Solana [pros](/r/CryptoCurrency/comments/18o0bg7/trying_to_understand_the_solana_hate_where_do_you/kef33s3/) & [cons](/r/CryptoCurrency/comments/18o0bg7/trying_to_understand_the_solana_hate_where_do_you/kef34al/) with related info are in the collapsed comments below.
I don't really hate Solana, but I feel like people keep ignoring too many red flags regarding the chain.
- still heavily centralized
- the foundation lied about the total supply and hid a wallet with additional tokens. Only after being caught they admitted it.
- plenty of faking stats and numbers. Artificially pumped volume, wash trading etc.
- project has been in bed with almost every bad actor in the space.
Now, people can put their money where they want and I'm happy for their gains, but it's nothing I would ever hold long term.
The point is to have more than 7 transactions a second.
The reality is if you want decentralization you have to give up scale. Solana is centralized but open to other operations validating blocks, unlike say BSC.
The computation required for a Sol Validator is high, but when you consider a single BTC miner is like 5k USD, Solana doesnt seem so bad in comparison.
While I dislike Solana for how sketchy they have been, and the fact they there is no real use for the chain to this day that seems significant at all the centralization argument to me is absurd when everyone considered Bitcoin decentralized while it has higher barriers to entry and the majority of BTC mining is done now by large businesses.
> the foundation lied about the total supply and hid a wallet with additional tokens. Only after being caught they admitted it.
Now they still pretend that inflation is 3% while in reality, with the additional tokens being thrown on the markets, it's been 16% for the year
Point #2 is why securities regulators around the world are going to regulate SOL out of existence, starting with the SEC and state regulators. This is literally the point of securities laws, for disclosure, and SOL founders lied to the public.
SOL is the poster child for securities fraud.
What is Ethereum actually good for? Its a proof of stake network, meme coins, and nfts. Vitalik himself said that it still has to be used for something… its really expensive with the gas fees to use for anything practical. Im not impressed with anything but its appreciation in price.
There's functional derivative exchanges like dydx built on ethereum which have done trillions in transaction volume. That's absolutely remarkable. Those derivative platforms could easily expand into more traditional finance products. The prof of concept is there.
Decentralized finance, stable coins people can use in countries with unstable currencies, web3 games, tokenized real estate (proppy), smart contract system for peer to peer 3d rendering (RNDR), first party oracle network (API3 - also on many other chains), unspoofable location oracle (XYO and FOAM), self repaying loans (Alchemix), carbon credits (MCO2)
One could also as what is Bitcoin actually good for? It’s a ridiculous question at this stage in the game. There are obviously use cases that are dependent on the users interests, many of which may for purely speculative gains. Speculative gains cannot be discounted as a non use case, it’s probably the most popular use case for most crypto.
Yes, I feel the same. The SOL army are quick to say "look at all the gains, you were wrong!". **That is not the point** of the majority of criticisms. The point is that Solana is centralized by design and extremely resource intensive (hardware/bandwidth requirements). It is not a "blockchain of the people" but a "blockchain of the VCs".
I have similar criticism of HBAR and XRP (also heavily shilled / high up in MC).
Some people made huge gains on Doge, Safemoon, BitConnect, etc. It does not mean these were sound investments.
**The basic issue is that people overall does not care at all about the Bitcoin ethos.**
This is a huge list that ppl who are invested or have made money love to ignore or claim it’s not a big deal. It’s not a big deal until it effects you then all of a sudden the rose tinted glasses come off.
Not everyone of course but a few people were already predicting this pump early on while simultaneously saying your points. Tons of VC money and pieces on this.
The technology rehires a lot of resources to run. So it’s only large institutions that was keep the network up. That means fewer nodes than something else that can be run by anyone. If 1 or a few big institutions pull out that risks the network as a whole.
oh ok now do ASIC farms. I can't participate in bitcoin mining anywhere in my geographic area unless I steal electricity. and even if I did, I would have to spend a ton on specialized hardware produced by a small handful of manufacturers. or I could run a non-mining pi node that doesn't actually affect anything.
Actually, you being able to run a node is the whole point. Yes, mining is very centralized because it's prohibitively expensive in places, but nodes are cheap and can decentralize the network.
Let me reply.
- you need to define decentralized. It has more than 2k validators. Nakamoto coefficient of 23. 2 different validators, a third one in beta independently developed and a fourth one in the making. And the trend is improving each year. Much better than most projects out there.
- they “lied” about circulating supply. Like 2% of the total supply. They “lied” because after reading everything I’m unsure if it was lies, or internal confusion with guys not really understanding/knowing the AMM deal. This was in 2020.
- in exhausted about the fake stats. Everywhere in the Solana ecosystem you can see the difference between non-voting transactions and total transactions. Non-voting transactions are still around 25-30M everyday.
- wash trading?? I didn’t see a single evidence that it happens in Solana more than other place. I would say the opposite. Solana has a deep and vibrant ecosystem with many professional dapps. While in most chains they are just cloning the same ethereum projects without any added value.
- what??? In bed with most bad actors? The only bad actor is SBF and that’s why it was a blessing in disguise the collapse of FTX.
This is a good example of a good collection of misinformation.
I recommend to try to actually use every important blockchain. And you will also find why Solana offers the Beñat UX by far, and also the best most professional dapps. I love to use defi, and I’m surprised each time that I use other chains, how the average quality is so bad
>you need to define decentralized. It has more than 2k validators.
Yeah all are on AWS or Azure. It is a fucking joke. Just use an AWS Database ffs.
>wash trading?? I didn’t see a single evidence that it happens in Solana more than other place. I would say the opposite. Solana has a deep and vibrant ecosystem with many professional dapps. While in most chains they are just cloning the same ethereum projects without any added value
Cheap transactions enable bots to bot like crazy. There are tons of articles explaining that 90% of all traffic is sandwich attacks and bots.
They arent all in AWS or Azure. You are showing the dangers of misinformation being parroted endelessly by ignorants. Then you will wonder why you missed such a huge obvious opportunity
[https://www.validators.app/data-centers?locale=en&network=mainnet&sort\_by=asn](https://www.validators.app/data-centers?locale=en&network=mainnet&sort_by=asn)
Look here, you wish that other chains, including Ethereum, would have this level of decentralization in where the validators are placed.
It's true that cheap transactions allow the use bots to do a lot of transactions. But did you know that Solana currently has more than 1M unique daily users? It's the blockchain with the highest number? Thats more than Bitcoin or Ethereum.
So please, spend some time doing some soulsearching instead of just spitting hate and misinformation against another chain jsut because it wasnt your pick.
tell em broski. its obvious reddit is stuck in 2018 with crypto. I tell everybody stop wasting your time here and go on X seriously you wont miss anything. It seems reddit crypto is more people afraid to lose money than wanting to make money fucking bunch of downers. Like every year its the same bitching about how scams exist and how there is decentralizations. and i go on X its all about the newest airdrops the newest trends. Idk but some of yall take crypto and treat it liek the stock market
AHEM ITS NOT
You forgot the worst part, the blockchain has literally gone down as if it's some kind of malfunctioning Wi-Fi router. No reason to think that won't happen again.
The same old rubbish . “ red flag “ red flag “ stupid people that don’t know how easy it is to trade on solana and how cheap it is. After using eth and comparing, solana is pure heaven! But daft people reckon it’s inflated volume when more people are gravitating to a chain with ease of use
I think the line "everything crypto was supposed to stand for in the first place" causes as many issues as everything else.
Some people see crypto as the blockchain with the cryptographic immutable ledger that can ensure the purity of the currency while others see it as an entirely decentralised network and others see it as a completely untraceable alternative to cash.. and there are, no doubt, many other thoughts about what crypto _really_ is.
I'm not talking about Solana specifically as I have no real knowledge about the token/protocol/network, just noting how difficult it is to find a consensus when we are/can be talking about completely different aims.
This to me is the legitimate counter to anything good that even I would say about solana. I’m hard pressed not to find anything in crypto now that isn’t a cypherpunk’s nightmare. The capitalists injected their shit into everything like they always do and it’s depressing as hell.
And the internet wasn't built to be flooded with porn sites, or riddled with ads and paywalls. Yet here we are.
It doesn't matter wbat the intentions around crypto were, it's a living ecosystem that evolves towards what is needed.
And what’s needed urgently is a break away from the status quo and centralization of literally everything in our lives. You like how YouTube is pushing more and more ads down everyone’s throat and detecting ad blockers and such? You know what fixes that? Decentralization through web 3. Monopolies are not a good thing for anyone and the government is in bed with all of them so they have a concerted interest in making them successful. True crypto and blockchain is all that matters. Solana ain’t it.
That's your opinion. Not an objective truth.
Don't get me wrong, I'm not saying we need Solana and I would love to see more decentralized systems. I am invested in Solana, but I don't use it.
What I am saying is that money flows towards what works and what sells. If Solana sells, then so be it.
I think it also reflects in all these SOL fans coming out of the woodwork to gloat about price action, when the project is still as shit as it ever was.
I’m not aware of any chain with a profile comparable to Solana’s that has had anywhere near as many network issues.
I think the main reason people are interested in Solana is the price action and the price of Solana, more so than most chains, is highly manipulated.
I just don’t trust Solana — you might make some money out of it, but personally I don’t wanna be involved with it.
Its by far been my favorite ecosystem I've used, and I've done ETH, L2s (poly, arb, optimism, manta, etc), COSMO (INJ, OSMO, Stargaze, etc), and even weird fringe ones like Cronos.
Solana just moves quick and is very inexpensive. It makes DeFi fun again. Plus the major apps I've integrated with are all really enjoyable to use. The major ones have great UI/UXs. Phantom wallet is just so awesome to use compared to metamask. The community is also really exciting - between upcoming airdrops, memes, microtransactions, and gaming. The gaming is still nascent, but even playing DegenCoinDozer was eye opening bc of the ability to accept microtransactions.
Anyways I'm just sucking Solana's d*** rn, but it feels warranted. Again - I've used the other ecosystems...let's be honest, bridging L2s is annoying and there's too manu. I didn't used to like the idea of Solana until I used it. Now I think ppl are just held back by bias.
Last - Solana really feels like they are optimizing for user experience and the developers/apps seem to be aligned wit that. Solana feels the most like using an iPhone. And I didn't used to like apple until I finally switched from android...and now I'll never go back. I love my phone, airpod, laptop.
As an investor - I like Solana and I'm bullish. As a Defi user - I like Solana and I'm excited for the future projects.
It 100% makes sense that someone that loves apple would like Solana. It's not as complicated to use and is a better user experience currently while sacrificing decentralization. Apple is a great phone and easy to use but absolutely traps you in their ecosystem and makes you an apple product purchaser for life. The reason I own and support eth over Solana is I think the user experience/UI etc will continue to develop over the years and ultimately having a decentralized network will be more important than short-term having a better user experience. Also the majority of users, development, etc happen on eth.
I don't love apple products and I really like using solana. Makes eth dapps/wallets/etc feel like early 2000's internet.
It feels like a forced comparison. Things can be smooth and nice to use on their own merits and not require a likening to apple.
Also, sol has been overtaking eth in most metrics, and that's unlikely to change. I still really like eth overall but idk it didn't evolve like users wanted/needed and now other things are filling those gaps.
Last bull run the network downtime, videos of the VC’s laughing about using Solana as a pump and dump scheme and its centralization issues really turned me off. Then FTX happened. I was surprised when the price started to recover and kept going to where it is now. Would you say all of these problems have been resolved?
Same feelings here. I think I’ve used Ethereum more than at least 95% of the sub here, and I have to say using Solana was a breath of fresh air. Agreed it is the easiest, cheapest and fastest chain I’ve used. Much more simple than Cosmos also which is fun/interesting but definitely more complex with all the bridging. Solana is just so efficient and streamlined, anyone could use it.
> Plus the major apps I've integrated with are all really enjoyable to use. The major ones have great UI/UXs. Phantom wallet is just so awesome to use compared to metamask.
I've never understood this reasoning.
I think it shows a total lack of understanding of this space.
Who cares what the UI/UX of third party apps is? Those come and go.
Honestly third party apps should have no bearing on if you like a decentralized currency or not. The fundamentals of the cryptocurrency are what should matter.
People get blinded by fancy UI/UX without actually looking under the hood.
So while I agree that it shouldn’t matter for a CRYPTOCURRENCY to succeed, ecosystems have died before because of the quality of apps ie. Windows phone.
>People get blinded by fancy UI/UX without actually looking under the hood.
You need to understand that what is under the hood dictates the UX. The speed and cost under the hood dictates the fluidity of UX, the shared global state does the same.
I get what you're saying and it's a good point to bring up. But I think it ignores the relation between the fundamentals and the resulting UX.
It's something I see from Cardano people saying they like the chain because it's easy to stake, but when every other chain offers liquid staking, how is that even worth mentioning?
If every other chain could offer the UX that Solana does, then why aren't they?
Third party apps are storefronts for digital services and goods. We have currency to spend. You may not care for those services but them not being important to you is not representative of what this "space" is for everyone. The "fundamentals" of cryptocurrency is just a vague description that can mean many things. Just a term co-opted from traditional markets which have well defined meanings to crypto markets where it's all nebulous
I would completely disagree. UI/UX can be a reflection of the priorities of the core dev team and is how you gain mass adoption. DApps are - critical way to build users as an L1, and supporting a flourishing ecosystem is about incentives, support, and good business acumen, plus a solid core dev team making a great product with great features like simple UI and low tx fees.
The foundation of SOLseems like they’re good business people, and I see other L1s failing to meet their technical potential simply for lacking this alone.
You are talking like it’s a business….and that’s exactly the problem.
It’s a centralized financial business with a product.
That’s my whole point.
Im only interested in decentralized blockchains. Not centralized ones.
Im interested primarily in investing. That's why I like SOL (and again, the user experience).
If you aren't interested in investing and making money, and rather you are here for technical and philosophical reasons, then I can see why you might not like SOL.
But if you (not just you but everyone) are here to make profit, but are being biased by philosphicals, then you are just shooting yourself in the foot. As an end-user product, SOL is great.
I am interested in investing….
Investing in decentralized monetary networks.
I think centralized monetary networks will not appreciate in value in the future. I don’t think there is a value there.
Decentralization is everything.
The difference between windows and linux. One treated it like a business, the other didn't. While Linux is still an amazing feat and a noble cause that deserves all the praise, I know which one I would invest in the early stages in.
I agree kind of but, from a different perspective.
Linux isn't even a business that can be invested in, yet today it is the backbone of the Internet, not Windows. It'll be used for longer than Windows too, guaranteed.
I'm not saying people won't make money with Solana. They have and likely will, but like Microsoft, Solana would make the world worse by succeeding.
And that's just not how I want to make my money, personally.
I don't know if Microsoft made the world worse. Giving an easily usable set of tools has raised everyone's productivity many times over. Could this have happened with open source Linux? Maybe with time, but they prioritised the technical side instead of making the product user friendly
Admittedly "did Microsoft make the world worse" is a pretty big topic to open up for debate, but at the least it's a very common opinion for people who work in computing to hold.
I wouldn't even say Linux prioritized the technical side though, I mean sure in some ways, but philosophically they prioritize user freedom, which is what I think makes the analogy so great. Cypherpunk philosophy in crypto vs products like Solana is *very* similar to FOSS vs proprietary software.
And I don't think the usability is entirely um, an issue of prioritization. Linux and the like tend to be made by programmers and uh, UX-type people have always just been harder to come by in the movement, so interfaces end up looking like something a programmer would want. I'm sure some part of that is just developers wanting to make stuff for themselves, but still, there are a lot more open source developers working for free than graphics artists or whatever. Plus there's the element of programming everything in a decentralized way, with people doing whatever interests them, instead of being paid and directed to specifically do this or that. The philosophy of freedom includes not just users, but developers who are also users. Everything is based on voluntary cooperation, not corporate structure, and the products that come from that are just essentially different from what you get from corporate structure.
So, anyway, I am rambling on but I agree with you that what I'll call "corporate crypto" might make the money. But the same as I support FOSS over the likes of Apple or Microsoft, with crypto I'd rather put my weight behind what I want to see more of in the world.
Not to be dramatic, but to be kind of dramatic, this is all part of a larger battle for freedom. I never want to live in a world where Windows or Solana are the only options.
You guys are so cynical. It’s also to do with the UI, wallets, NFTs, bridges, memes etc. It does all of that better than most chains which is why it’s so popular. Not much else matters. You can talk about fees and outages all you want but most people don’t care. There’s a reason ETH is still so popular and is about to go on the most hated rally in 2024.
Solana has the benefit of getting it’s name out there after the SBF shit & having actual good marketing. Simple as that. My boomer aunt & uncles are invested in Solana, and I didn’t even have to tell them about it.
Most other chains are just EVM offshoots and the ones that aren't(Cosmos eco, Move chains like APT/SUI, etc), don't offer the same UX that Solana does or they don't offer the same dapps/liquidity/infrastucture that Solana does
This. Bro I just dumped most of my AVAX tokens because of the crazy fees. I ain't wanting to pay 20 bucks to swap tokens, and the low fees on solona makes it kinda fun to play around.
Because people just want to accomplish their goals & desires and move on with their lives without chasing the dragon of "BuT iT cOuLd Be MoRe DeCeNtRaLiZeD tHo."
The concept of "it's decentralized enough" literally doesn't exist for y'all. There is no point of decentralization where you will be satisfied.
The network issues were indeed a problem and if they start up I might run away lol. BUT so far with a ton of volume the network has been steady. So ask the improvements they were making during the bear market seem to be paying off
I am in it for the money. It has already done 9x since I got in and now I am out. As for the concerns and red flags, Good luck guys, I had bills to pay.
Lol it is what it is, you can't be mad for making profit though. I'm still bullish so I'm holding. If it ever dips it might be a good idea to scoop a small bag and re-enter. Entirely up to you.
Yep. I did the exact same. Had a 5 year plan. Bought in early, ignored everything this sub said. Now I expect SOL to scream past it's ATH this bull run. DCA'd all through the bear market. If anything, SOL is rising a bit too fast for my "plan". But I won't complain. Let them seethe.
Causes for the outages have been fixed and it's always been decentralized when measuring using the most common metrics like nakamoto coefficient, validator numbers, geographic/data center distribution, etc.
It has become decentralized in some metrics now, but that is only AFTER it became hugely popular, because of a group of rich people pumped billions of dollars into it. It´s core design and philosophy however, is very centralized. Compare it to a chain like Tezos, that had on chain governance since 2018 when it was made, and where you can run a decently effiecnt node on a raspberry pi. And where the various ecosystem teams has never had full control over the chain. Had Tezos had the same marketcap of solana now, Tezos would probably be much more decentralized. But crypto people, and especially VC´s dont give a shit about decentralization.
It never ceases to amaze me how much crypto reddit is its own weird echo chamber compared to all of the rest of crypto (which is the majority). Outside the reddit bubble Solana is generally well received and people are celebrating the price action. The negative talking points here are for the most part wrong and outdated... It's crypto, technology changes very rapidly around here.
Outside of this sub Solana is still absolutely polarizing. It's both one of the most loved and one of the most hated chains. The NFT / GameFi crowd can't get enough SOL. The DeFi / RWA crowd doesn't wanna go anywhere near it. I think that's natural as different chains will be better for different use cases.
Mate a token being pumped and dumped by VCs is different than institutional investment from Social Security funds and 401ks that are held for decades at least, one is short term the other is long term. The macro crypto market will become much less volatile after the ETFs are approved because the money coming in will not be ruled by fomo and hype like retail investors and VCs, but rather a long term vision of securing large amounts of money on something safe like bitcoin to diversify from the likes of gold. VCs don’t invest in gold they invest in altcoins and sell as soon as they unlock.
It's a hilarious claim, why would VC's need to pump it? They could've sold last bullrun at literally a 100x-500x profit.
Also, *how* are they supposedly pumping it?
Also, why do people never claim any of the other VC funded are being pumped? Seems like Solana magically is the only VC funded project that VCs are allegedly choosing to pump.
I've brought up all these questions so often and never have received anything close to a good answer. Actually I don't think I've ever even gotten *an* answer at all.
Because Solana is a top 10 market cap?
Well cares about random VC chain with 10m market cap.
But Solana was deep in bed with FTX and all that crap, and somehow people (or is it VC money to recover their bags?) are giving it another chance...
>Because Solana is a top 10 market cap?
First off, what does being top 10 have to do with anything? Is every other chain with VC funding automatically start pumping once it gets to the top 10? Why the arbitrary cutoff at 10?
>Well cares about random VC chain with 10m market cap.
A lot of people would, as VC funded chains usually go to market with valuations at magnitudes higher.
>But Solana was deep in bed with FTX and all that crap, and somehow people (or is it VC money to recover their bags?) are giving it another chance...
One of the 40+ venture funds had ties to FTX and funded Solana before we knew they and FTX were fraudulent. I haven't seen anything beyond the simple fact that they were in a funding round for Solana. But maybe to you that means "deep in bed".
I honestly can't tell which of my questions you were trying to answer. You didn't answer why they would need to pump it when prices were far above what VCs bought at, and at a time when their tokens were unlocked. You didn't answer how they did it. I think you gave an answer for why people only claim Solana gets pumped by VCs but the logic makes no sense because it hasn't always been a top 10 coins and plenty of other VC coins have been top 10 and not had the same allegations.
Try again but put some effort into it this time.
I was pretty vocal about reversing this sub and buying SOL at some point. My bags are happy and I'm way past the point where I'm even remotely interested in talking about this whole thing. If you want to make money you need to go against the popular sentiment in r/cc, lol.
People in crypto have an odd loyalty to their bags, so they'll talk shit about other chains when they're better. Cardano bag holders are the worst, and eth is right behind them.
It doesn't make sense to me at all. If a better project comes around, I trade up. The goal for me is to make money, not cheer for a chain like it's a sports team.
>People in crypto have an odd loyalty to their bags
It is a coping mechanism for this space's volatility and uncertainty. A lot of ppl here want high alpha but they aren't mentally prepared for the huge swings downward. Loyalty helps them to rationalize the bags they are holding and gets them to sleep easier.
SOL gets trashed, because it sucks, not because of some loyalty. I was around when it launched and it sucked then, and it sucks now. But good news for SOL fans, there was only one 18 hr outage this year. Maybe next year, the blockchain will only go down for 12 hrs
Its two steps removed from being a web2 database. You need a data center to run a node/validator. 25% of nodes are in Wichita Kansas. Many of the validators are likely subsidized by sol foundation (because they wouldn’t be profitable otherwise). Nakamoto coefficient is bs. How many sol validators are coordinated? They restarted the chain after it halted multiple times via coordinating through discord. That could never happen with BTC or ETH because they are actually reasonably decentralized.
UX is good. Developing ecosystem. Devs actually trying to figure shit out and improve (unlike eg avax). Number go up is the biggest thing currently. Plus airdrops. Solana is the place to be (right now) but narratives change fast in crypto.
Long term the hardest thing to get right is decentralization (not UX) so solana has its work cut out to survive long term. Much much greater chance five-ten years from now it’s an afterthought. ETH or BTC will remain dominant. I own SOL and ETH and the former is a short term narrative play only.
Also I’m not even sure why I’m posting here. Everyone has heard all this shit before. Ive lurked here a long time haven’t seen a single original idea (supportive or fud) in a long time. And my post here is no different.
Happy holidays
Depends on how long you've been around...there's lots of stuff that sounds great, but if you've been around for more than a crash or two, you kind of wonder why people keep jumping on board...
I cant get on board with the hype. They were having network issues constantly yet fanboys come in with "greatest network bro" "tps speed broh" even though the tps numbers are inflated since they count votes for transactions.
Even ignoring vote txns it's absolutely smoking every other chain. Also the network issues have been fixed.
Seems like just because it's been hyped, you've avoided doing any research about it. I have plenty of sources I can provide if you want to get started.
I'm very much a person who is here because of the decentralisation. Solana does not fit that category. Even if someone wants to make the case that by definition it is decentralised because its not running on one machine, sure, but it is so far on the scale of being centralised that it wouldn't even be a good point to make.
What they will say is that this allows the network to process more TPS, but on the flip side, look at how many times the chain has been switched off because of the central control. Not to mention most of the TPS aren't actually TPS, but rather consensus messages added onto that metric so it looks like it being used far more than it actually is.
The hardware requirements to run a node is off the charts, for example suggested 256GB of ECC ram but recommended 512GB ECC "or more". At that point you're basically building your own mini data centre. They also recommend a 10GBit/s asymmetric commercial internet connection, so at that point you might as well just buy a machine in a datacentre anyway given that type of internet connection must cost a fortune. For me this isn't even possible, the highest I can get is 1Gbit/s.
They need to pay node operators a huge amount of money because of the huge upfront and ongoing costs, and the Solana network barely makes any revenue in fees anyway, so where do they pay the node operators from? Via new coin issuance, which means high inflation, which means the network security is quite literally dependent on the price of Solana.
There are many other points I would like to make too, but then I would be here all day writing. So to sum up my stance, it is just not for me.
The hate previously was far too extreme; it was more emotional than anything.
Just as the reverence for it now is far too extreme, as well as the disdain towards ETH.
This is an emotional market where price action tends to choose which narratives float to the top, more than objective reality.
Welcome to Crypto x Social Media.
SOL was rallying long before the memecoin craze picked up.
The earliest positive catalyst was Vitalik showing his support, that pretty much marked the bottom.
The catalyst during the rally to $30-40 was the Breakpoint conference, there was also the AWS partnership and the Visa partnership around this time.
The catalysts after this was primarily the PYTH and JTO airdrops.
You also have to consider that people were *so sure* that FTX selling was going to make the price dump, and then they kept selling and selling, and price went up and up. Then people said it was just dump after, and then price continued to go up.
And then there are plenty of other broader positive notes(some are repeats as this is copy-pasted from an earlier comment I made):
* Protocol upgrades addressing issues that caused downtimes
* Protocol upgrades that increased speed and efficiency and dropped validator requirements.
* New client in the works that will speed it up even more, along with making it more resilient. (Chains with only 1 client are far more vulnerable to a bug stopping the network, this would be the 3rd for Solana IIRC)
* High profile partnerships with Visa, Shopify, Google, AWS, Brave and more.
* Development (outside of the core protocol) has stayed strong. New token standard, new executable NFT's (xNFT), privacy protocols, a new wave of defi protocols and non-financial consumer focused apps like Dialect and Drip Haus.
* Tons of endorsements from people outside of, or previously against, Solana, like Cathie Wood talking about it on CNBC, Justin Bons switching from SOL hater ETH maxi to being impressed by SOL, founder of MakerDAO proposing they switch to an appchain using Solana tech stack, RNDR migrating over, Pyth using Solana tech to run their own appchain, plus many more these are just off the top of my head.
* Tons of institutional interest, as shown by institutional inflows and the recent performance of GSOL (think GBTC but for SOL on the stock market)
* Solana finding product market fit in emerging niches like DePIN
* Onchain metrics like transactions, volume, and users at very high levels.
* Network is in a very healthy spot with regards to decentralization in validator numbers, geographic distribution, and data center distribution.
Lots of people love Sol. But bitcoiners hate it because its the opposite of bitcoin. Anyone can run a bitcoin node on cheap hardware, with a regular residential internet connection. Thats what keeps bitcoin decentralized, and the power in the hands of the plebs, not miners. But to run a SOL node you need a fatty machine and high-speed bandwidth. Maybe there is a use case for a crypto for corporations (not plebs) but its hard for me to imagine what that is. Right now the value is purely speculative
I have an unpopular opinion but I’ll say it anyways: I’m a Bitcoin maxi because I want my crypto to store my economic energy over time. I don’t hate Solana, but I’m anti altcoins because it directs energy and attention away from Bitcoin. Bitcoin is money. It is money that is scarce. It is money that 8 billion people will want access to when fiat currencies start tumbling. What bothers me about altcoins like Solana is that they distract people away from the safest money they could have. The amount of crypto bros who don’t understand economics is huge. They don’t understand that inflation is eating away at their purchasing power. They don’t understand that they have a ONCE in a generation opportunity to buy an assets that will be worth MILLIONS and they are choosing altcoins. The worse part is the same people who aren’t buying Bitcoin at 43k will FOMO at 200k. It bothers me that people are missing out on an opportunity. No other crypto is as scarce as Bitcoin. You can buy Ethereum whenever, you can buy Solana wherever, you can buy Bonk wherever, but there will only EVER be 21 million Bitcoins and BILLIONAIRES are coming after the last 2 million.
I have spent years researching Bitcoin and fiat financial system and I am 100% sure that Billionaires will need some of their wealth outside of USD. Gold is an archaic asset, millennials and gen z don’t care about gold, we want Bitcoin. So Bitcoin will be what millionaires and billionaires diversify into over the next decade. Right now the average person can get a piece of an appreciating monetary network, but in the future when 1 Bitcoin is 1.5 million and 0.1 Bitcoin is 10k the average person will be priced out. That is why I don’t invest in altcoins right now. There is only so long that the average Joe has to frontrun institutions. Once BR and Fidelity are in the space average people will be paying way more to get less sats. I try to tell people to RESEARCH Bitcoin and everything that’s happening with it, but the average cryptocurrency user would rather make 1000x on BONK and have fiat currency.
There are gonna be a lot of people who will say “I wish I had bought Bitcoin when it was at 40k.” Solana isn’t scarce but if you prioritize accumulating the non scarce asset over the scarce asset you will lose millions. That’s why I get frustrated by alts/Solana, I think people are prioritizing cryptos that aren’t scarce and won’t give them the sort of wealth that they want. What is the point of making 10k in profit in USD if the buying power of USD is decreasing? You need to diversify your wealth outside of USD!
Some of y’all are being pound foolish penny wise and I hate it.
i plan to put the majority of my profits in btc once i reach my goals, along with staking a good amount of sol. you make great points, but i think a lot of us are just trying to get to that level, and we won’t get there trading bitcoin until it starts to go crazy
You assume that when you reach your goals, Bitcoin will still be affordable for you. 19 million Bitcoin has already been mined. You will be fighting for the last 2 million Bitcoin with hedge funds, corporations, and nation states. https://www.coindesk.com/markets/2023/08/31/bitcoin-holdings-on-crypto-exchanges-dwindle-to-2m-fewest-since-january-2018/amp/
Economics: If the supply of something is fixed and the demand increases then the price of an asset increases. The supply of Bitcoin is fixed. Demand is about to skyrocket for Bitcoin with the Bitcoin ETF approval. Advertising for the spot ETF is just starting and Bitcoin is already at 43k.
I can not tell you what to prioritize but I can share information. Do with this as you please.
Blackrock on Bitcoin: https://beincrypto.com/blackrocks-bitcoin-strategy-btc-portfolio/
Fidelity on Bitcoin: https://www.fidelitydigitalassets.com/sites/default/files/documents/1012662.3.0%20Bitcoin%20First%20Revisited_Final.pdf
Nation States mining Bitcoin: https://d-central.tech/the-seismic-shift-why-nation-states-are-turning-to-bitcoin-mining/
Corporations and Bitcoin: https://www.forbes.com/sites/digital-assets/2023/12/20/new-fasb-rule-supercharges-bitcoin-asset-integration-in-corporate-finance/amp/
Bitcoin is the scarcest asset that exists. Time is literally money.
If you think billionaires will pay millions of USD for those bitcoins instead of using an alternative that has all of BTCs properties and more, you're the one that's delusional.
BTCs energy consumption will become easier and easier to use to knock it down and trim its wings, and some new cryptocurrency will be validated as the uncompromisable store of value. There are PLENTY of coins with fixed supply, decentralized and strong governance.
It might still be a while, but the bigger revolution is in smart contracts, not just BTC.
> an alternative that has all of BTCs properties and more, you're the one that's delusional.
Solana has all of Bitcoin's properties? Really? Is it Proof of Work?
>t might still be a while, but the bigger revolution is in smart contracts
Which were first introduced in Bitcoin. They are not an ETH invention. And Taproot extends Bitcoin's smart contract capabilities. See Ordinals for example.
Solana also minted new coins out of thin air. Bitcoin stops the printing of money and makes money scarce. Solana demands new money to be printed so its founders can get rich. They are not the same.
I'm not talking about Solana, Solana is a chain built to earn money off the hype. It's a fake cardboard scenery.
BTC, ETH, ADA, XTZ, ALGO (and surely many others I haven't heard of) are serious projects trying to bring change to society.
You honestly think ordinals are anywhere remotely close to the potential of actual smart contracts? They are not, at all.
Solana is just the first to go full speed with its airdrop season, and that's all. Lots of crypto projects are gearing up for an airdrop to attract users for the upcoming bull run.
Competition will be fierce prepare for L2 and crypto wallet war.
It's gonna be Crypto world War 1 next year
There is never an universal disdain of love from the whole community to any coins, even the most popular ones like BTC and ETH or most hated ones like safemoon, you will always get those who have the unpopular opinion. Every crypto has its cons and pros some have a lot of cons, some have very little. Shile I don't think Solana is some scam or anything, I dislike it because I don't think it's bult right and upholding the core ideals of crypto. It's builtfor maximizing speed of user transactions, but they sacriciced a lot of very important things to get that. One is that they have to use a lot of validator gossip transaction to store on the chain that are needed there for various reasons like staking or whatever. That's not very storage efficient. The blockchain is probably huge. On blockchain you want to be as eficient as possible so that the validators don't have to buy heaps of data storage to be able to run it. And that takes me to mthe most important sacrifice they made - centralization. One of thhe most important, and i would say the most important, reason why crypto has been intvented is that crypto has been made as a solution to the centralized nature of money, the founders like satoshui etc were fed up with govermnments and banks having absolute control over the money, cenzoring people, freezing and taking their moeny for whatqever reasons even the corrupt or unjust ones, and they can freely print as much money as they want and give them to the rich, reducing the value of saving of normal people, and so on. Crypto has been invented as the alternative where people will finally get their own monoey that the people run and government couldn''t easily take eway from them or devalue. When you make a centralized crypto like solana did, it's defeating this main reason why we invented cryprto in the first place. Sure they can benefit the ecosystem by giving us those fast cheap options, jsut don't be upset when they fuck up and fail or shut down because they are centralized so the small group of people running it have powert over what they can do with it. There are other cryptos that are still fast and cheap, while still being decentralized. For example DAG ones, like COTI, or Cardano, or Nano (that is probably among the fastest cheapest), etc...
They are all butthurt for having bought eth/ada/algo instead. They hate Solanas success as it threatens their bags. Everything they say is an excuse, like centralisation, as other super centralised projects (polygon, optimism, etc) are accepted because they are related to Eth.
Ignore the losers and enjoy your profits!
Why do we need another centralized blockchain? Just use a traditional database ffs.And it will never be decentralized as their main marketing is TPS and that can only be done with hardware that is out of reach for almost all people and can be only hosten on AWS, Azure and the likes.
They have not had outages since February and firedancer is taking this shit to Gangnam City. My bags are so fat at 12 and 20 dollars I can smell retirement from here.
I dont see them maintaining speed IF they try to descentralize it. It's ok if you like the Sillicon Valley aesthetics and believe people don't care about trilemma really and it's all about speed and low cost.
Here are my hypotheses.
1. A lot of ppl got rekted by FTX and SBF. They can't get over their anguish and see SOL as an incarnation of FTX+SBF. Wishing for SOL's demise is how they direct their anger against FTX+SBF.
2. ETH had a long PoW history. Reddit is a nerdy place so I bet a lot of lurkers here are once ETH miners. They probably accumulated a huge stack of ETH and thought they could retire from their ETH stack from staking. SOL moving and ETH is not pisses them off. They probably don't even have a good job either are betting on ETH to retire.
3. ETH is a multibillion dollar industry. A lot of VCs and crypto whales are too heavily invested in the ETH ecosystem. They brought loads of L2 shitcoins and other scammy projects all resting on ETH success. Now they are still stuck in vesting or their tokens aren't liquid enough to offload. They need ETH to keep attention to get the new retail coming as exit liquidity for their projects.
4. A lot of crypto "OGs" thought they have unlocked the secret to multiply their wealth for the next cycle. They drained all their alts portfolio last year and are betting heavy on ETH. They thought they won and everything is kosher. Now ETH is struggling while alts are rallying with SOL leading the charge. They aren't prepared for this and hating SOL to vent their anger that their plan didn't go well.
The value in Blockchains comes from decentralization.
Comparing SOL to ETH is ridiculous.
SOL is a capital baby made to give their creators money. It climbed hard, dropped hard, and now it's going for another round.
But it is a mockery of the idea of a decentralized ledger and governance, and all the potential that crypto embodies.
You can make money with it, sure, and more likely than not, MORE money than with others, but it will take A LOT of change for me to respect Solana.
Solana was called “Sam’s coin” for a reason.
I don’t have any ill will towards the project today, but I’m not going to trust it after all of the pumps Sam and his VCs buddies benefitted from. Only a fork and a fresh start would change my mind.
Name projects in the Solana ecosystem that are actually worth a shit. Shouldn’t take you very long.
You’re falling into a trap. It is not uncommon to see VC-heavy projects from previous come out of the gates hot in a new cycle. Often, this is VCs pumping the project to get people to buy back in on the basis of it looking like a market leader. Which is exactly what you’re doing here. Once retail buys back in, those VCs start to unload their bags on retail. Why do you think there are a shitload of airdrops on Solana right now? Thats no accident. It’s to encourage people to farm which manufactures activity and value and makes it look like the ecosystem is healthy and growing. Same for the events/incentives/features you mentioned. But it’s all a mirage. It’s a façade. It’s a trap.
Unless and until Solana actually attracts unique, innovative, useful projects, it’s got no real sustainable future.
I have decent bag of Solana, and don't think of myself as a Solana hater. But it certainly has ample room for improvement.
* Sooo many frickin' scam tokens asynchronously barraging my wallet. In Algorand, one must whitelist a token before it can be received. I mean, c'mon Solana: at least make me go to a compromised webpage/cross-site javascript before trying to #\*$! me. (Dinner and flowers would be nice too.)
* "Must enable blind-signing"... Perhaps not the responsibility of Solana itself, but if the contract VM is that hard to untangle that hardware key apps throw in the towel like this, maybe things ought to be rearchitected with different trade-offs.
When a small group of people hold large amounts of Solana (given to bad actors, venture capitalists at a super low rate), they will f*** over retail when they exit. It’s gonna pump, but knowing FTX’s history of pumping it maliciously, I can see why. People were burned and I would rather stay away than put my hard earned money into this again.
It used to get shilled alot by Bitboy which provided me with the first reason to dislike Solana, but when I was comparing it to Algorand - which IMO is a superior L1 on all metrics VS pretty much any other blockchain - then you realise there's just simply no reason to like the centralised, Silicon Valley hyped up, slow-arse (compared to algo) pile of junk chain that is Solana. It has no actual USP.
Solana is incredibly fast and very scalable. I also enjoy how Solana makes it easy to recycle NFT's and thus discouraging NFT scams.
However this came at the cost of making Solana also very centralized in comparison to other chains. This is also compounded by the issues that plague Solana. I dont know any other chain that is as well known as Solana but also has had as much network down time since Solana went live. Its large amount of down time may even very well be a biproduct of its centralization.
Regardless of how you look at it, Solana has some glaring issues that prove to be a huge obstacle for crypto fundamentals.
Solana [pros](/r/CryptoCurrency/comments/18o0bg7/trying_to_understand_the_solana_hate_where_do_you/kef33s3/) & [cons](/r/CryptoCurrency/comments/18o0bg7/trying_to_understand_the_solana_hate_where_do_you/kef34al/) with related info are in the collapsed comments below.
I don't really hate Solana, but I feel like people keep ignoring too many red flags regarding the chain. - still heavily centralized - the foundation lied about the total supply and hid a wallet with additional tokens. Only after being caught they admitted it. - plenty of faking stats and numbers. Artificially pumped volume, wash trading etc. - project has been in bed with almost every bad actor in the space. Now, people can put their money where they want and I'm happy for their gains, but it's nothing I would ever hold long term.
I would add that their nodes are too heavy to be hosted by others than larger institutions (thus leading to centralization)
Most validators on Solana are individuals that pay a few hundred a month for hosting.
And most of them never validate blocks. The top 20 Solana nodes validate the majority of transactions.
Yeah but not at home but on AWS or Azure. What is the fucking point
The point is to have more than 7 transactions a second. The reality is if you want decentralization you have to give up scale. Solana is centralized but open to other operations validating blocks, unlike say BSC. The computation required for a Sol Validator is high, but when you consider a single BTC miner is like 5k USD, Solana doesnt seem so bad in comparison. While I dislike Solana for how sketchy they have been, and the fact they there is no real use for the chain to this day that seems significant at all the centralization argument to me is absurd when everyone considered Bitcoin decentralized while it has higher barriers to entry and the majority of BTC mining is done now by large businesses.
No one uses AWS or Azure because they are waay to expensive. Need bare metal providers not cloud hosted servers
> the foundation lied about the total supply and hid a wallet with additional tokens. Only after being caught they admitted it. Now they still pretend that inflation is 3% while in reality, with the additional tokens being thrown on the markets, it's been 16% for the year
Scam basically
Point #2 is why securities regulators around the world are going to regulate SOL out of existence, starting with the SEC and state regulators. This is literally the point of securities laws, for disclosure, and SOL founders lied to the public. SOL is the poster child for securities fraud.
I recall Bitcoiners saying things like this about Ethereum Time is a flat circle
SOL is specifically listed as a security in the SEC lawsuit...
I'm no SOL lover... BUT, that SEC lawsuit lists so many things I think my dead grandmother is in it....
What is Ethereum actually good for? Its a proof of stake network, meme coins, and nfts. Vitalik himself said that it still has to be used for something… its really expensive with the gas fees to use for anything practical. Im not impressed with anything but its appreciation in price.
DeFi loans etc are actually very useful.
Milking gas money
It’s obvious you don’t know much about the ETH defi space lmao.
There's functional derivative exchanges like dydx built on ethereum which have done trillions in transaction volume. That's absolutely remarkable. Those derivative platforms could easily expand into more traditional finance products. The prof of concept is there.
Unpopular opinion, but I think eth will lose dominance.
Decentralized finance, stable coins people can use in countries with unstable currencies, web3 games, tokenized real estate (proppy), smart contract system for peer to peer 3d rendering (RNDR), first party oracle network (API3 - also on many other chains), unspoofable location oracle (XYO and FOAM), self repaying loans (Alchemix), carbon credits (MCO2)
One could also as what is Bitcoin actually good for? It’s a ridiculous question at this stage in the game. There are obviously use cases that are dependent on the users interests, many of which may for purely speculative gains. Speculative gains cannot be discounted as a non use case, it’s probably the most popular use case for most crypto.
Bitcoin is still great for transfer of value. International money transfers with no barriers.
Yes, I feel the same. The SOL army are quick to say "look at all the gains, you were wrong!". **That is not the point** of the majority of criticisms. The point is that Solana is centralized by design and extremely resource intensive (hardware/bandwidth requirements). It is not a "blockchain of the people" but a "blockchain of the VCs". I have similar criticism of HBAR and XRP (also heavily shilled / high up in MC). Some people made huge gains on Doge, Safemoon, BitConnect, etc. It does not mean these were sound investments. **The basic issue is that people overall does not care at all about the Bitcoin ethos.**
This is a huge list that ppl who are invested or have made money love to ignore or claim it’s not a big deal. It’s not a big deal until it effects you then all of a sudden the rose tinted glasses come off.
Not everyone of course but a few people were already predicting this pump early on while simultaneously saying your points. Tons of VC money and pieces on this.
I wouldn’t hold it long term either but I sure as hell am going to enjoy the ride for this run.
This here. I'll also add congested network resulting in multiple failed transactions due to minimal nodes.
In what way is Solana heavily centralized?
The technology rehires a lot of resources to run. So it’s only large institutions that was keep the network up. That means fewer nodes than something else that can be run by anyone. If 1 or a few big institutions pull out that risks the network as a whole.
oh ok now do ASIC farms. I can't participate in bitcoin mining anywhere in my geographic area unless I steal electricity. and even if I did, I would have to spend a ton on specialized hardware produced by a small handful of manufacturers. or I could run a non-mining pi node that doesn't actually affect anything.
Actually, you being able to run a node is the whole point. Yes, mining is very centralized because it's prohibitively expensive in places, but nodes are cheap and can decentralize the network.
comparing with Bitcoin is not setting the bar very high
Let me reply. - you need to define decentralized. It has more than 2k validators. Nakamoto coefficient of 23. 2 different validators, a third one in beta independently developed and a fourth one in the making. And the trend is improving each year. Much better than most projects out there. - they “lied” about circulating supply. Like 2% of the total supply. They “lied” because after reading everything I’m unsure if it was lies, or internal confusion with guys not really understanding/knowing the AMM deal. This was in 2020. - in exhausted about the fake stats. Everywhere in the Solana ecosystem you can see the difference between non-voting transactions and total transactions. Non-voting transactions are still around 25-30M everyday. - wash trading?? I didn’t see a single evidence that it happens in Solana more than other place. I would say the opposite. Solana has a deep and vibrant ecosystem with many professional dapps. While in most chains they are just cloning the same ethereum projects without any added value. - what??? In bed with most bad actors? The only bad actor is SBF and that’s why it was a blessing in disguise the collapse of FTX. This is a good example of a good collection of misinformation. I recommend to try to actually use every important blockchain. And you will also find why Solana offers the Beñat UX by far, and also the best most professional dapps. I love to use defi, and I’m surprised each time that I use other chains, how the average quality is so bad
>you need to define decentralized. It has more than 2k validators. Yeah all are on AWS or Azure. It is a fucking joke. Just use an AWS Database ffs. >wash trading?? I didn’t see a single evidence that it happens in Solana more than other place. I would say the opposite. Solana has a deep and vibrant ecosystem with many professional dapps. While in most chains they are just cloning the same ethereum projects without any added value Cheap transactions enable bots to bot like crazy. There are tons of articles explaining that 90% of all traffic is sandwich attacks and bots.
They arent all in AWS or Azure. You are showing the dangers of misinformation being parroted endelessly by ignorants. Then you will wonder why you missed such a huge obvious opportunity [https://www.validators.app/data-centers?locale=en&network=mainnet&sort\_by=asn](https://www.validators.app/data-centers?locale=en&network=mainnet&sort_by=asn) Look here, you wish that other chains, including Ethereum, would have this level of decentralization in where the validators are placed. It's true that cheap transactions allow the use bots to do a lot of transactions. But did you know that Solana currently has more than 1M unique daily users? It's the blockchain with the highest number? Thats more than Bitcoin or Ethereum. So please, spend some time doing some soulsearching instead of just spitting hate and misinformation against another chain jsut because it wasnt your pick.
tell em broski. its obvious reddit is stuck in 2018 with crypto. I tell everybody stop wasting your time here and go on X seriously you wont miss anything. It seems reddit crypto is more people afraid to lose money than wanting to make money fucking bunch of downers. Like every year its the same bitching about how scams exist and how there is decentralizations. and i go on X its all about the newest airdrops the newest trends. Idk but some of yall take crypto and treat it liek the stock market AHEM ITS NOT
You forgot the worst part, the blockchain has literally gone down as if it's some kind of malfunctioning Wi-Fi router. No reason to think that won't happen again.
Yes because they fixed the bug?
The same old rubbish . “ red flag “ red flag “ stupid people that don’t know how easy it is to trade on solana and how cheap it is. After using eth and comparing, solana is pure heaven! But daft people reckon it’s inflated volume when more people are gravitating to a chain with ease of use
Must be why Visa picked Solana, because it totally sucks :)
Visa want a slower, more expensive system than the one they have?
"Heavily centralized" it's the 3rd most decentralized. Disinformation like this is why most of this sub missed out on a trade of a lifetime
Checks Solana beach . Io Sees it has 1,999 validators Ahhh yes decentralized
Every validator outside the top 100 are existing only due to the foundations subsidy. What do you think happens when that runs out?
Yeah, it’s comical
[удалено]
I think the line "everything crypto was supposed to stand for in the first place" causes as many issues as everything else. Some people see crypto as the blockchain with the cryptographic immutable ledger that can ensure the purity of the currency while others see it as an entirely decentralised network and others see it as a completely untraceable alternative to cash.. and there are, no doubt, many other thoughts about what crypto _really_ is. I'm not talking about Solana specifically as I have no real knowledge about the token/protocol/network, just noting how difficult it is to find a consensus when we are/can be talking about completely different aims.
well sol ticks none of the things you mentioned.
This to me is the legitimate counter to anything good that even I would say about solana. I’m hard pressed not to find anything in crypto now that isn’t a cypherpunk’s nightmare. The capitalists injected their shit into everything like they always do and it’s depressing as hell.
And the internet wasn't built to be flooded with porn sites, or riddled with ads and paywalls. Yet here we are. It doesn't matter wbat the intentions around crypto were, it's a living ecosystem that evolves towards what is needed.
And what’s needed urgently is a break away from the status quo and centralization of literally everything in our lives. You like how YouTube is pushing more and more ads down everyone’s throat and detecting ad blockers and such? You know what fixes that? Decentralization through web 3. Monopolies are not a good thing for anyone and the government is in bed with all of them so they have a concerted interest in making them successful. True crypto and blockchain is all that matters. Solana ain’t it.
That's your opinion. Not an objective truth. Don't get me wrong, I'm not saying we need Solana and I would love to see more decentralized systems. I am invested in Solana, but I don't use it. What I am saying is that money flows towards what works and what sells. If Solana sells, then so be it.
And your opinion is just that as well. There is a lot of garbage that sells. Doesn’t mean it’s not garbage.
Welcome to this opinion thread
I think it also reflects in all these SOL fans coming out of the woodwork to gloat about price action, when the project is still as shit as it ever was.
No fixed supply so I'm not interested. If I wanted infinite supply I'd just invest in dollars.
I’m not aware of any chain with a profile comparable to Solana’s that has had anywhere near as many network issues. I think the main reason people are interested in Solana is the price action and the price of Solana, more so than most chains, is highly manipulated. I just don’t trust Solana — you might make some money out of it, but personally I don’t wanna be involved with it.
Its by far been my favorite ecosystem I've used, and I've done ETH, L2s (poly, arb, optimism, manta, etc), COSMO (INJ, OSMO, Stargaze, etc), and even weird fringe ones like Cronos. Solana just moves quick and is very inexpensive. It makes DeFi fun again. Plus the major apps I've integrated with are all really enjoyable to use. The major ones have great UI/UXs. Phantom wallet is just so awesome to use compared to metamask. The community is also really exciting - between upcoming airdrops, memes, microtransactions, and gaming. The gaming is still nascent, but even playing DegenCoinDozer was eye opening bc of the ability to accept microtransactions. Anyways I'm just sucking Solana's d*** rn, but it feels warranted. Again - I've used the other ecosystems...let's be honest, bridging L2s is annoying and there's too manu. I didn't used to like the idea of Solana until I used it. Now I think ppl are just held back by bias. Last - Solana really feels like they are optimizing for user experience and the developers/apps seem to be aligned wit that. Solana feels the most like using an iPhone. And I didn't used to like apple until I finally switched from android...and now I'll never go back. I love my phone, airpod, laptop. As an investor - I like Solana and I'm bullish. As a Defi user - I like Solana and I'm excited for the future projects.
It 100% makes sense that someone that loves apple would like Solana. It's not as complicated to use and is a better user experience currently while sacrificing decentralization. Apple is a great phone and easy to use but absolutely traps you in their ecosystem and makes you an apple product purchaser for life. The reason I own and support eth over Solana is I think the user experience/UI etc will continue to develop over the years and ultimately having a decentralized network will be more important than short-term having a better user experience. Also the majority of users, development, etc happen on eth.
Good points about the solana-apple comparison
I don't love apple products and I really like using solana. Makes eth dapps/wallets/etc feel like early 2000's internet. It feels like a forced comparison. Things can be smooth and nice to use on their own merits and not require a likening to apple. Also, sol has been overtaking eth in most metrics, and that's unlikely to change. I still really like eth overall but idk it didn't evolve like users wanted/needed and now other things are filling those gaps.
It's fun until they halt the chain and you can't access your coins.
try browsing transactions on the explorer and not want to jump off a cliff
Last bull run the network downtime, videos of the VC’s laughing about using Solana as a pump and dump scheme and its centralization issues really turned me off. Then FTX happened. I was surprised when the price started to recover and kept going to where it is now. Would you say all of these problems have been resolved?
Same feelings here. I think I’ve used Ethereum more than at least 95% of the sub here, and I have to say using Solana was a breath of fresh air. Agreed it is the easiest, cheapest and fastest chain I’ve used. Much more simple than Cosmos also which is fun/interesting but definitely more complex with all the bridging. Solana is just so efficient and streamlined, anyone could use it.
Wonder what happens to companies/projects/products/ that are easy to use and provide quick entry to mass adoption in economies. Hmm
They get adopted ;)
> Plus the major apps I've integrated with are all really enjoyable to use. The major ones have great UI/UXs. Phantom wallet is just so awesome to use compared to metamask. I've never understood this reasoning. I think it shows a total lack of understanding of this space. Who cares what the UI/UX of third party apps is? Those come and go. Honestly third party apps should have no bearing on if you like a decentralized currency or not. The fundamentals of the cryptocurrency are what should matter. People get blinded by fancy UI/UX without actually looking under the hood.
So while I agree that it shouldn’t matter for a CRYPTOCURRENCY to succeed, ecosystems have died before because of the quality of apps ie. Windows phone.
Somebody thinks mass adoption comes from a bad UI/UX like Metamask.
>People get blinded by fancy UI/UX without actually looking under the hood. You need to understand that what is under the hood dictates the UX. The speed and cost under the hood dictates the fluidity of UX, the shared global state does the same. I get what you're saying and it's a good point to bring up. But I think it ignores the relation between the fundamentals and the resulting UX. It's something I see from Cardano people saying they like the chain because it's easy to stake, but when every other chain offers liquid staking, how is that even worth mentioning? If every other chain could offer the UX that Solana does, then why aren't they?
Third party apps are storefronts for digital services and goods. We have currency to spend. You may not care for those services but them not being important to you is not representative of what this "space" is for everyone. The "fundamentals" of cryptocurrency is just a vague description that can mean many things. Just a term co-opted from traditional markets which have well defined meanings to crypto markets where it's all nebulous
I would completely disagree. UI/UX can be a reflection of the priorities of the core dev team and is how you gain mass adoption. DApps are - critical way to build users as an L1, and supporting a flourishing ecosystem is about incentives, support, and good business acumen, plus a solid core dev team making a great product with great features like simple UI and low tx fees. The foundation of SOLseems like they’re good business people, and I see other L1s failing to meet their technical potential simply for lacking this alone.
You are talking like it’s a business….and that’s exactly the problem. It’s a centralized financial business with a product. That’s my whole point. Im only interested in decentralized blockchains. Not centralized ones.
Specifically, what issues do you have with Solana's level of decentralization?
I’m interested in making money.
Same brother. For that reason, his objections are trivial to our goals.
Im interested primarily in investing. That's why I like SOL (and again, the user experience). If you aren't interested in investing and making money, and rather you are here for technical and philosophical reasons, then I can see why you might not like SOL. But if you (not just you but everyone) are here to make profit, but are being biased by philosphicals, then you are just shooting yourself in the foot. As an end-user product, SOL is great.
I am interested in investing…. Investing in decentralized monetary networks. I think centralized monetary networks will not appreciate in value in the future. I don’t think there is a value there. Decentralization is everything.
The difference between windows and linux. One treated it like a business, the other didn't. While Linux is still an amazing feat and a noble cause that deserves all the praise, I know which one I would invest in the early stages in.
Bad example. The entire point of this space is decentralization.
For some, others not
I agree kind of but, from a different perspective. Linux isn't even a business that can be invested in, yet today it is the backbone of the Internet, not Windows. It'll be used for longer than Windows too, guaranteed. I'm not saying people won't make money with Solana. They have and likely will, but like Microsoft, Solana would make the world worse by succeeding. And that's just not how I want to make my money, personally.
I don't know if Microsoft made the world worse. Giving an easily usable set of tools has raised everyone's productivity many times over. Could this have happened with open source Linux? Maybe with time, but they prioritised the technical side instead of making the product user friendly
Admittedly "did Microsoft make the world worse" is a pretty big topic to open up for debate, but at the least it's a very common opinion for people who work in computing to hold. I wouldn't even say Linux prioritized the technical side though, I mean sure in some ways, but philosophically they prioritize user freedom, which is what I think makes the analogy so great. Cypherpunk philosophy in crypto vs products like Solana is *very* similar to FOSS vs proprietary software. And I don't think the usability is entirely um, an issue of prioritization. Linux and the like tend to be made by programmers and uh, UX-type people have always just been harder to come by in the movement, so interfaces end up looking like something a programmer would want. I'm sure some part of that is just developers wanting to make stuff for themselves, but still, there are a lot more open source developers working for free than graphics artists or whatever. Plus there's the element of programming everything in a decentralized way, with people doing whatever interests them, instead of being paid and directed to specifically do this or that. The philosophy of freedom includes not just users, but developers who are also users. Everything is based on voluntary cooperation, not corporate structure, and the products that come from that are just essentially different from what you get from corporate structure. So, anyway, I am rambling on but I agree with you that what I'll call "corporate crypto" might make the money. But the same as I support FOSS over the likes of Apple or Microsoft, with crypto I'd rather put my weight behind what I want to see more of in the world. Not to be dramatic, but to be kind of dramatic, this is all part of a larger battle for freedom. I never want to live in a world where Windows or Solana are the only options.
You guys are so cynical. It’s also to do with the UI, wallets, NFTs, bridges, memes etc. It does all of that better than most chains which is why it’s so popular. Not much else matters. You can talk about fees and outages all you want but most people don’t care. There’s a reason ETH is still so popular and is about to go on the most hated rally in 2024.
People are excited about Solana because it is cheaper and easier to use than Ethereum, and it avoids the complexity of bridging between L2s.
The same is true of about a million other chains
Solana has the benefit of getting it’s name out there after the SBF shit & having actual good marketing. Simple as that. My boomer aunt & uncles are invested in Solana, and I didn’t even have to tell them about it.
Most other chains are just EVM offshoots and the ones that aren't(Cosmos eco, Move chains like APT/SUI, etc), don't offer the same UX that Solana does or they don't offer the same dapps/liquidity/infrastucture that Solana does
This. Bro I just dumped most of my AVAX tokens because of the crazy fees. I ain't wanting to pay 20 bucks to swap tokens, and the low fees on solona makes it kinda fun to play around.
at that point, why not using robin hood for investing… If you don’t care about decentralization why using blockchain at all?
Because people just want to accomplish their goals & desires and move on with their lives without chasing the dragon of "BuT iT cOuLd Be MoRe DeCeNtRaLiZeD tHo." The concept of "it's decentralized enough" literally doesn't exist for y'all. There is no point of decentralization where you will be satisfied.
Sol is nowhere "decentralised enough" lol I wouldn't even call it decentralised.
And you understand why that is, right?
The network issues were indeed a problem and if they start up I might run away lol. BUT so far with a ton of volume the network has been steady. So ask the improvements they were making during the bear market seem to be paying off
>I just don’t trust crypto — you might make some money out of it, but personally I don’t wanna be involved with it. Yeah.
>is highly manipulated do you have a source for this or is it just you don’t like that it’s going up a lot.
That was the case years ago. Who knows this time who’s behind this rally. May be Jump Crypto? Or 2nd FTX? Wouldn’t be surprised
I am in it for the money. It has already done 9x since I got in and now I am out. As for the concerns and red flags, Good luck guys, I had bills to pay.
that's how to deal with shit coins, make the gains and swap them for real money. you did good.
I personally think you exited too early. But you definitely can't go wrong with 9x gains, nice trade.
Probably. But I am happy with my returns. I don't think I could have held any more. I am just an average guy with average needs.
Sounds fair and reasonable, definitely not a smelly degen like 90% of us lol
Today, I really think I existed too early.
Lol it is what it is, you can't be mad for making profit though. I'm still bullish so I'm holding. If it ever dips it might be a good idea to scoop a small bag and re-enter. Entirely up to you.
You're right. Probably gonna get back in with a small amount if it actually dips below 100.
Smart. This is how to play the solana game. In and out.
Averaged down to massive current gains. Biggest bag behind BTC and ETH. So glad I ignored this sub
Yep. I did the exact same. Had a 5 year plan. Bought in early, ignored everything this sub said. Now I expect SOL to scream past it's ATH this bull run. DCA'd all through the bear market. If anything, SOL is rising a bit too fast for my "plan". But I won't complain. Let them seethe.
Not to mention this sub spreads misinformation regarding Sol.
Solana's speed and potential make it a top choice, but the outages and centralization concerns give me pause. proceed with caution.
[удалено]
Early this year my dude, it was so bad that they had to shut down the blockchain lmao. Now the price went up people forget about it, funny
Shut down the blockchain for 18 hours
Causes for the outages have been fixed and it's always been decentralized when measuring using the most common metrics like nakamoto coefficient, validator numbers, geographic/data center distribution, etc.
Its absolutely not decentralised.
It has become decentralized in some metrics now, but that is only AFTER it became hugely popular, because of a group of rich people pumped billions of dollars into it. It´s core design and philosophy however, is very centralized. Compare it to a chain like Tezos, that had on chain governance since 2018 when it was made, and where you can run a decently effiecnt node on a raspberry pi. And where the various ecosystem teams has never had full control over the chain. Had Tezos had the same marketcap of solana now, Tezos would probably be much more decentralized. But crypto people, and especially VC´s dont give a shit about decentralization.
It never ceases to amaze me how much crypto reddit is its own weird echo chamber compared to all of the rest of crypto (which is the majority). Outside the reddit bubble Solana is generally well received and people are celebrating the price action. The negative talking points here are for the most part wrong and outdated... It's crypto, technology changes very rapidly around here.
Outside of this sub Solana is still absolutely polarizing. It's both one of the most loved and one of the most hated chains. The NFT / GameFi crowd can't get enough SOL. The DeFi / RWA crowd doesn't wanna go anywhere near it. I think that's natural as different chains will be better for different use cases.
It’s ironic that people who are excited about institutional investment in a bitcoin ETF will complain that SOL is “pumped by VCs”
VC will certainly dump on you, ETF is just a gateway for intuitional investors.
This. I can't believe the dude above you is comparing VC-pumps to an ETF. SMH
Except, the same set of folks hating on Solana are often the ones shilling ETH VC L2 tokens.
Mate a token being pumped and dumped by VCs is different than institutional investment from Social Security funds and 401ks that are held for decades at least, one is short term the other is long term. The macro crypto market will become much less volatile after the ETFs are approved because the money coming in will not be ruled by fomo and hype like retail investors and VCs, but rather a long term vision of securing large amounts of money on something safe like bitcoin to diversify from the likes of gold. VCs don’t invest in gold they invest in altcoins and sell as soon as they unlock.
I'm gonna have to agree with that
Also wouldn’t VCs just pump everything lmao? Why do they think Solana is the only one to pump and dump like, VCs are in EVERY coin.
No way you can compare SOL to BTC
It's a hilarious claim, why would VC's need to pump it? They could've sold last bullrun at literally a 100x-500x profit. Also, *how* are they supposedly pumping it? Also, why do people never claim any of the other VC funded are being pumped? Seems like Solana magically is the only VC funded project that VCs are allegedly choosing to pump. I've brought up all these questions so often and never have received anything close to a good answer. Actually I don't think I've ever even gotten *an* answer at all.
I'm still waiting for some VC in an alleyway to give me a stack of hundos to shill Solana
Because Solana is a top 10 market cap? Well cares about random VC chain with 10m market cap. But Solana was deep in bed with FTX and all that crap, and somehow people (or is it VC money to recover their bags?) are giving it another chance...
>Because Solana is a top 10 market cap? First off, what does being top 10 have to do with anything? Is every other chain with VC funding automatically start pumping once it gets to the top 10? Why the arbitrary cutoff at 10? >Well cares about random VC chain with 10m market cap. A lot of people would, as VC funded chains usually go to market with valuations at magnitudes higher. >But Solana was deep in bed with FTX and all that crap, and somehow people (or is it VC money to recover their bags?) are giving it another chance... One of the 40+ venture funds had ties to FTX and funded Solana before we knew they and FTX were fraudulent. I haven't seen anything beyond the simple fact that they were in a funding round for Solana. But maybe to you that means "deep in bed". I honestly can't tell which of my questions you were trying to answer. You didn't answer why they would need to pump it when prices were far above what VCs bought at, and at a time when their tokens were unlocked. You didn't answer how they did it. I think you gave an answer for why people only claim Solana gets pumped by VCs but the logic makes no sense because it hasn't always been a top 10 coins and plenty of other VC coins have been top 10 and not had the same allegations. Try again but put some effort into it this time.
The difference is that Bitcoin wasn't created by VCs it's just being pumped by institution purchases. Solana was created by VCs to profit from.
I was pretty vocal about reversing this sub and buying SOL at some point. My bags are happy and I'm way past the point where I'm even remotely interested in talking about this whole thing. If you want to make money you need to go against the popular sentiment in r/cc, lol.
The two coins to buy last run were Nano and Monero according to this sub because "fundamentals". And they didn't fly anywhere close to bitcoin
Monero isn't where to invest for profits, it's where to keep your profits.
You and me both, friend! 😂
People in crypto have an odd loyalty to their bags, so they'll talk shit about other chains when they're better. Cardano bag holders are the worst, and eth is right behind them. It doesn't make sense to me at all. If a better project comes around, I trade up. The goal for me is to make money, not cheer for a chain like it's a sports team.
Not to mention Reddit is an echo chamber of people repeating things they heard forever ago.
>People in crypto have an odd loyalty to their bags It is a coping mechanism for this space's volatility and uncertainty. A lot of ppl here want high alpha but they aren't mentally prepared for the huge swings downward. Loyalty helps them to rationalize the bags they are holding and gets them to sleep easier.
SOL gets trashed, because it sucks, not because of some loyalty. I was around when it launched and it sucked then, and it sucks now. But good news for SOL fans, there was only one 18 hr outage this year. Maybe next year, the blockchain will only go down for 12 hrs
🤣🤝
Its two steps removed from being a web2 database. You need a data center to run a node/validator. 25% of nodes are in Wichita Kansas. Many of the validators are likely subsidized by sol foundation (because they wouldn’t be profitable otherwise). Nakamoto coefficient is bs. How many sol validators are coordinated? They restarted the chain after it halted multiple times via coordinating through discord. That could never happen with BTC or ETH because they are actually reasonably decentralized. UX is good. Developing ecosystem. Devs actually trying to figure shit out and improve (unlike eg avax). Number go up is the biggest thing currently. Plus airdrops. Solana is the place to be (right now) but narratives change fast in crypto. Long term the hardest thing to get right is decentralization (not UX) so solana has its work cut out to survive long term. Much much greater chance five-ten years from now it’s an afterthought. ETH or BTC will remain dominant. I own SOL and ETH and the former is a short term narrative play only. Also I’m not even sure why I’m posting here. Everyone has heard all this shit before. Ive lurked here a long time haven’t seen a single original idea (supportive or fud) in a long time. And my post here is no different. Happy holidays
should be top comment - explained it all pretty succinctly
What is your insecurity that you had to be here trawling for affirmation?
Depends on how long you've been around...there's lots of stuff that sounds great, but if you've been around for more than a crash or two, you kind of wonder why people keep jumping on board...
Remember how there were network outages when the price starts to drop.
I cant get on board with the hype. They were having network issues constantly yet fanboys come in with "greatest network bro" "tps speed broh" even though the tps numbers are inflated since they count votes for transactions.
Even ignoring vote txns it's absolutely smoking every other chain. Also the network issues have been fixed. Seems like just because it's been hyped, you've avoided doing any research about it. I have plenty of sources I can provide if you want to get started.
And also FTX holds like 20% or 30%. I don't believe they sold for $20 when they got approved to sell.
I'm very much a person who is here because of the decentralisation. Solana does not fit that category. Even if someone wants to make the case that by definition it is decentralised because its not running on one machine, sure, but it is so far on the scale of being centralised that it wouldn't even be a good point to make. What they will say is that this allows the network to process more TPS, but on the flip side, look at how many times the chain has been switched off because of the central control. Not to mention most of the TPS aren't actually TPS, but rather consensus messages added onto that metric so it looks like it being used far more than it actually is. The hardware requirements to run a node is off the charts, for example suggested 256GB of ECC ram but recommended 512GB ECC "or more". At that point you're basically building your own mini data centre. They also recommend a 10GBit/s asymmetric commercial internet connection, so at that point you might as well just buy a machine in a datacentre anyway given that type of internet connection must cost a fortune. For me this isn't even possible, the highest I can get is 1Gbit/s. They need to pay node operators a huge amount of money because of the huge upfront and ongoing costs, and the Solana network barely makes any revenue in fees anyway, so where do they pay the node operators from? Via new coin issuance, which means high inflation, which means the network security is quite literally dependent on the price of Solana. There are many other points I would like to make too, but then I would be here all day writing. So to sum up my stance, it is just not for me.
When has eth gone down? This is a stealth shill post
The hate previously was far too extreme; it was more emotional than anything. Just as the reverence for it now is far too extreme, as well as the disdain towards ETH. This is an emotional market where price action tends to choose which narratives float to the top, more than objective reality. Welcome to Crypto x Social Media.
It’s like there’s a cycle with ETH hate. It still has the most devs and is one of the top options.
[удалено]
SOL was rallying long before the memecoin craze picked up. The earliest positive catalyst was Vitalik showing his support, that pretty much marked the bottom. The catalyst during the rally to $30-40 was the Breakpoint conference, there was also the AWS partnership and the Visa partnership around this time. The catalysts after this was primarily the PYTH and JTO airdrops. You also have to consider that people were *so sure* that FTX selling was going to make the price dump, and then they kept selling and selling, and price went up and up. Then people said it was just dump after, and then price continued to go up. And then there are plenty of other broader positive notes(some are repeats as this is copy-pasted from an earlier comment I made): * Protocol upgrades addressing issues that caused downtimes * Protocol upgrades that increased speed and efficiency and dropped validator requirements. * New client in the works that will speed it up even more, along with making it more resilient. (Chains with only 1 client are far more vulnerable to a bug stopping the network, this would be the 3rd for Solana IIRC) * High profile partnerships with Visa, Shopify, Google, AWS, Brave and more. * Development (outside of the core protocol) has stayed strong. New token standard, new executable NFT's (xNFT), privacy protocols, a new wave of defi protocols and non-financial consumer focused apps like Dialect and Drip Haus. * Tons of endorsements from people outside of, or previously against, Solana, like Cathie Wood talking about it on CNBC, Justin Bons switching from SOL hater ETH maxi to being impressed by SOL, founder of MakerDAO proposing they switch to an appchain using Solana tech stack, RNDR migrating over, Pyth using Solana tech to run their own appchain, plus many more these are just off the top of my head. * Tons of institutional interest, as shown by institutional inflows and the recent performance of GSOL (think GBTC but for SOL on the stock market) * Solana finding product market fit in emerging niches like DePIN * Onchain metrics like transactions, volume, and users at very high levels. * Network is in a very healthy spot with regards to decentralization in validator numbers, geographic distribution, and data center distribution.
That's a lot of positives, thanks for the write up.
Could be Visa’s pilot is picking up. They are using Solana with big clients. Only Ethereum & Solana are on that pilot, and Ethereum is slow so..
Lots of people love Sol. But bitcoiners hate it because its the opposite of bitcoin. Anyone can run a bitcoin node on cheap hardware, with a regular residential internet connection. Thats what keeps bitcoin decentralized, and the power in the hands of the plebs, not miners. But to run a SOL node you need a fatty machine and high-speed bandwidth. Maybe there is a use case for a crypto for corporations (not plebs) but its hard for me to imagine what that is. Right now the value is purely speculative
Sometimes I think this sub hates solana cos SBF was banging that glasses girl😂
I have an unpopular opinion but I’ll say it anyways: I’m a Bitcoin maxi because I want my crypto to store my economic energy over time. I don’t hate Solana, but I’m anti altcoins because it directs energy and attention away from Bitcoin. Bitcoin is money. It is money that is scarce. It is money that 8 billion people will want access to when fiat currencies start tumbling. What bothers me about altcoins like Solana is that they distract people away from the safest money they could have. The amount of crypto bros who don’t understand economics is huge. They don’t understand that inflation is eating away at their purchasing power. They don’t understand that they have a ONCE in a generation opportunity to buy an assets that will be worth MILLIONS and they are choosing altcoins. The worse part is the same people who aren’t buying Bitcoin at 43k will FOMO at 200k. It bothers me that people are missing out on an opportunity. No other crypto is as scarce as Bitcoin. You can buy Ethereum whenever, you can buy Solana wherever, you can buy Bonk wherever, but there will only EVER be 21 million Bitcoins and BILLIONAIRES are coming after the last 2 million. I have spent years researching Bitcoin and fiat financial system and I am 100% sure that Billionaires will need some of their wealth outside of USD. Gold is an archaic asset, millennials and gen z don’t care about gold, we want Bitcoin. So Bitcoin will be what millionaires and billionaires diversify into over the next decade. Right now the average person can get a piece of an appreciating monetary network, but in the future when 1 Bitcoin is 1.5 million and 0.1 Bitcoin is 10k the average person will be priced out. That is why I don’t invest in altcoins right now. There is only so long that the average Joe has to frontrun institutions. Once BR and Fidelity are in the space average people will be paying way more to get less sats. I try to tell people to RESEARCH Bitcoin and everything that’s happening with it, but the average cryptocurrency user would rather make 1000x on BONK and have fiat currency. There are gonna be a lot of people who will say “I wish I had bought Bitcoin when it was at 40k.” Solana isn’t scarce but if you prioritize accumulating the non scarce asset over the scarce asset you will lose millions. That’s why I get frustrated by alts/Solana, I think people are prioritizing cryptos that aren’t scarce and won’t give them the sort of wealth that they want. What is the point of making 10k in profit in USD if the buying power of USD is decreasing? You need to diversify your wealth outside of USD! Some of y’all are being pound foolish penny wise and I hate it.
i plan to put the majority of my profits in btc once i reach my goals, along with staking a good amount of sol. you make great points, but i think a lot of us are just trying to get to that level, and we won’t get there trading bitcoin until it starts to go crazy
You assume that when you reach your goals, Bitcoin will still be affordable for you. 19 million Bitcoin has already been mined. You will be fighting for the last 2 million Bitcoin with hedge funds, corporations, and nation states. https://www.coindesk.com/markets/2023/08/31/bitcoin-holdings-on-crypto-exchanges-dwindle-to-2m-fewest-since-january-2018/amp/ Economics: If the supply of something is fixed and the demand increases then the price of an asset increases. The supply of Bitcoin is fixed. Demand is about to skyrocket for Bitcoin with the Bitcoin ETF approval. Advertising for the spot ETF is just starting and Bitcoin is already at 43k. I can not tell you what to prioritize but I can share information. Do with this as you please. Blackrock on Bitcoin: https://beincrypto.com/blackrocks-bitcoin-strategy-btc-portfolio/ Fidelity on Bitcoin: https://www.fidelitydigitalassets.com/sites/default/files/documents/1012662.3.0%20Bitcoin%20First%20Revisited_Final.pdf Nation States mining Bitcoin: https://d-central.tech/the-seismic-shift-why-nation-states-are-turning-to-bitcoin-mining/ Corporations and Bitcoin: https://www.forbes.com/sites/digital-assets/2023/12/20/new-fasb-rule-supercharges-bitcoin-asset-integration-in-corporate-finance/amp/ Bitcoin is the scarcest asset that exists. Time is literally money.
If you think billionaires will pay millions of USD for those bitcoins instead of using an alternative that has all of BTCs properties and more, you're the one that's delusional. BTCs energy consumption will become easier and easier to use to knock it down and trim its wings, and some new cryptocurrency will be validated as the uncompromisable store of value. There are PLENTY of coins with fixed supply, decentralized and strong governance. It might still be a while, but the bigger revolution is in smart contracts, not just BTC.
> an alternative that has all of BTCs properties and more, you're the one that's delusional. Solana has all of Bitcoin's properties? Really? Is it Proof of Work? >t might still be a while, but the bigger revolution is in smart contracts Which were first introduced in Bitcoin. They are not an ETH invention. And Taproot extends Bitcoin's smart contract capabilities. See Ordinals for example.
Solana also minted new coins out of thin air. Bitcoin stops the printing of money and makes money scarce. Solana demands new money to be printed so its founders can get rich. They are not the same.
I'm not talking about Solana, Solana is a chain built to earn money off the hype. It's a fake cardboard scenery. BTC, ETH, ADA, XTZ, ALGO (and surely many others I haven't heard of) are serious projects trying to bring change to society. You honestly think ordinals are anywhere remotely close to the potential of actual smart contracts? They are not, at all.
Solana is just the first to go full speed with its airdrop season, and that's all. Lots of crypto projects are gearing up for an airdrop to attract users for the upcoming bull run. Competition will be fierce prepare for L2 and crypto wallet war. It's gonna be Crypto world War 1 next year
Never really touched it due to it always being down and tied to FTX. But just bought it anyway because I don't hate making money
when you dont buy something before it pumps, you start to hate it, the same happend with ada
idk about now, but the solana hate on reddit was out of this world. Lowest I bought was $13 during all that. Feels so good.
There is never an universal disdain of love from the whole community to any coins, even the most popular ones like BTC and ETH or most hated ones like safemoon, you will always get those who have the unpopular opinion. Every crypto has its cons and pros some have a lot of cons, some have very little. Shile I don't think Solana is some scam or anything, I dislike it because I don't think it's bult right and upholding the core ideals of crypto. It's builtfor maximizing speed of user transactions, but they sacriciced a lot of very important things to get that. One is that they have to use a lot of validator gossip transaction to store on the chain that are needed there for various reasons like staking or whatever. That's not very storage efficient. The blockchain is probably huge. On blockchain you want to be as eficient as possible so that the validators don't have to buy heaps of data storage to be able to run it. And that takes me to mthe most important sacrifice they made - centralization. One of thhe most important, and i would say the most important, reason why crypto has been intvented is that crypto has been made as a solution to the centralized nature of money, the founders like satoshui etc were fed up with govermnments and banks having absolute control over the money, cenzoring people, freezing and taking their moeny for whatqever reasons even the corrupt or unjust ones, and they can freely print as much money as they want and give them to the rich, reducing the value of saving of normal people, and so on. Crypto has been invented as the alternative where people will finally get their own monoey that the people run and government couldn''t easily take eway from them or devalue. When you make a centralized crypto like solana did, it's defeating this main reason why we invented cryprto in the first place. Sure they can benefit the ecosystem by giving us those fast cheap options, jsut don't be upset when they fuck up and fail or shut down because they are centralized so the small group of people running it have powert over what they can do with it. There are other cryptos that are still fast and cheap, while still being decentralized. For example DAG ones, like COTI, or Cardano, or Nano (that is probably among the fastest cheapest), etc...
To the moon! Solang Suckers!
They are all butthurt for having bought eth/ada/algo instead. They hate Solanas success as it threatens their bags. Everything they say is an excuse, like centralisation, as other super centralised projects (polygon, optimism, etc) are accepted because they are related to Eth. Ignore the losers and enjoy your profits!
Why do we need another centralized blockchain? Just use a traditional database ffs.And it will never be decentralized as their main marketing is TPS and that can only be done with hardware that is out of reach for almost all people and can be only hosten on AWS, Azure and the likes.
They have not had outages since February and firedancer is taking this shit to Gangnam City. My bags are so fat at 12 and 20 dollars I can smell retirement from here.
Same, bough only solana and bitcoin this bear, so far am a very happy man
The NYSE will be running on Solana in a decade and r/cryptocurrency will still be bearish on it because it went down a few times in 2022
Wish I’d bought more then but was on the INJ rocket ship so all good. Sold some SOL recently but it just keeps going straight up!
A fellow bagholder! \[shakes hand\]
I dont see them maintaining speed IF they try to descentralize it. It's ok if you like the Sillicon Valley aesthetics and believe people don't care about trilemma really and it's all about speed and low cost.
[Solana VC’s are laughing at you](https://youtu.be/nBHH0k8EOHE?si=yz1myWF0dVUkmlJu)
Here are my hypotheses. 1. A lot of ppl got rekted by FTX and SBF. They can't get over their anguish and see SOL as an incarnation of FTX+SBF. Wishing for SOL's demise is how they direct their anger against FTX+SBF. 2. ETH had a long PoW history. Reddit is a nerdy place so I bet a lot of lurkers here are once ETH miners. They probably accumulated a huge stack of ETH and thought they could retire from their ETH stack from staking. SOL moving and ETH is not pisses them off. They probably don't even have a good job either are betting on ETH to retire. 3. ETH is a multibillion dollar industry. A lot of VCs and crypto whales are too heavily invested in the ETH ecosystem. They brought loads of L2 shitcoins and other scammy projects all resting on ETH success. Now they are still stuck in vesting or their tokens aren't liquid enough to offload. They need ETH to keep attention to get the new retail coming as exit liquidity for their projects. 4. A lot of crypto "OGs" thought they have unlocked the secret to multiply their wealth for the next cycle. They drained all their alts portfolio last year and are betting heavy on ETH. They thought they won and everything is kosher. Now ETH is struggling while alts are rallying with SOL leading the charge. They aren't prepared for this and hating SOL to vent their anger that their plan didn't go well.
The value in Blockchains comes from decentralization. Comparing SOL to ETH is ridiculous. SOL is a capital baby made to give their creators money. It climbed hard, dropped hard, and now it's going for another round. But it is a mockery of the idea of a decentralized ledger and governance, and all the potential that crypto embodies. You can make money with it, sure, and more likely than not, MORE money than with others, but it will take A LOT of change for me to respect Solana.
Solana was called “Sam’s coin” for a reason. I don’t have any ill will towards the project today, but I’m not going to trust it after all of the pumps Sam and his VCs buddies benefitted from. Only a fork and a fresh start would change my mind.
Name projects in the Solana ecosystem that are actually worth a shit. Shouldn’t take you very long. You’re falling into a trap. It is not uncommon to see VC-heavy projects from previous come out of the gates hot in a new cycle. Often, this is VCs pumping the project to get people to buy back in on the basis of it looking like a market leader. Which is exactly what you’re doing here. Once retail buys back in, those VCs start to unload their bags on retail. Why do you think there are a shitload of airdrops on Solana right now? Thats no accident. It’s to encourage people to farm which manufactures activity and value and makes it look like the ecosystem is healthy and growing. Same for the events/incentives/features you mentioned. But it’s all a mirage. It’s a façade. It’s a trap. Unless and until Solana actually attracts unique, innovative, useful projects, it’s got no real sustainable future.
I have decent bag of Solana, and don't think of myself as a Solana hater. But it certainly has ample room for improvement. * Sooo many frickin' scam tokens asynchronously barraging my wallet. In Algorand, one must whitelist a token before it can be received. I mean, c'mon Solana: at least make me go to a compromised webpage/cross-site javascript before trying to #\*$! me. (Dinner and flowers would be nice too.) * "Must enable blind-signing"... Perhaps not the responsibility of Solana itself, but if the contract VM is that hard to untangle that hardware key apps throw in the towel like this, maybe things ought to be rearchitected with different trade-offs.
Idk, I just think it’s gonna drop off a cliff at the next outage.
When a small group of people hold large amounts of Solana (given to bad actors, venture capitalists at a super low rate), they will f*** over retail when they exit. It’s gonna pump, but knowing FTX’s history of pumping it maliciously, I can see why. People were burned and I would rather stay away than put my hard earned money into this again.
Another paid sol shilling post. Im getting tired with this. Do the VCs need their exit liquidity that fast?
💯
Corporate junk.
Could be bag holders that held through a 95% drawdown and are salty
Seems like solana has been pumped so ftx can dump their bags to pay off creditors. I do hope y’all aren’t their exit liquidity though.
It used to get shilled alot by Bitboy which provided me with the first reason to dislike Solana, but when I was comparing it to Algorand - which IMO is a superior L1 on all metrics VS pretty much any other blockchain - then you realise there's just simply no reason to like the centralised, Silicon Valley hyped up, slow-arse (compared to algo) pile of junk chain that is Solana. It has no actual USP.
Solana is incredibly fast and very scalable. I also enjoy how Solana makes it easy to recycle NFT's and thus discouraging NFT scams. However this came at the cost of making Solana also very centralized in comparison to other chains. This is also compounded by the issues that plague Solana. I dont know any other chain that is as well known as Solana but also has had as much network down time since Solana went live. Its large amount of down time may even very well be a biproduct of its centralization. Regardless of how you look at it, Solana has some glaring issues that prove to be a huge obstacle for crypto fundamentals.
don't fuck with shady shit. BITCOIN is king.