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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.

https://moneroconsensus.info/?s=09

PayPerQ 4mo ago

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.

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Discussion

brito 4mo ago

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.