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A 6 re-org does not mean a '51% attack' was successful. In that case, we'd see unbounded-depth re-orgs/no blocks mined by any other mining pool (assuming the ad
by vlugorilla 1y ago
A 6 re-org does not mean a '51% attack' was successful. In that case, we'd see unbounded-depth re-orgs/no blocks mined by any other mining pool (assuming the adversary censors other mining pools, as this one does).
It does mean an adversary with a high amount of hash got lucky. I noted there's a discrepancy between their claimed network hashrate and pools' claimed network hash rate.
They may not be including their own hash rate in the network's, in which case they'd need to exceed it. Having 51% would only be 34% of total.
They're an unreliable narrator and I wouldn't trust any data from them. There's insufficient evidence to claim they have 51% of the network's hash power.
(https://nitter.net/kayabaNerve/with_replies https://nitter.net/kayabaNerve/with_replies)
- vlugorilla 1y agoQubic never actually hit 51% btw. Don't fall for it. However they do have a large enough hashrate to perform multi-block re-orgs with their selfish mining strategy. They disabled API hashrate reporting so that they could lie about it. Keep mining and ignore the noise. (https://nitter.net/tuxpizza/status/1955191610410401816#m https://nitter.net/tuxpizza/status/1955191610410401816#m)
- reorder9695 1y agoI am not that well versed in crypto. I understand the concept of a blockchain and what an n block reorg is, but what is the downside of a reorg? Like who can profit financially and why?
- johnpaulkiser 1y agoYou get all the money from the block rewards for those blocks if you reorg other miners blocks out.
- NooneAtAll3 1y agowho are "they" you're talking about?
- vlugorilla 1y ago"They" refers to Qubic (by Sergey Ivancheglo), a blockchain network that uses a "Useful Proof-of-Work" system, so it is not built for traditional cryptocurrency mining that solves arbitrary puzzles. Instead, it uses the collective processing power of its miners to train an AI. Qubic's AI-training work is performed by CPUs, same as used by RandomX (Monero's mining algo). Qubic was able to orchestrate its network of miners to temporarily halt their AI-related tasks and redirect their collective CPU power to mine on the Monero network instead. Also, Qubic has implemented an economic strategy that involves selling the Monero it mines for a stablecoin like USDT and then using those funds to benefit its own ecosystem and attract more miners, and renting hardware to gain more hash power. The proceeds from the sale of XMR are used to buy Qubic's native token (QUBIC) from exchanges. These purchased tokens are then "burned" or permanently removed from circulation.
- greazy 1y agoWhat's their objective?
- treyd 1y agoMy guess would be to turn the crank of a ponzi scheme until it falls off. However, > Qubic's AI-training work is performed by CPUs, same as used by RandomX (Monero's mining algo). I don't understand how this makes any sense at all.
- fruitworks 1y agoI've looked into the "source code", and it doesn't. There is no such thing as useful PoW. Qubic isn't actually a decentralized cryptocurrency. It's closed source, runs as a EFI executable, and is only accessible from their discord channel. The attack is no different than paying miners to join a malicious pool. It works as long as money flows in.
- OneDeuxTriSeiGo 1y ago
- mvdtnz 1y agoWhat's a "6 re-org"?
- skarz 1y ago[flagged]
- tromp 1y agoNo, it's not 6 blocks longer. It just needs to be 1 longer (i.e. 7 blocks since the last common block), which guarantees a higher cumulative difficulty and thus all honest miners will switch to the new branch, obsoleting 6 blocks on the old branch.
- 1270018080 1y agoIt would be impossible to enforce, and a place that HN that has leaders who evangelize AI as a cure-all would never do it, but "I asked AI and here's what it said" comments should be against the rules.
- dotancohen 1y agoWhy? Most such comments are actually informative, and the honesty about asking an AI is an important detail. This particular one was heavily downvoted, as it should have been, because it was wrong. It was still a human writing, trying to be helpful.
- 1y ago
- cyanydeez 1y agoAmerica would be screwed if owning 51% of its value meant you could rewrite ownership. *gestures wildly*
- 01HNNWZ0MV43FF 1y agoGood thing you need 30 percent, a larger number
- leokennis 1y agoDidn't know ChatGPT was on HN
- red-iron-pine 1y agoGPT has been shaping conversations on HN, directly or indirectly, since GPT-1 mate. Reasonably creditable studies put 30-40% of social media having some sort of AI or automation. This is just the low hanging fruit.