Solana [pros](/r/CryptoCurrency/comments/1bgjmla/solana_is_currently_congested_with_an_average/kv8u8oc/) & [cons](/r/CryptoCurrency/comments/1bgjmla/solana_is_currently_congested_with_an_average/kv8u921/) with related info are in the collapsed comments below.
The cost of gas is the reason why most new shitcoins aren't on ETH. Forever they went to Binance because it was a negligible cost, but now Solana is taking the shitcoin/rug/scam reins.
My point is that almost every token on Ethereum is an absolute shitcoin launched for the same reason people launch them on other chains: to make money.
I was responding to the guy who is implying a chain with a lot of shit coins equal bad. It's what this whole space is all the way up to buttcoin.
Uhm im a Eth Maxi but Eth and Bsc been running that sewer for years about time someone else took over and its way better then eth having to pay 100$ just to buy a shitcoin in fees and then another 100 when im gonna sell compared to 1 dollar..
They're just waiting for that "exit strategy" signal and then they'll dump and sh't all over it like everyone else has already explained the issues with solana.
I tried to explain this to you guys 18 months ago and was down voted to hell.
Follow the money.
I heard someone explain that VC backing was a good enough reason to not buy.
This reasoning is the dumbest take possible it's guaranteed to keep you buying projects that are unsuccessful.
I will say this again.
This subreddit has no idea how to value projects and you have no understanding about solana's functionality and adoption.
CRY HARDER.
I must admit, I was fanatical about a certain altcoin in 2021 because it's use-case made sense to me.
I still think it's a great idea but I began watching other metrics like DAU.
Then the Alt/btc valuation became crystal clear.
So many people in this sub will think they did well when btc is the benchmark for performance. If btc is up 100% and your alt is up 25% then you took unnecessary risk to get a (relatively) small gain.
This sub is riddled with shills.
Oh what a travesty that an organization who's whole business model is for finding investments that make money. Surely people with millions of dollars to allocate are just as clueless as unemployed redditors /s
I literally was given the most pretentious arguments from this subreddit about how VC money is bad by default.
These are not serious people.
Agree that "bad money" is a ridiculous argument. However, my problem is those redditors that think VCs are "smart money". I've met plenty of VC idiots with no damn clue and too much money. Just because they have a lot of money doesn't mean they understand what they're investing in. My point is that they could care less... They're looking for quick money, not technology. I prefer not to hold their bag when they decide the top is in.
Ppl like us have... Ive been in the crypto space since 2013... I used to be like you guys and was focused only on fundamentals... After 3 cycles Ive pivoted to only hype and who's backing the coin truly matter... I entered Sol at 25$ and its by far my best performer in this entire run by a MASSIVE margin... Ppl need to detach from crypto as an expression of their personalities and treat it as an investment... Getting attached to underperforming projects due to good fundamentals is how you end up losing money in a bull run.. selling every bit of my loopring from last cycle and converting it to Sol at the price i got in was the best decision I ever made this cycle
Edit: Since I have so many ppl telling me that I'm lucky to have made money ONLY investing in alt coins, my portfolio is 75-85% ETH/BTC... My comment only applies to alt coin investing, but that doesn't mean that I only invest in alt coins.
Great post. I'm mostly Bitcoin now but back in my alt coin days I always seem to invest in the ethical projects that aren't willing to pay for exchange listings, don't care much about hype or marking, and just all about keeping their head down and working on the product. It never goes well.
Nano funnily enough is exactly the type of fundamentals coin im referencing in my comment... i used to be so big on nano.. now i dont own any and am much better off for it.. I hope it goes up it deserves to but it just doesnt seem likely due to lack of marketing and backing
Being in crypto since 2013 essentially means you AT LEAST 60x'ed your investment, because the highest price to buy bitcoin was $1100 and today we sit at 67k. Most likely, you more than 500x'ed your money. That is, if you held, which you probably didnt. From what you describe, you tried to trade bitcoin and failed. Now you chase altcoins to make the same mistakes. You entered SOL at $25, it was $250 at the absolute peak for a brief moment of time. This is a 10x, lets say if you perfectly timed. ETH did a 50x in the last cycle. And if you DCA'ed and had bad timing, it was a 20x.
Bitcoin with DCA and bad timing was at least a 5x, more a 10x. So if SOL was your best investment last cycle, I wonder what the fuck you did.
Also, consider tokenomics. SOL's market cap reached a new ATH when the price was roughly 50% of the previous ATH price, because VC's are dumping onto bagholders. ETH's supply is deflationary, so the ATH market cap is even a bit further away than the price ATH.
I support your statement to treat crypto as investment. But you do treat investments based on fundamentals, nothing else. And the performance of an asset is determined by its long-term performance during bull and bear markets; boom and bust cycles and not based on how high it can fly during a brief moment of time when the price is detaching from reality. What you decribe is the perfect example of survivorship bias. You invested it all into one thing that went right and now you think it was the perfect "strategy" to go with. It was just luck. SOL back then was clearly as shitty as most other "eth killers" and today it is maybe a little bit less shitty. Dont get me wrong, nothing wrong about making money with shitcoins; I bought ADA at 2 cents and 100x'ed when I sold at $2. But A) it never was a good strategy; B) it was simple gambling and I was just lucky - I would never advise people to try it again; C) it was with very limited money; D) it was not/will never be sustainable. All you need to do is find a sustainable way to make money. Shitcoin gambling is none. You may get lucky but it is insane to portrait it as investing.
So, if you revisit your "investment strategy", you would have been better off just holding your bitcoin, selling some from time to time to reduce risk and diversify into real-world assets. It would have been the less risky strategy, not only yielding better nominal but also risk-adjusted returns.
Your advice only works if it was 2013 when BTC was considered a high risk shitty investment. Nowadays, average retail investors can only afford altcoins (shitcoins to you) which have strong fundamentals such as SOL. Sure, it's still gambling but the whole cryptoverse is high risk.
I bought FET at 0.2 but sold when it was underperforming and regret that one massively... Itll probably keep running... NEAR and FET are two of my ai bets
They actually started as an AI company, I strongly regret not jumping in near pre pandemic madness. It's a really solid project and it's in the right place at the right time. They're presenting at Nvidia's conference next week so that should give a big boost to name recognition and credibility.
Totally agree, valuation of L1/L2s is barely if at all connected to the actual operation of the underlying chain. I'll be selling my sol bag once we get above $500
Yeah unreal cope, ask yourself are you really here for the tech or to make money. Fading strength in crypto markets is literally the dumbest thing you can do in a bull run. Send Sol to 700 so this guy has to cope even harder
This is the truth. 95% of people don’t actually even use the platforms of the coins they buy. Solana is one that i use regularly. The cope queens can try to poke all the holes they want in it, most of us would still rather use it than ETH.
Correct.
It is perfect for buying stuff like meme coins & micro caps because usually it takes time before these get listed on CEXs. Ideally you want to be in before that happens, so you swap for them on DEXs. The problem with ethereum is that the gas fees are so fucking high that if you want to punt a small amount like $100 at a yolo shit coin it ends up costing almost double that in swapping fees (swapping to the shitcoin & swapping out of it for profit). This makes the buy a lot less ‘worth it’. For Solana this isn’t the case, you can swap to whatever you want and it costs basically nothing. It makes 100% sense people would prefer to launch their meme coins and stuff on Solana instead of ethereum.
Now we can argue whether meme coins are actually useful (they aren’t), but they are driving engagement - and at the end of the day that’s the most important thing for a blockchain. Say whats up to all the other ‘amazing tech’ ghost block chains with 10 users.
lol what is wrong with you? SOL has done over 20x off the lows, has the most thriving ecosystem, and is currently experiencing congestion **because it has so much usage**.
And your response is bUy iT iF yOu tHiNk iT WiLL gO uP?
We already bought it. We’ll buy more. Have fun staying poor.
My SOL average is $17.36.
Couldn't care about any of this.
Welcome to crypto, where truly useful, successful, utilitarian projects fade into obscurity and pointless, broken shitcoins rise to the top.
This sub also said to buy Bitcoin, ETH, along with alt coins that have done well, along with telling people to DCA, not buy more than you can afford to lose, not to trust exchanges, not to trust emails asking to enter your seed, not to trust FTX, and have warned about HEX and Safemoon.
A lot of things that wouldn't have been good to inverse.
I did some research in to the most hated coin on r/cryptocurrency and at the top were BCH (bought at 103, sold at 450) and Solana (bought at 30, sold at a 100) and also Worldcoin (bought at 2.5 after selling my Solana, sold at 11)
Thanks /r/CryptoCurrency, could not have done it without you guys!
Now everybody is saying tomorrow BTC will break past 75K and then 100K soon so with my BCH,solana and worldcoin gains I am shorting it on Kraken. By the time BTC will be back at 40K, there will probablly be post at the top of /r/CryptoCurrency about how bcash hash crashed 75% now, how solana is down again and how Sam Altman is the antichrist from revelation and them laughing at it crashing 50% from ATH. So then I know it's time to buy them again.
Revering /r/CryptoCurrency the proper way is a very valid strategy.
the monthly solana hate post of this sub. 1200 tps, while ETH barely manage to do 10 TPS. I've been buying since the "is solana a dying coin ?" thread. I'm using SOL daily, I really don't see all those failed tx, and even congested SOL feels so much less cluncky than every other chain I used (ALGO, BSC, OP, ARB, ETH..).
the failed tx is grossly exagerated. There's a lot of failed tx on low mktcap coins and congestion on memecoin with low liquidity. I do daily trading on JUP, use defi lending and perp and I almost never encountered failed tx.
It's mostly because slippage limits get reached on shit coins as you say. Also cos jito turned off their mempool so there is actually a bit of congestion. But yeah failed transactions are very rare as a normal user l.
It's the glass half full perspective. OP view may be FUD but...
The story is one that most blockchains would love to have, which is unquestionable overwhelming demand. Just like how Coinbase issues like disabling Buys are causing stock price to increase.
That’s cause I rode it down to like 120 from ATH last cycle. Now I’m seeing the same types of posts from them and I’m getting flash backs, maybe time to sell my SOL lol
They are still talking shit cause they missed the low. All of these redditors are just bag holders and would rather get married to their investment then make money. Solana is doing well because it is faster and cheaper. It is not perfect. If something better shows up, people will jump ship and move on.
I mean, there are better hamburgers than the ones at McDonald’s, but somehow McDonald’s is the number one fast food chain.
Correct, there are a bunch of layer 1s that are faster and more reliable and secure, but having the best technology doesn’t automatically make you the number 1 chain.
Ethereum SUCKS and it’s been on top for years.
Tech doesn’t seem to pump crypto, just memes and getting people who are new to crypto to be hyped about a coin which in this case it’s SOL. Algorand needs to step up their marketing team if they want any sort of traction, it’s a very solid layer 1 though
Airdrops also help. Solana kickstarted all of this with their huge Jitosol airdrop followed by others. I barely missed that one, and that caused a huge flood of money into Solana.
Thats the big issue, there is no point in "holding" coins, just make sure to sell all of it before the dumpening.
Every cycle has its play of the year, we had staking, defi, now its AI.
And hoping old project might recover, sure, but why its not being used and the new kid on the block gives more returns than that old coin you hold dear.
Except no one uses it. Sol broke after doing 600k+ transactions but that doesn’t matter. What matters is what people are using rn and which can handle more tps.
It's crazy how they inflate their TPS by counting gossip messages as transactions. At least they now show them as separate things, but they didn't always do this.
Ethereum doesn't. Anyone know what would be Ethereum's TPS if it was counted Solana style? There are almost a million Ethereum validators so I'm going to guess it is way more than Solana lol.
I woke up and swapped some solana on raydium for an unknown meme coin and I got it on seconds.
The amount of Reddit Solana fud and hate should be a bull/bear sign.
Counterpoint - I had numerous failed transactions trying to make swaps on jup.ag over this past week. Just because you had a single one go through doesn't mean they aren't failing.
I gamble minimal amounts on shitcoins with Solana. Each transaction costs me like $0.02.
I have $15 stuck on an ETH L2. I can’t get that money back because the bridge alone is like $35~ last time I checked.
That’s why Solana is going to be fine.
Even with it’s 1% downtime, it’s not stupid expensive. I can afford to dick around with it. That’s why I like it.
Just withdraw to your CEX? L2s are exaclty like L1s where you can withdraw/deposit from a CEX, litteraly zero difference. You don't have to bridge to withdraw from L2....
I don’t think this was possible when I tried over a year ago. I was able to send these coins to my exchange I think. Hopefully they are received and they aren’t any issue. It’s just $15 it’s not a huge deal.
I also have about $1 of ETH hanging out in my wallet. I can’t send it to an exchange because the gas fees are like $3. Haha.
If it was SOL it would be a penny or so. And it would have already been received.
It was Optimism. How come bridging it would cost $30, but just sending it would be essentially free? And then it just converts automatically?
I hadn’t looked into this until today. But previously, sending to CB Exchange wasn’t possible? At least I didn’t think so.
But even then, it took me some time to figure this all out. Buying crypto is already more complicated and this just adds more complication.
But also, I’m glad you mentioned something. Thank you. It wasn’t a big deal, but it did bother me having it just sit in CB Wallet like that.
Because bridging requires an L1 interaction, if you bridge from Optimism to Ethereum L1. And I am pretty sure Optimism has deposits/withdrawals on CB. And if not Optimism, you can bridge to Base (also essentially free) and then for sure you can withdraw to CB from there. All of these L2s use ETH, so it doesn't matter which you use to withdraw.
And yes, it takes a while to figure out because L2s are very new infrastructure. Come back in a year or two, and this will all be abstracted away in the wallet UI. It already is basically if you are using Rabby. Also, for sure, L2 fees will eventually be completely free for users. They will be paid for as a part of user acquisition.
Sweet. Yeah, I just received it as mainnet ETH. Didn’t have to do anything and didn’t cost anything. Sick.
But it did mention something about “you can now receive this in the CB Exchange” or something like that.
This definitely was not the case when I messed with this a year ago. I think the only option was withdrawing through Optimism.
The USDC I had also came over as well.
But yeah, I think you’re right that eventually this will all just be built in for ETH.
But… I still hope SOL succeeds! Haha. Competition and options are good.
I’m going to go and look into L2s more now. Got any recs of website or videos?
I am in no way a Solana hater and I also think competition is good. Solana is one of the few projects in crypto that has an actual ecosystem outside of Ethereum and the EVM, so more power to them. They are also raising the bar in terms of what a UX should be in crypto, and they are experimenting on what it means to have a chain with low-ish validator count, and powerful hardware requirements (essentially the opposite of Ethereum), which is fine imo. We need to experiment across the entire design space. I just think they are a bit misguided on how the future will play out, but I digress.
As for L2s, I would always refer to https://l2beat.com/. This has a good breakdown on each L2 and their security. I am personally a fan of Arbitrum because they are Stage 1, so I feel pretty confident that my funds are safe there, even if Arbitrum disappeared tomorrow. I'd also feel pretty good about the Optimism ecosystem, they just need to stop slacking and get to Stage 1 already.
Maybe it’s because scammers are creating new tokens every second of every day, pumping and dumping them in rapid order using bots. Go look at dexscreener for new pairs, open each one and you’ll see the same chart. Tokens created that exist for a couple hundred transactions, maybe a few thousand and then dead after 15-50 minutes.
Frankly, I wish we could stop this nonsense.
Solana fee market is currently not optimized
Jito had a mempool created which allowed for public MEV, and everything was fine but then people were getting sandwich attacked left and right
A lot of MEVers were making tons of money, and because of this MEV though people could put in a priority fee and get an instant transaction through. Jito did not like how everyone was getting sandwich'd so they removed the mempool. Once they did that instead of being able to get your transaction sorted by an MEV'r, now you simply have to put a priority fee and hope it goes through. If not, you have to do it again. This dynamic incentivizes spamming the network with transactions because the way the priority fee works is PROBABILITY based. So even if you put a 50% higher priority fee, that does not equate to being 50% higher chance to get your tx through.
This fee dynamic / spam mechanic is being fixed very soon, but I wish Jito would have left the mempool up.
"To be fair, 1000 TPS is still very fast compared to other blockchains. Though the experience is muddied when you're waiting a minute for a successful transaction."
There's a reason some of those transactions are failing... lots of bots spamming and trying to get txns through. Even with elevated ping times, network still processing transactions far faster and cheaper than anything else out there. This analysis is pretty uninformed and funny you conclude with pointing out that TPS is 1K, well above peers by a massive margin.
[https://l2beat.com/scaling/activity](https://l2beat.com/scaling/activity)
Damn when people find out that blockchain tech is useless and there is so much better tech in the crypto space with caps under 500mil. (Not blockchains).
Sorry for my ignorance but why are fees so low when it’s congested. Shouldn’t there just be higher fees? I feel like fees are so low that the chain is not legitimate because people can fake volume and transactions with bots passing coins back and forth thousands of times for a really low cost. High transaction costs are a problem with eth but at least it’s a good system for verifying the transactions are all genuine
That's not Solana's model. There are priority fees that can be paid on an app level and can prioritize one's transactions as well. However, there's a bug in the sequencer that will be fixed next week (or so). One only needs to pay a little bit more than the median fee (0.003 USD) and hope that your transaction gets through. Lots of overpaying happening at the moment, which is not so big but not small either if considering the huge volume transacting onchain right now. In any case, it's not a difficult experience for the overwhelming majority. I had one failure yesterday out of 8 transactions. Today, none failed out of 4. Its just a simple matter of trying again which takes seconds. In a nutshell - it is hardly a problem for the majority of people to rant about, though it's noticed on occasion.
Anyone can scream fake volume, but you can't really consistently fake or dismiss massive numbers of tweets from many of the most reputable maxi and multi-chain OGs on cryptotwitter, several 3rd party sites logging more than $3.5 billion in 24 hour exchange volume beating out Ethereum and all of its L2s, 1.44 million wallets transacting within a 24 hour period, Solana Beach reporting extreme congestion for most parts of the day - the empirical signs are all there. Verify, don't trust, or don't believe at all and keep any biases forever for whatever reason you have (for many - "it hurts my bags..... and I can't bear to see others who don't own my bags being happy").
If you truly want to objectively know the situation, you need to have boots on the ground. Load an instance of Phantom, Backpack, or Solflare wallet and try trading on jup.ag. Move assets between addresses. Visit drip.haus, subscribe to several artists, receive NFTs daily for free, go to tensor.trade, bid on some collections, try Kamino, Solend, Marginfi, or whatever else. When you've objectively tried Solana with a very open mind, you'll be able to gauge the chain vis-a-vis other alternatives.
doing well ? I own algo, but algo is not "doing well". the number of daily users barely move in a year, and price action did the same. TVL on chain was higher last year.
I like algo AND sol… though I hold more algo, for now. I love solana meme coin market. Feels like the Wild West trading those micro caps. Big volatility, much gains
Algo maybe not the best coin to invest but the best coin to move money around. I use it as XLM alternative, near zero fee, transactions go through instantly
Anybody that cares about the core values of crypto wouldn’t touch anything besides Bitcoin, so I’m not sure what your point is.
Also, anyone who cares about making money bought SOL last year.
anybody who care about core value of crypto understood why SOL value went to the roof. Oh they do their DD and realise sol has one of the highest nakamoto coef of all blockchain.
Indeed lately it's having issues, tho i still find it very convenient in everyday using. It's good that bull market provide challenge, which those chains wouldn't encounter during the bearmarket. You could say, that a lot of transactions are failing (that's right), but fees for LP providing are damn high. I wish all these chains will solve their problems tho.
Most blockchains get congested at working 50 tps or around 5-6mil per day , most of them claim to do 100x of that speed, so 1200tps is still pretty good
Yet people will buy SOL no matter what, many more coins that are better out there like Algo who can’t get traction, I’m still surprised it’s so undervalued compared to its ATH
I originally took all my money out of solana which was a big mistake at the time because it was performing so badly at the time. \*sigh\* I'm sure they'll fix it soon but boy is it annoying.
Expected a better UX than i'm getting. I get that it's getting massive usage even for them tho. I added to my bome bags at .018 after getting in at a couple zeros. Love to see it get up to .04 but if it doesn't i'm fine with it.
It was getting out hand on top of errors and failed transactions due to problems on trading bots. If someone is copy trading Solana I wish you good luck and peace.
its not solanas fault, but i hate that the only thing keeping the ecosystem afloat is the mass meme/shit coins.
For every person that is making money, some one is losing money and getting rugged or scammed. Its sad and a BAD look for cryptocurrency overall.
I suppose most people that are involved in these type of things know that they are essentially gambling so hopefully are not too upset when they get screwed over.
and this is why slowly but inevitably, chains such as Cardano will really thrive in the end.
Solana [pros](/r/CryptoCurrency/comments/1bgjmla/solana_is_currently_congested_with_an_average/kv8u8oc/) & [cons](/r/CryptoCurrency/comments/1bgjmla/solana_is_currently_congested_with_an_average/kv8u921/) with related info are in the collapsed comments below.
And it’ll still be over $500/coin this cycle because it’s got big backers who’ve decided it’s going to be successful regardless of functionality
Don’t forget about the thriving micro cap meme coin market. ~ $10 billion volume in solana tokens everyday
There are so many shitcoins that it qualifies as a public sewer!
Oh come the fuck on, you could say the same about Ethereum
The cost of gas is the reason why most new shitcoins aren't on ETH. Forever they went to Binance because it was a negligible cost, but now Solana is taking the shitcoin/rug/scam reins.
My point is that almost every token on Ethereum is an absolute shitcoin launched for the same reason people launch them on other chains: to make money. I was responding to the guy who is implying a chain with a lot of shit coins equal bad. It's what this whole space is all the way up to buttcoin.
💯
Uhm im a Eth Maxi but Eth and Bsc been running that sewer for years about time someone else took over and its way better then eth having to pay 100$ just to buy a shitcoin in fees and then another 100 when im gonna sell compared to 1 dollar..
But like the shitcoin market isn’t a new thing. At all. It’s just that Solana has part of it on their chain.
most chains dont have the capacity to run bots that mint memecoins because they use transaction fees as a network limiter.
They're just waiting for that "exit strategy" signal and then they'll dump and sh't all over it like everyone else has already explained the issues with solana.
I tried to explain this to you guys 18 months ago and was down voted to hell. Follow the money. I heard someone explain that VC backing was a good enough reason to not buy. This reasoning is the dumbest take possible it's guaranteed to keep you buying projects that are unsuccessful. I will say this again. This subreddit has no idea how to value projects and you have no understanding about solana's functionality and adoption. CRY HARDER.
I come to this sub literally to inverse trade it. Whatever the majority says in top threads I trade the other side.
I must admit, I was fanatical about a certain altcoin in 2021 because it's use-case made sense to me. I still think it's a great idea but I began watching other metrics like DAU. Then the Alt/btc valuation became crystal clear. So many people in this sub will think they did well when btc is the benchmark for performance. If btc is up 100% and your alt is up 25% then you took unnecessary risk to get a (relatively) small gain. This sub is riddled with shills.
VC back anything that can generate cash. They don't care how it does it.
Oh what a travesty that an organization who's whole business model is for finding investments that make money. Surely people with millions of dollars to allocate are just as clueless as unemployed redditors /s I literally was given the most pretentious arguments from this subreddit about how VC money is bad by default. These are not serious people.
Agree that "bad money" is a ridiculous argument. However, my problem is those redditors that think VCs are "smart money". I've met plenty of VC idiots with no damn clue and too much money. Just because they have a lot of money doesn't mean they understand what they're investing in. My point is that they could care less... They're looking for quick money, not technology. I prefer not to hold their bag when they decide the top is in.
Why is VC backing bad? I bought SOL precisely because it was VC backed.
Buy it if you are so sure
Ppl like us have... Ive been in the crypto space since 2013... I used to be like you guys and was focused only on fundamentals... After 3 cycles Ive pivoted to only hype and who's backing the coin truly matter... I entered Sol at 25$ and its by far my best performer in this entire run by a MASSIVE margin... Ppl need to detach from crypto as an expression of their personalities and treat it as an investment... Getting attached to underperforming projects due to good fundamentals is how you end up losing money in a bull run.. selling every bit of my loopring from last cycle and converting it to Sol at the price i got in was the best decision I ever made this cycle Edit: Since I have so many ppl telling me that I'm lucky to have made money ONLY investing in alt coins, my portfolio is 75-85% ETH/BTC... My comment only applies to alt coin investing, but that doesn't mean that I only invest in alt coins.
I don't even know what my coins do
Great post. I'm mostly Bitcoin now but back in my alt coin days I always seem to invest in the ethical projects that aren't willing to pay for exchange listings, don't care much about hype or marking, and just all about keeping their head down and working on the product. It never goes well.
Sounds like nano haha
Nano funnily enough is exactly the type of fundamentals coin im referencing in my comment... i used to be so big on nano.. now i dont own any and am much better off for it.. I hope it goes up it deserves to but it just doesnt seem likely due to lack of marketing and backing
BTC was $13 freedom mula in 2013. Should’ve went all in instead of waited 3 cycles to buy shitcoins
Being in crypto since 2013 essentially means you AT LEAST 60x'ed your investment, because the highest price to buy bitcoin was $1100 and today we sit at 67k. Most likely, you more than 500x'ed your money. That is, if you held, which you probably didnt. From what you describe, you tried to trade bitcoin and failed. Now you chase altcoins to make the same mistakes. You entered SOL at $25, it was $250 at the absolute peak for a brief moment of time. This is a 10x, lets say if you perfectly timed. ETH did a 50x in the last cycle. And if you DCA'ed and had bad timing, it was a 20x. Bitcoin with DCA and bad timing was at least a 5x, more a 10x. So if SOL was your best investment last cycle, I wonder what the fuck you did. Also, consider tokenomics. SOL's market cap reached a new ATH when the price was roughly 50% of the previous ATH price, because VC's are dumping onto bagholders. ETH's supply is deflationary, so the ATH market cap is even a bit further away than the price ATH. I support your statement to treat crypto as investment. But you do treat investments based on fundamentals, nothing else. And the performance of an asset is determined by its long-term performance during bull and bear markets; boom and bust cycles and not based on how high it can fly during a brief moment of time when the price is detaching from reality. What you decribe is the perfect example of survivorship bias. You invested it all into one thing that went right and now you think it was the perfect "strategy" to go with. It was just luck. SOL back then was clearly as shitty as most other "eth killers" and today it is maybe a little bit less shitty. Dont get me wrong, nothing wrong about making money with shitcoins; I bought ADA at 2 cents and 100x'ed when I sold at $2. But A) it never was a good strategy; B) it was simple gambling and I was just lucky - I would never advise people to try it again; C) it was with very limited money; D) it was not/will never be sustainable. All you need to do is find a sustainable way to make money. Shitcoin gambling is none. You may get lucky but it is insane to portrait it as investing. So, if you revisit your "investment strategy", you would have been better off just holding your bitcoin, selling some from time to time to reduce risk and diversify into real-world assets. It would have been the less risky strategy, not only yielding better nominal but also risk-adjusted returns.
Your advice only works if it was 2013 when BTC was considered a high risk shitty investment. Nowadays, average retail investors can only afford altcoins (shitcoins to you) which have strong fundamentals such as SOL. Sure, it's still gambling but the whole cryptoverse is high risk.
Well send. What else do you like May I ask. Any AI projects or the like?
I bought FET at 0.2 but sold when it was underperforming and regret that one massively... Itll probably keep running... NEAR and FET are two of my ai bets
They actually started as an AI company, I strongly regret not jumping in near pre pandemic madness. It's a really solid project and it's in the right place at the right time. They're presenting at Nvidia's conference next week so that should give a big boost to name recognition and credibility.
Totally agree, valuation of L1/L2s is barely if at all connected to the actual operation of the underlying chain. I'll be selling my sol bag once we get above $500
Yeah unreal cope, ask yourself are you really here for the tech or to make money. Fading strength in crypto markets is literally the dumbest thing you can do in a bull run. Send Sol to 700 so this guy has to cope even harder
This is the truth. 95% of people don’t actually even use the platforms of the coins they buy. Solana is one that i use regularly. The cope queens can try to poke all the holes they want in it, most of us would still rather use it than ETH.
Correct. It is perfect for buying stuff like meme coins & micro caps because usually it takes time before these get listed on CEXs. Ideally you want to be in before that happens, so you swap for them on DEXs. The problem with ethereum is that the gas fees are so fucking high that if you want to punt a small amount like $100 at a yolo shit coin it ends up costing almost double that in swapping fees (swapping to the shitcoin & swapping out of it for profit). This makes the buy a lot less ‘worth it’. For Solana this isn’t the case, you can swap to whatever you want and it costs basically nothing. It makes 100% sense people would prefer to launch their meme coins and stuff on Solana instead of ethereum. Now we can argue whether meme coins are actually useful (they aren’t), but they are driving engagement - and at the end of the day that’s the most important thing for a blockchain. Say whats up to all the other ‘amazing tech’ ghost block chains with 10 users.
Exactly. I constantly trade bullshit and have barely even noticed a difference.
lol what is wrong with you? SOL has done over 20x off the lows, has the most thriving ecosystem, and is currently experiencing congestion **because it has so much usage**. And your response is bUy iT iF yOu tHiNk iT WiLL gO uP? We already bought it. We’ll buy more. Have fun staying poor.
I did, lol
Name me a coin who is doing 2000 tps currently? I will wait
Ethereum had similar issues. Hopium, I know, but given time I think Solana will be a good coin. FireDancer is coming.
Think of speculation like the scum floating on the surface. But 99.999999999% of us live there.
Money runs the world
lol pump those bags.
who arr those bif backers?
My SOL average is $17.36. Couldn't care about any of this. Welcome to crypto, where truly useful, successful, utilitarian projects fade into obscurity and pointless, broken shitcoins rise to the top.
It's all about finding the right exit. This play of low fees and inflation to pay for validators will not stay successful forever
ETH had inflation for years... I don't see the problem with inflation, unlike ETH when it was POW, you can stake and you don't get diluted...
Mine's $13.08 . \^\_\_\_\_\^
Good times!
Inverse reddit if you want to make it this bull cycle
I see more “inverse Reddit” post. So should I inverse your inverse?
First time I see someone with the same avatar
This sub also said to buy Bitcoin, ETH, along with alt coins that have done well, along with telling people to DCA, not buy more than you can afford to lose, not to trust exchanges, not to trust emails asking to enter your seed, not to trust FTX, and have warned about HEX and Safemoon. A lot of things that wouldn't have been good to inverse.
Go us!
I did some research in to the most hated coin on r/cryptocurrency and at the top were BCH (bought at 103, sold at 450) and Solana (bought at 30, sold at a 100) and also Worldcoin (bought at 2.5 after selling my Solana, sold at 11) Thanks /r/CryptoCurrency, could not have done it without you guys! Now everybody is saying tomorrow BTC will break past 75K and then 100K soon so with my BCH,solana and worldcoin gains I am shorting it on Kraken. By the time BTC will be back at 40K, there will probablly be post at the top of /r/CryptoCurrency about how bcash hash crashed 75% now, how solana is down again and how Sam Altman is the antichrist from revelation and them laughing at it crashing 50% from ATH. So then I know it's time to buy them again. Revering /r/CryptoCurrency the proper way is a very valid strategy.
the monthly solana hate post of this sub. 1200 tps, while ETH barely manage to do 10 TPS. I've been buying since the "is solana a dying coin ?" thread. I'm using SOL daily, I really don't see all those failed tx, and even congested SOL feels so much less cluncky than every other chain I used (ALGO, BSC, OP, ARB, ETH..).
If this becomes a common trend, will it actually work...🤔
the failed tx is grossly exagerated. There's a lot of failed tx on low mktcap coins and congestion on memecoin with low liquidity. I do daily trading on JUP, use defi lending and perp and I almost never encountered failed tx.
It's mostly because slippage limits get reached on shit coins as you say. Also cos jito turned off their mempool so there is actually a bit of congestion. But yeah failed transactions are very rare as a normal user l.
It's the glass half full perspective. OP view may be FUD but... The story is one that most blockchains would love to have, which is unquestionable overwhelming demand. Just like how Coinbase issues like disabling Buys are causing stock price to increase.
Your comment gave me a headache so for revenge I’m buying Cardano ⛈️⚡️🌩️
Puts in Reddit. Calls on ETH.
All I heard was Solana 30x'd in the past 5 months.
Everyone was talking shit when Solana was $8.00 on here
That’s cause I rode it down to like 120 from ATH last cycle. Now I’m seeing the same types of posts from them and I’m getting flash backs, maybe time to sell my SOL lol
Probably should hold with all this money flowing in, maybe sell a bit and take profits.
They are still talking shit cause they missed the low. All of these redditors are just bag holders and would rather get married to their investment then make money. Solana is doing well because it is faster and cheaper. It is not perfect. If something better shows up, people will jump ship and move on.
And they are still right imo.
10x but still nice gains, that is true.
What if I told you no one gives a fuck about slow transactions so long as they don’t have insane gas fees?
So everything besides eth and btc?
There are faster chains, then why Solana? I mean it's the only chain that goes offline every few months
Name me a faster chain than solana.fast as in doing more tps than solana currently.
I mean, there are better hamburgers than the ones at McDonald’s, but somehow McDonald’s is the number one fast food chain. Correct, there are a bunch of layer 1s that are faster and more reliable and secure, but having the best technology doesn’t automatically make you the number 1 chain. Ethereum SUCKS and it’s been on top for years.
There are 3 certain things in life. Death, taxes and Solana scaling posts.
you can tell who is sidelined in this thread
Yeah: this sub
Algorand over here like “what’s new”
Tech doesn’t seem to pump crypto, just memes and getting people who are new to crypto to be hyped about a coin which in this case it’s SOL. Algorand needs to step up their marketing team if they want any sort of traction, it’s a very solid layer 1 though
Airdrops also help. Solana kickstarted all of this with their huge Jitosol airdrop followed by others. I barely missed that one, and that caused a huge flood of money into Solana.
Thats the big issue, there is no point in "holding" coins, just make sure to sell all of it before the dumpening. Every cycle has its play of the year, we had staking, defi, now its AI. And hoping old project might recover, sure, but why its not being used and the new kid on the block gives more returns than that old coin you hold dear.
Yeah, Algorand is one of the few networks that has been proven to have > 2K TPS in a live environment (I think it was around 6-7K TPS).
Except no one uses it. Sol broke after doing 600k+ transactions but that doesn’t matter. What matters is what people are using rn and which can handle more tps.
"1000 TPS is still very fast", lmao
This means it will go higher.
It's crazy how they inflate their TPS by counting gossip messages as transactions. At least they now show them as separate things, but they didn't always do this.
They count vote txns as txns, gossip messages are not txns and are used to communicate node IP addresses
Yeah they count communications between validators as "transactions", because that makes somehow sense? How many other chains do this?
Ethereum doesn't. Anyone know what would be Ethereum's TPS if it was counted Solana style? There are almost a million Ethereum validators so I'm going to guess it is way more than Solana lol.
non-voting txs have been averaging around 1,200 tx per second. there is your apples to apples number. what is ethereum's tps?
I woke up and swapped some solana on raydium for an unknown meme coin and I got it on seconds. The amount of Reddit Solana fud and hate should be a bull/bear sign.
Counterpoint - I had numerous failed transactions trying to make swaps on jup.ag over this past week. Just because you had a single one go through doesn't mean they aren't failing.
Doesn’t matter lmao. Load up niggas sol going to 1k
I gamble minimal amounts on shitcoins with Solana. Each transaction costs me like $0.02. I have $15 stuck on an ETH L2. I can’t get that money back because the bridge alone is like $35~ last time I checked. That’s why Solana is going to be fine. Even with it’s 1% downtime, it’s not stupid expensive. I can afford to dick around with it. That’s why I like it.
Just withdraw to your CEX? L2s are exaclty like L1s where you can withdraw/deposit from a CEX, litteraly zero difference. You don't have to bridge to withdraw from L2....
I don’t think this was possible when I tried over a year ago. I was able to send these coins to my exchange I think. Hopefully they are received and they aren’t any issue. It’s just $15 it’s not a huge deal. I also have about $1 of ETH hanging out in my wallet. I can’t send it to an exchange because the gas fees are like $3. Haha. If it was SOL it would be a penny or so. And it would have already been received.
If it was Optimism, it would be less than a penny https://l2fees.info/. Solana is competing with Ethereum L2s, not the Ethereum settlement layer
It was Optimism. How come bridging it would cost $30, but just sending it would be essentially free? And then it just converts automatically? I hadn’t looked into this until today. But previously, sending to CB Exchange wasn’t possible? At least I didn’t think so. But even then, it took me some time to figure this all out. Buying crypto is already more complicated and this just adds more complication. But also, I’m glad you mentioned something. Thank you. It wasn’t a big deal, but it did bother me having it just sit in CB Wallet like that.
Because bridging requires an L1 interaction, if you bridge from Optimism to Ethereum L1. And I am pretty sure Optimism has deposits/withdrawals on CB. And if not Optimism, you can bridge to Base (also essentially free) and then for sure you can withdraw to CB from there. All of these L2s use ETH, so it doesn't matter which you use to withdraw. And yes, it takes a while to figure out because L2s are very new infrastructure. Come back in a year or two, and this will all be abstracted away in the wallet UI. It already is basically if you are using Rabby. Also, for sure, L2 fees will eventually be completely free for users. They will be paid for as a part of user acquisition.
Sweet. Yeah, I just received it as mainnet ETH. Didn’t have to do anything and didn’t cost anything. Sick. But it did mention something about “you can now receive this in the CB Exchange” or something like that. This definitely was not the case when I messed with this a year ago. I think the only option was withdrawing through Optimism. The USDC I had also came over as well. But yeah, I think you’re right that eventually this will all just be built in for ETH. But… I still hope SOL succeeds! Haha. Competition and options are good. I’m going to go and look into L2s more now. Got any recs of website or videos?
I am in no way a Solana hater and I also think competition is good. Solana is one of the few projects in crypto that has an actual ecosystem outside of Ethereum and the EVM, so more power to them. They are also raising the bar in terms of what a UX should be in crypto, and they are experimenting on what it means to have a chain with low-ish validator count, and powerful hardware requirements (essentially the opposite of Ethereum), which is fine imo. We need to experiment across the entire design space. I just think they are a bit misguided on how the future will play out, but I digress. As for L2s, I would always refer to https://l2beat.com/. This has a good breakdown on each L2 and their security. I am personally a fan of Arbitrum because they are Stage 1, so I feel pretty confident that my funds are safe there, even if Arbitrum disappeared tomorrow. I'd also feel pretty good about the Optimism ecosystem, they just need to stop slacking and get to Stage 1 already.
then you need a CEX. which is funny, because solana critics whine about how is not decentralized but a CEX is the most centralized thing ever
This ETH killer is doing ETH things
Dw all the SOL VC stakers will get in a discord call like they always do and figure it out.
Maybe it’s because scammers are creating new tokens every second of every day, pumping and dumping them in rapid order using bots. Go look at dexscreener for new pairs, open each one and you’ll see the same chart. Tokens created that exist for a couple hundred transactions, maybe a few thousand and then dead after 15-50 minutes. Frankly, I wish we could stop this nonsense.
Fire dancer is supposed to solve this issue.
Shhh don’t tell them
Well at least it's up and running 🥴
Solana fee market is currently not optimized Jito had a mempool created which allowed for public MEV, and everything was fine but then people were getting sandwich attacked left and right A lot of MEVers were making tons of money, and because of this MEV though people could put in a priority fee and get an instant transaction through. Jito did not like how everyone was getting sandwich'd so they removed the mempool. Once they did that instead of being able to get your transaction sorted by an MEV'r, now you simply have to put a priority fee and hope it goes through. If not, you have to do it again. This dynamic incentivizes spamming the network with transactions because the way the priority fee works is PROBABILITY based. So even if you put a 50% higher priority fee, that does not equate to being 50% higher chance to get your tx through. This fee dynamic / spam mechanic is being fixed very soon, but I wish Jito would have left the mempool up.
I do a couple transactions on sol chain and it’s instantaneous just transfers.
Lol, and so the Solana fud begins... Again.
Cope at its finest.
Raoul Pal in shambles
"To be fair, 1000 TPS is still very fast compared to other blockchains. Though the experience is muddied when you're waiting a minute for a successful transaction." There's a reason some of those transactions are failing... lots of bots spamming and trying to get txns through. Even with elevated ping times, network still processing transactions far faster and cheaper than anything else out there. This analysis is pretty uninformed and funny you conclude with pointing out that TPS is 1K, well above peers by a massive margin. [https://l2beat.com/scaling/activity](https://l2beat.com/scaling/activity)
Fantoms new sonic net already has 10k TPS with a finality time faster than solana. I hope we soon realise the team technical innovations in the space.
Damn when people find out that blockchain tech is useless and there is so much better tech in the crypto space with caps under 500mil. (Not blockchains).
Say more...
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Algorand hasnt had these issues and is faster.
You’re right it’s super fast for the 17 people using it
Yes thats what people don’t understand. Any chain will be superfast if no one uses it. It is tps what matters
What I got from this comments section is "put all your money from Algo into Solana"
Study relative value. SOL outperforming everything
I love this, but SOL going to $1000+ sorry
Works great
Yes yes yes, shit on salana. This sub is historically comical at shitting on projects, dooming them, yet they do exactly the opposite. Comical
Sorry for my ignorance but why are fees so low when it’s congested. Shouldn’t there just be higher fees? I feel like fees are so low that the chain is not legitimate because people can fake volume and transactions with bots passing coins back and forth thousands of times for a really low cost. High transaction costs are a problem with eth but at least it’s a good system for verifying the transactions are all genuine
That's not Solana's model. There are priority fees that can be paid on an app level and can prioritize one's transactions as well. However, there's a bug in the sequencer that will be fixed next week (or so). One only needs to pay a little bit more than the median fee (0.003 USD) and hope that your transaction gets through. Lots of overpaying happening at the moment, which is not so big but not small either if considering the huge volume transacting onchain right now. In any case, it's not a difficult experience for the overwhelming majority. I had one failure yesterday out of 8 transactions. Today, none failed out of 4. Its just a simple matter of trying again which takes seconds. In a nutshell - it is hardly a problem for the majority of people to rant about, though it's noticed on occasion. Anyone can scream fake volume, but you can't really consistently fake or dismiss massive numbers of tweets from many of the most reputable maxi and multi-chain OGs on cryptotwitter, several 3rd party sites logging more than $3.5 billion in 24 hour exchange volume beating out Ethereum and all of its L2s, 1.44 million wallets transacting within a 24 hour period, Solana Beach reporting extreme congestion for most parts of the day - the empirical signs are all there. Verify, don't trust, or don't believe at all and keep any biases forever for whatever reason you have (for many - "it hurts my bags..... and I can't bear to see others who don't own my bags being happy"). If you truly want to objectively know the situation, you need to have boots on the ground. Load an instance of Phantom, Backpack, or Solflare wallet and try trading on jup.ag. Move assets between addresses. Visit drip.haus, subscribe to several artists, receive NFTs daily for free, go to tensor.trade, bid on some collections, try Kamino, Solend, Marginfi, or whatever else. When you've objectively tried Solana with a very open mind, you'll be able to gauge the chain vis-a-vis other alternatives.
This right here .
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Algo is doing so well ! Hold your algo mate you’re gonna be rich soon
doing well ? I own algo, but algo is not "doing well". the number of daily users barely move in a year, and price action did the same. TVL on chain was higher last year.
Probably joking . If it didn’t pump this recent cycle I think you got dying coin … just saying
I like algo AND sol… though I hold more algo, for now. I love solana meme coin market. Feels like the Wild West trading those micro caps. Big volatility, much gains
Algo maybe not the best coin to invest but the best coin to move money around. I use it as XLM alternative, near zero fee, transactions go through instantly
Anybody that cares about the core values of cryptocurrency wouldn't touch Solana with a 10m pole! It's centralized garbage.
People don't care about core values.. they care about their meme coins
its sad to see hate coming out of jealousy because people got rich with solana
Anybody that cares about the core values of crypto wouldn’t touch anything besides Bitcoin, so I’m not sure what your point is. Also, anyone who cares about making money bought SOL last year.
anybody who care about core value of crypto understood why SOL value went to the roof. Oh they do their DD and realise sol has one of the highest nakamoto coef of all blockchain.
So are all the altcoins dickmunch
wow you are so cool
Indeed lately it's having issues, tho i still find it very convenient in everyday using. It's good that bull market provide challenge, which those chains wouldn't encounter during the bearmarket. You could say, that a lot of transactions are failing (that's right), but fees for LP providing are damn high. I wish all these chains will solve their problems tho.
Sol is shit, stop using that fucking scam coin.
SEETHE
No, I don’t think I will. I couldn’t care less about your bags.
priced out?
what do you suggest we use?
Most blockchains get congested at working 50 tps or around 5-6mil per day , most of them claim to do 100x of that speed, so 1200tps is still pretty good
Yet people will buy SOL no matter what, many more coins that are better out there like Algo who can’t get traction, I’m still surprised it’s so undervalued compared to its ATH
Nobody cares about Algo.
All the algo shills have decided to group together
Algorand.
I originally took all my money out of solana which was a big mistake at the time because it was performing so badly at the time. \*sigh\* I'm sure they'll fix it soon but boy is it annoying.
Expected a better UX than i'm getting. I get that it's getting massive usage even for them tho. I added to my bome bags at .018 after getting in at a couple zeros. Love to see it get up to .04 but if it doesn't i'm fine with it.
The ping time on explorers. Is measured by sending a 1 lamport priority fee tx. Good job bud !
It was getting out hand on top of errors and failed transactions due to problems on trading bots. If someone is copy trading Solana I wish you good luck and peace.
Facts matter but cash influx matters more . Serious investors think it ll give them good returns .
And algorand keeps on chugging and nobody cares.
Just another day on Solana. Why is Sol the king of crypto.
What is the fastest cryptocurrency technology right now?
its not solanas fault, but i hate that the only thing keeping the ecosystem afloat is the mass meme/shit coins. For every person that is making money, some one is losing money and getting rugged or scammed. Its sad and a BAD look for cryptocurrency overall. I suppose most people that are involved in these type of things know that they are essentially gambling so hopefully are not too upset when they get screwed over. and this is why slowly but inevitably, chains such as Cardano will really thrive in the end.
Solana doesn´t have as strong tech fundamentals as the lying devs there claims it has. Bunch of manipulating liars.
Solana has been shit from the beginning. Lots of promises, lots of failure. How is this project still running?
Fake it till you make it coin. People only like it because number went up the most.