greed with weak incentives, a live demo of why proof of work without integrity is just a scam with extra steps.
Everything that happens only reinforces the "stay humble, stack Sats" rule of life.
Greed destroys everything
Yes.
Is this an example of why what Knots is going is important?
This is why prioritizing miner incentives over node runners is a bad idea. We should learn from this.
Oh lol
Yes
No
You’re confusing Knots with
@npub1qtvl...7dzeI think that's fair, but I'm not very technical. Knots plus Datum, a hasher constructing their own blocks with the filters they desire, is a defence against this kind of behavior?
This is why DATUM and
@npub1qtvl...7dze are the most important projects in Bitcoin. Pools who control the blocks are an enormous liability, although this attack isn’t perfectly straightforward due to the shitcoin incentive.
View quoted note →Knots actually doesn’t have anything to do with DATUM technically aside from that the same people providing and promoting knots have built DATUM. Knots is full node software, DATUM is a mining pool protocol.
So related, but also very different and independent projects. You can run DATUM just as easily on core with all JPEG and inscription invitations.
But more to your point. Yes miners constructing their own blocks is a major way to decentralize this sort of attack. Not perfect but a major step in the right direction
I didn’t say “Monero is dying.”
Can you point to anything in my post that is at all inaccurate?
This is what living on the bleeding edge of change looks like, folks. Buy the ticket, take the ride.
View quoted note →Ethero
👀
I'm somewhat sympathetic to the privacy oriented goals of Monero, but the supporters are simply insufferable. Maybe this will humble them a little bit.
Interesting, its not everyday we get to follow a real time 51% attack.
View quoted note →literally EVERYTHING but bitcoin is …. a shitcoin
lol not likely 🤣
Bitcoin is next if node runners don't assert dominance over the network
I dont really see how this would directly relate to knots. This is a consensus level complication for Monero, and knots is just a filtering debate that doesn't affect consensus protocols
My day so far has been split between trying to mine Monero and arguing with people about how hard it is
Witnessing large coordinated psy ops to go with the network attack
Nah, Bitcoin Miners would turn their ASICs into worthless garbage if they attacked the network like this. Monero opened the door for this attack when they went for a ASIC resistant hashing algo.
How do we learn from it, being humble and vigilant? Are there weak points that need strengthening in Bitcoin's decentralization?
any comments from Monero users here?
View quoted note →Doesn’t suffer from this type of attack at all. Economics of ASICs 🤷🏽♂️
What's insufferabke about them?
I ask because I used to feel this way a long time ago, then I began to understand them.
how do they mine this days without ASICS?
CPUs, so a lot of people just mine on their normal PCs, and the attackers can rent data centers
>>> So #Monero is being persistently 51% attacked right now
It's not 51%+ attack...
You don't need 51% of the Network Hashrate to perform a block reorganization.
You only need 35% and to wait for few hours until you get lucky enough to screenshot a 51/100 inside some 1,000 block window.
Nevertheless you don't have a sufficient amount of confirmations inside the "luck" window to perform a double-spend.
Very deceiving to market a block reorg as a successful 51% attack.
Having 51% means you're constantly mining 51/100 out of every 100 blocks window, not once in a blue moon every 1,000 blocks window due to randomization luck.
You're wrong. Any large large Bitcoin mining pool can do selfish mining like this if they wanted to.
Looks like bitcoin is the way to go. Much harder to control the bitcoin network
I long wondered why these types of attacks weren't happening on many smaller chains (litecoin/doge others) and I came to the conclusion that the exchanges actually serve as a deterrent as well.
If an attack happened on an exchange-supported coin, the exchanges would change the confirmation rules or pause trades and such until things were resolved. The spectre of exchange intervention is an additional deterrence on these attacks on top of the economic cost of gaining 51%.
Monero is uniquely suited for this attack though because it now lacks the exchange integrations.
Very interesting indeed.
It is basically the only crypto currency worthy of that name.
Exchanges are for virtual coins and gov approved transactions.
Monero should survive this event. Unlike posers, this is a coin used on the streets.
You never used crypto anyways, just buy stocks since they are basically what you do.
Fedcoin it is.
Monero is what crypto is all about.
Define selfish in economic terms and try again
Doesn't seem to be about "economics of ASICs" according to this
View quoted note →
