Lots of Monero bros are in disbelief that a 51% attack by Qubic can happen đ
Any PoW chain can be attacked. It doesn't matter how good your coin is: what matters is the security budget. Bitcoiners shouldn't gloat: Bitcoin might be next.
Here's a brief history of 51% attacks:
@crypto_maky In 2-3 halvings that won't sound like a joke at all. Bitcoin's security budget is diminishing.
As Bitcoin's security budget continues to diminish, I've decided to launch â a website with live charts dedicated to explaining-like-you're-five why Bitcoin will fail one day if this issue is not resolved.
What you'll find:
âą What's the security budget issue and what could be achieved with a 51% attack;
âą How the budget is formed with subsidy (which is halved every 4 years) and fees (which still haven't formed the so-called "fee market");
âą What can be done: good options like scaling Bitcoin, and bad options like breaking the 21 million coin cap which is already being proposed by some Bitcoin Core developers;
âą An overview of the common fallacies like "the hashrate is growing, so we're okay" and "Bitcoin's price will moon to $1M, so we're okay".
H/t @jamesob and @Justin_Bons! Any suggestions are welcome!
@BawdyAnarchist_ As for "we need more hashrate", I kinda disagree. What Monero needs is a larger security budget first. The hashrate is just a byproduct of that.
For obtaining a bigger security budget, Monero simply (oh, well, "simply"âŠ) needs more users. Adoption!
@zooko @milan_dereede @grok In case of Bitcoin, there's even a chance that implementing blacklists would positively affect the price: "our coin is now more compliant, so NgU even higher" đ”âđ«
31.76K
313
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.