The Forkening Can’t Happen Quick Enough

In recent days there has been a lot posted up here about forks and network attacks, and I don’t think these can happen quick enough. With all of these major alt coins forking their code fo Cryptonight V7, Cryptonight Lite, or Cryptonight Heavy we’re seeing a lot of new issues with alts that haven’t forked yet. Currently Dero and Masari are gaining massive hash rates because they haven’t forked yet and the shunned ASIC miners are now grabbing on to any coins who haven’t forked yet hoping to catch a quick buck or hijack a chain for their own benefit (like what happened to IntenseCoin).

This is going to completely ruin any sort of profit mining on these alt coins (assuming you were making a profit at all). However, there is light at the end of the tunnel as most of these coins have proposed a date for their hard for into the modified algorithm to remove these malicious ASIC miners from the network. With that being said, Electroneum continues its downward spiral into oblivion (for small miners) by choosing not to fork in favor of massive network hash rate and are currently hovering around 790 MH because of that.

My two cents

If you’re in the game of mining Cryptonight alts for privacy and for supporting what crypto is all about, stick with the ones who forked. I don’t believe this was supposed to be a pay to play system with mining and it definitely wasn’t about centralized mining power, especially with Cryptonote alts. Anyone that advertises their coin as private and decentralized had better not allow centralized power into their network. It’s very bad for network diversity because it kills privacy and will push the small miners away due to low rewards while keeping the massive hashing power in one, maybe two, centralized pools or locations. This may not apply to all coins not born out of privacy and government concerns, but it is something to consider when you’re a crypto advocate.