Now picture Dewi, a single mother in Jakarta finding enough customers online to ensure her family earns a living wage. She relies on Monero. Why? Because unlike other cryptocurrencies, with Monero she knows no one’s watching. In a world of contrast, where financial surveillance is on the rise, Monero protects her ability to operate her business in private. It guards her against inappropriate probing, stalking, and even blackmail. As the prequel novella opens, Dewi’s world has fallen apart. A far-away project has decided to “test” their technology in a manner that endangers the core of her livelihood.
That's the stark reality facing Southeast Asia's burgeoning crypto scene as Qubic's planned hashrate consolidation looms, threatening a potential 51% attack on Monero. This isn't just about lines of code and technical jargon; it's about people, livelihoods, and the future of financial freedom in a region that desperately needs it.
Is Decentralization A False Promise?
Let's be clear: a 51% attack is like handing the keys to the kingdom to a single entity. Picture one individual wielding more than half the votes in your neighborhood election. This is how they were able to rig the system, rewrite history, and silence the voices in opposition. That's precisely what a 51% attack allows: double-spending, transaction censorship, and ultimately, the complete erosion of trust.
Monero’s strong commitment to privacy has made it a lifeline for many in Southeast Asia. It’s an ally of journalists investigating corruption, activists working to improve human rights and ordinary citizens who want financial freedom. What do you do when that lifeline is cut off? What if decentralization is the biggest lie being sold right now? In the hands of those with unlimited funds it becomes a weapon for distortion and manipulation.
Qubic tries to cast this as just a “technological showcase,” a harmless test of their uPoW consensus mechanism. Dewi doesn't care about technological showcases. She cares about feeding her children. The possible impact of this “test” is catastrophic. You would learn a lot by taking a wrecking ball to every house in order to test its structural integrity. In doing so, though, you run the risk of killing the patient in the attempt to save it.
Southeast Asia's Crypto Dream At Risk
Southeast Asia is an extraordinary area full of opportunity, innovation and disruptive entrepreneurial energy. Crypto, with its promise of borderless transactions and financial inclusion, has been embraced by many as a way to leapfrog traditional financial systems. Even though a successful attack on Monero would be nearly impossible, such an attack would constitute a chilling effect. This might raise suspicion over the entire crypto space.
Imagine the narrative: "Crypto is too risky. It's easily manipulated. Your money isn't safe." An all-in, successful 51% attack would deliver that message in the loudest, clearest possible terms. It would threaten to undo all the progress made in recent years.
Take the Southeast Asian crypto projects sprouting up, many simply looking to build better solutions to the issues right in front of them. How can they expect to attract serious investment and build the necessary public and business trust when the very foundation upon which they’re built is crumbling? How in the world can you even attempt to build a house on sand?
We need to ask ourselves: are we willing to sacrifice the potential of an entire region for the sake of a "technological showcase"? Are we prepared to gamble the livelihoods of millions more people like Dewi on a poorly designed test?
Defend Privacy, Secure The Future
I'm not saying Qubic is intentionally malicious. Intention doesn't negate impact. The effects of their otherwise well-intentioned actions could be catastrophic for the future of crypto in Southeast Asia.
So, what can we do? We should all be demanding more transparency and accountability from expensive multi-year projects like Qubic. What We Should Do Instead We need to advocate for better security measures and better consensus mechanisms. To help the public and government understand crypto’s full potential, we have to reframe the conversation — crypto isn’t just tech, it’s people.
To my fellow Southeast Asian crypto enthusiasts, developers and investors, I urge you to raise up and protect Monero. Join us in supporting the smart developers who are burning the midnight oil to save the network. Support tighter security standards in your own builds. And above all, remember why we're here in the first place: to build a more inclusive and equitable financial system for all.
The fate of crypto’s future in Southeast Asia remains to be seen. It's time to act. Let's not let Dewi's world crumble. Together we can build a future where freedom and privacy in our financial lives are not just fantasies, but facts.
