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Leicester

๐Ÿ‘ค Speaker
729 total appearances
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Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And when that happens,

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

It allows them to essentially control what's going on.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Now, in that case, they weren't doing it for malicious reasons.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

They were doing it to use the value of Monero to enrich their own token product.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And they tried to Monero and said, we're just showing you we can do this because you're compromised, right?

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Kind of like an ethical hacker, but they were trying to enrich themselves at the same time because it allowed them to influence the price of Monero by doing that.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

So that's a form of civil attack.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

That's easy to understand how many node operators do single actors control, or you have a bunch of malicious actors in collusion with each other to do the same influence.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

This is the same negative impact.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

now if you think about what i just said there a number of different malicious actors running notes let's make up a scenario and again any sort of similarity or connection to real world events or entities is purely speculative and not real right but let's make up some scenarios let's say you have an entity formed as an llc

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

that creates a Dow and I'll pick a United state at random, let's say Wyoming.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And they create, or they plan to create no, at least one node that they're going to run nodes.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And you have another entity, let's say it's formed in, I don't know, I'll pick a random country now at this point, right?

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

South Africa, you know, or Dubai or one of these random countries, let's just assume you have a world where node operators in these different areas of random kinds are in collusion.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And the collusion is to make sure that the value of said token for said chain is controlled.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Depending on how diverse that gets, it could create essentially a liquidity drain on the backend, whether or not they have access to the wallets directly,

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

whether or not they have access to, they could say lock liquidity.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

They could do all those things that you see, but because they control ultimately control the network.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And because they're in collusion, they're working together.