- This topic has 11 replies, 1 voice, and was last updated 3 months, 1 week ago by _Whit3.
- Sunday, August 21st, 2022 at 05:01 #358672gnarley_quinnParticipant
I’ve been a Solana shill here for a while. Still am. And I cop my fair share of downvotes for it. I’ve used a number of apps and have been involved in projects across the blockchain. So I thought I’d ask a friend to challenge me. I wanted to see if he could make me reconsider my choices.
We didn’t record the conversation or anything, but this is basically how it went.
*How do you feel about the outages?*
They’re fucking shit. Duh. It’s an embarrassment. A decentralised blockchain is suppose to be up 24/7. The fact that it has happened not once, not twice but now three times is unacceptable. And yes, a full outage has only happened three times – anyone telling you otherwise is mixing up outages/congestion/misinformation.
*But, isn’t it still in Beta?*
Well yeah, but who fucking cares. It’s true and its a common response from Solana fans, I’m actually getting sick of saying it. The chain has thousands of apps running on it already – how many does it need to be classed as active? There is still technically no official date as to when 1.0 will launch. And that’s despite Anatoly being asked the question directly only a few weeks ago.
*It’s not decentralised!*
Well actually it is. They have over 1800 validators. Granted Ethereum has way more, but Solana is a lot younger. This is not a concern for me at all. The Nakamoto Coerficient now sits at 30 which puts it higher than Cardano. And we cop a lot of shit from Charles’ army.
*What about the founder?*
Personally, I’m not a fan of the whole demi-god leader CEO of a project, but if I was, this would actually be one of Solana’s biggest strengths. Vitalik is a hero, Kwon is a degenerate, BankmanFreid is an optimistic but often deluded innovator, Sun is a copycat scammer… etc. Yeah read into those what you will. Anatoly, the creator of Solana is very active online answering questions, and has not disappeared during any of the major downtimes. He creates threads that try to explain issues, addresses concerns and outlines plans that underpin how the issues will be resolved temporarily and permanently. And he’s never made ridiculous million dollar bets or called anyone poor.
*So, are you thinking of dumping Solana now?*
No. I still believe Solana has a great future. It definitely has problems. And it is giving me the shits. I don’t leverage trade, so I’m not at risk of liquidations, but many others do and the risk to that type of investor right now is high on the Solana blockchain. And I accept that this is a major cause for contention and is a valid reason for many traders to avoid using it. This in turn obviously tanks the price.
*Have you actually made a profit?*
Yes in two ways. I sold more than my original investment at over $200, and rebought months later. Easy profit.
I also swing trade Solana. It has a tendency to move within the Bollinger bands perfectly – more so than many other chains. It’s profit waves are somewhat predictable, so I’m still making small consistent profits now during the bear market.
*What if it goes down again?*
To be honest, that’s a possibility. In fact, it is more like a probability. They haven’t yet fixed all the issues in the beta, and the new version is not finished yet. Anatoly himself says they could implement it, but he still says it has about 10x the amount of bugs that could yet be found. However, it is this transparency and ongoing communication that actually helps me keep faith.
On the bright side, they implemented the QUIC protocol a few weeks ago which was designed to alleviate the stress the network sometimes suffers. And I can actually attest that I’ve noticed no performance issues since.
*Still sounds pretty shit. Why do you like it so much?*
That’s fair too. The truth is, when it is operational, it is the fastest fucking blockchain around. It’s cheap cheap cheap to move stuff around. I move stuff around all the time, and the fees are so incredibly small, I have never once noticed the minimal SOL level required for fees in any wallet to drop to a point where it needed topping up. The number of developers flocking to the network also build its strength. The language it uses, Rust, is preferred by most.
*Didn’t it get hacked recently?*
No. This is false. One of the wallets used for Solana – Slope – had seed phrases stored on a central server. They were fucking crucified for doing that. Nothing about Solana was hacked, but I doubt Slope will survive that fuckup.
*Future? What future?*
Many chains have outlined goals that include initiatives in Africa, banking replacements, Non-Fungible Token marketplaces, etc… One of Solana’s main goals is to be fast and powerful enough to run stock markets. If they can resolve the fucking congestion and downtime issues, I think this is actually possible. But if they can’t, well, imagine what would happen if a downtime occurred on the NASDAQ.
*What price did you pay for Solana?*
I have bought Solana at $22, $40, $45, $77, $131 and $188.
*Are you still buying?*
Yes. I bought a little bit more this morning at $35. I do not believe its marketcap reflects its current and future use case. Especially compared to Ethereum’s marketcap (which is 17x higher). I am however, mostly buying BTC.
*Are you delusional?*
*Are you involved with other chains?*
Yes. While I still believe Solana has a vibrant future, I’m not an undiversified moron. More than half my folio is in BTC and Ethereum.
EDIT: LOL so many downvotes.Sunday, August 21st, 2022 at 05:01 #3586738bitb4rt
Solana is so fast and cheap that it feels like WEB2. Phantom wallet is also one of the very best imo. It feels like the most intuitive user experience and that is bullish AF. great write up for the strengths and weaknesses of SOL.Sunday, August 21st, 2022 at 05:01 #358674ChillingHolmes
I don’t like or own solana but it’s a good post nonetheless.Sunday, August 21st, 2022 at 05:01 #358675eat-sleep-rave
I’m yet to find a better DEX than Raydium on any other blockchainSunday, August 21st, 2022 at 05:01 #358676DoubleFaulty1
As a brain damage aficionado, I agree completely.Sunday, August 21st, 2022 at 05:01 #358677Shiratori-3
Op, my average buy price for SOL is sitting at ~USD 56
I bought in on a fairly uninformed basis while building out a top20 type portfolio, and have averaged it down.
What’s your speculative view on how am I placed as it stands, and on what timeframes?Sunday, August 21st, 2022 at 05:01 #358678diwalost
So I am confused, Comedy? 🤔Sunday, August 21st, 2022 at 05:01 #358679marsangelo
The reality is some people really just dont give a fuck about decentralization if its fast and cheap. The outage cant get ya if youre already in and out like splinter cellSunday, August 21st, 2022 at 05:01 #358680FootballBat69
Solana went down in the time I read thisSunday, August 21st, 2022 at 05:01 #358681timbojimbojones
Decentralization doesn’t matter… Untill it does.Sunday, August 21st, 2022 at 05:01 #358682Fresh-Chemical-9084
So why do people hate on Solana?Sunday, August 21st, 2022 at 05:01 #358683_Whit3
Sometime this sub gos on a little to hard on SOL.
I know it has gone down a lot, but they have an hard team working on the blockchain and nothing is perfect.
I don’t own any SOL but this is quality post OP.
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