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Title: Monero (XMR) Price: Privacy Coin Drops 15% as Qubic Claims Network Control
Monero’s price has plummeted by a staggering 15% in the wake of Qubic’s claims to have taken control of its network. This sudden decline comes as a shock to traders and investors alike, who are left wondering what this means for the future of XMR.
According to reports, Qubic has successfully achieved a majority share of over 51% of Monero’s total computing power, sparking concerns about the potential impact on the network’s stability. This level of control would enable malicious activities such as chain reorganizations and transaction censorship, potentially undermining Monero’s core privacy mission.
The sudden downturn in price comes after Qubic announced its takeover plans through economic incentives rather than malicious intent. The project has structured its approach by converting mining rewards into USDT stablecoins, which are then used to purchase and burn its own QUBIC tokens. This mechanism combines the benefits of both mining strategies with a token supply reduction system.
While some have questioned the legitimacy of this attack, it is essential to acknowledge that Qubic’s rise from controlling less than 2% of Monero’s hashrate in May to over 25% by late July was unprecedented. The project now claims to have crossed the critical 51% threshold.
The uncertainty surrounding the future of XMR is exacerbated by the fact that Qubic has deliberately avoided fully taking control, citing concerns about potential impacts on XMR’s market price. As the situation continues to evolve, Monero developers and community members are left to assess response options.
In light of this unexpected turn of events, it remains crucial for traders to reassess their positions in anticipation of further developments.
Source: coincentral.com
