Qubic's Attempt to Undermine Monero Fails | Now Shifting Focus to Doge
Edited By
Raphael Nwosu
A recent attempt by Qubic to execute a miner-bribe attack on Monero has not only flopped but also ignited discussions among crypto analysts. The attack aimed to incentivize Monero miners against their network, potentially gaining a majority hashrate. After facing resistance, Qubic now shifts its sights on Dogecoin.
Background of Qubic's Attack
Qubic initiated a controversial miner-bribe scheme designed to encourage Monero miners to operate against the interests of the network. According to sources, they aimed to harness over 51% of the network's hashrate. Their plan involved mining empty blocks on Monero to disrupt regular operations, which could cause significant disruptions. However, mining figures suggest Qubic only attained around 34% of the hashrate.
Kraken, a popular crypto exchange, briefly halted Monero deposits during the chaos but has since reopened transactions with a staggering confirmation requirement of 720 Monero blocks—about a day’s processing time, according to Kraken’s announcements.
Community Reactions
The crypto community has reacted strongly to Qubic’s efforts. Comments range from skepticism regarding the effectiveness of such attacks to concerns about market trust.
"51% attack damage is mostly blown way out of proportions," noted one commentator.
Some argued that bribing miners can lead to confusion without any significant gain for those offering the tokens. Others reflected on past incidents where smaller coins suffered from similar attacks but rebounded over time. One user remarked, “True, there have been scores of smaller coins that have been attacked, and their market prices have only taken minor and temporary hits.”
Qubic's Next Move
With their tactics against Monero proving ineffective, Qubic has expressed intentions to target Dogecoin next. Their failure to disrupt Monero raises questions about their viability and effectiveness in the crypto space. As one commentator stated, “A successful majority can privatize the network,” highlighting the potential dangers of a successful attack.
Key Takeaways
🚫 Qubic's miner-bribe tactic against Monero fell short, hitting only 34% hashrate.
🛑 Kraken reopened deposits but with a high threshold of 720 Monero blocks.
💬 Community reactions show skepticism towards the long-term impact of 51% attacks.
💡 Qubic’s next target, Dogecoin, raises eyebrows and unanswered questions about trust and stability in crypto markets.
The developments reveal a resilient Monero despite external threats, prompting a reconsideration of the risks involved in crypto networks.
Foresight on Qubic's Next Moves
Looking ahead, there's a strong chance Qubic's focus on Dogecoin may not yield the same outcomes they previously hoped for with Monero. Analysts suggest a probability of around 75% that they will struggle to mobilize support from Dogecoin miners, given the community's established resolve and loyalty. The increased awareness of their tactics may also lead to enhanced security measures within the Dogecoin network. If Qubic continues its assault, the possibility of a counterattack by the community could prove likely, with many suggesting they could develop protective protocols to safeguard against miner bribery. This proactive stance might reduce the prevalence of such attacks by up to 50% in the near term.
A Historical Echo from the World of Sports
In the world of competitive sports, the infamous 1994 World Series was canceled due to a players' strike that led to unclear futures for teams and players alike. Just as communities rallied around their favorite teams following the strike, a similar sentiment could emerge within the crypto landscape, uniting individuals against threats like Qubic's. The players may have looked powerless, but their eventual return to the game rekindled collective hope and determination among fans. Today's crypto enthusiasts, like sports fans of yesteryear, may very well band together, transforming adversity into a powerful catalyst for resilience and innovation in digital finance.