[vlugorilla]

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)

[vlugorilla]

Qubic 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)

[reorder9695]

I 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?

[cyanydeez]

America would be screwed if owning 51% of its value meant you could rewrite ownership.

*gestures wildly*

[01HNNWZ0MV43FF]

Good thing you need 30 percent, a larger number

[mvdtnz]

What's a "6 re-org"?

[acjohnson55]

I'm a little rusty with the terminology, but in a blockchain, the canonical current block is the one that has the greatest amount of proof of work (I think they call this the heaviest chain). Typically, each new block is the descendant of the most recent block. But it is possible to create a heavier chain from an earlier block. This invalidates any transactions on what was previously known to be the heaviest chain, and is called a reorg.

The farther back, the less likely a reorg is, so to have a reorg that invalidates is blocks is extremely unusual.

If one entity has a majority of the hash power, they gain the ability to try to force reorgs with a likelihood that increases with their advantage in hash power.

I typed all this before realizing I could have recommend you ask an LLM, and it probably would have given you a better answer.

[NooneAtAll3]

who are "they" you're talking about?

[vlugorilla]

"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.