Qubic Threatens Monero Takeover with Economic Attack

Blockchain Project Qubic is Testing Their New AI Powered Mining Strategy and is on Track to Control 51% of Monero's Hasrate.

‎ ‎ ‎ ‎ ‎ In today's regulated cryptocurrency space, anonymity becomes rarer and more valuable as tracking and ID verification increase. This is what makes Monero extremely valuable, as it is the best crypto when it comes to staying anonymous.

Unlike Bitcion, Monero transactions are untraceable by individuals or government entities due to advanced encryption for transactions. But now, that invaluable privacy is being threatened by Sergey Ivancehglo and his project Qubic.

Qubic AI-Powered Mining System

Qubic is rapidly approaching 51% control of Monero's network mining power, also known as the hashrate. Controlling more than half the hashrate can give any single person the ability to undermine Monero's privacy, censor transactions, or even reverse them. This scenario is known as a 51% attack, and it would shatter the decentralized trust model Monero relies on.

Qubic claims the takeover is only part of a demonstration for its new AI-powered mining system, but many are skeptical. They have began hiding the percentage of the hashrate they own, which seems suspicious if you only wish to demonstrate a system. Many in the Monero community see this as an economic attack to bring down Monero.

Years of Suppresion and What To Do Next?

For many years now, law enforcement has been increasingly regulating Monero in order to make it useless. Common exchanges such as Kraken and Coinbase have been forced to unlist Monero from their list of crypto's customers can buy and even wallets such as Exodus are removing support for Monero. This shows just how much power Monero has in giving users financial privacy.

We encourage you to support Monero and other projects that want to preserve your financial privacy.

Related Posts: