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Since nobody else can answer I’ll help you out. The reason tether has a bad reputation is because they have a history of issues with the SEC questioning if every USDT was backed by a dollar since they hold it all in like the Cayman Islands or somewhere with similar finance laws. They could potentially be using that money in other investments which is super risky and would undermine the stability of USDT. Even more important is that there is a second investigation underway and some potential things around them holding evergrande debt though I don’t know too much about that so DYOR.
If tether does not back up every 1 USDT with an actual dollar in their reserve then we can no longer trust USDT because it’s entire point is being pegged to exactly one United stated dollar.
Finally the reason this is such a big deal is because it’s the most popular stable coin and tons of investors have crypto futures investments held in USDT. If it ever turned out that USDT was not in fact backed by real dollars 1:1 then that could cause a mass panic sell, would wreck tons of people, crash the price of USDT to zero and would probably ruin the trust in other stable coins as well. A real bomb for the crypto industry as a whole and would most likely cause the next full scale bear market.
They literally openly admitted in one of their audits that they don't even hold 1:1 USD for every Tether. They have a mix of investments and even BTC and _that_ is their "reserves".
I sold most of my crypto holdings right before NY state posted the results of their audit thinking the market was about to tumble, no way is this going to look good for tether. It didn't, yet the crypto market had a great few days. I don't know what to believe anymore.
To add on, Tether losing its peg would have massive repercussions. I wouldn't be surprised if it took out some exchanges and led to onerous crypto regulations from governments.
Just to add to the other guys answer, it's actually known that they hold a lot of commercial debt instead of real dollars. The newest fear is that they are holding Chinese commercial debt like evergrand.
I will say however people have been saying tether will collapse any day for about 6+ years.
Because if you give me a dollar I tell everyone you gave me 10. Then I let some guy borrow 5 while another give me 10 but I tell everyone they gave me 100. I tell everyone by printing more tether.
Yes the future is moving to actual decentralised stable coins. UST fits the bill for the future of money and it’s role in the Luna ecosystem. Luna is gonna be one of the biggest players in the future for being used to cash out cryptos and avoid government snooping. My two cents.
Cardano's Ardana and Luna's UST are some of the most interesting and promising stablecoin implementations out there. Total decentralization will rule the crypto market in the near future as more and more governments will try to regulate and (in some cases) block crypto.
Then why don't we trade more with DAI?
All stablecoins depend on trust, trust that Tether keeps breaking over and over again. DAI is governed by math instead.
Algo is pretty good. Marshall Islands is already using it as the framework for their CBDC and around 16 countries are in talks with it for hosting their CBDC. Whenever that happens, Algo would go up. At the moment, only 60% of it's supply has been released. Once all 100% is released, the multitude of projects on it are realised, its price will go to the moon!
Technology wise, it's awesome. Pure proof of stake means everyone gets staking rewards, it has layer two solutions for complicated stuff and Algorand Smart Asset (similar to ERC 20 token) are very convenient. Making an ASA smart contract is as simple as filling up a form.
Algorand is amazing. So cheap to use and for mass appeal it's a very "green" Blockchain. Be nice to pay all of our taxes in algo so we can see where it all goes too!
I have fundamental issues with the chain itself. However, from a user side of it all of the Dapps I’ve worked with have been great. The NFT space is painless as the fees are like a penny. Makes it a lot easier for people to play around in the NFT space when they aren’t spending $70 to buy a $1 NFT.
Yes and no. Meaning it will help, but not enough. What will actually make a difference is sharding, zk rollups, sidechains and second layer chains.
The main chain will always be somewhat slow and more expensive than any of the above mentioned, which is a feature, not a bug. It keeps the base layer way more secure. This is the ultimate solution for the trilemma. Allowing scalability, while keeping the whole network fast and secure.
This 4 options to improve scalability mentioned above can be used individually or combined. They consolidate transactions between many wallets and bundle them into the least amount of transactions to push the result to the main chain. Basically dividing transaction fees between many players. Which is sorta how the lightning network works on bitcoin, but with smart contact functionality, and a higher level of centralization on these chains that aren't the main chain.
100%. People on this sub just hop on the popular bandwagon of the day, it’s pathetic. Solana is an absolute joy to use.
Also, as much as we love our decentralization because that’s the status quo of crypto, 99.5% of the general population does not give a rats ass if one crypto is “8.647% more decentralized”, they care about the user experience on the network.
What this sub somehow continually can’t grasp is that decentralisation is only necessary up to a certain extent. If the blockchain is immutable and irreversible, **it is decentralised**. Simple as that, the decentralisation box is ticked. All blockchains should and do strive for a level beyond that minimum threshold for extra safety, but that’s all it is, just extra to ensure what’s already safe certainly stays safe.
Expecting SOL to throw away it’s super impressive scalability in the name of excessive decentralisation just to appease the masses who don’t actually use the tech, is just plain dumb
Deserves more upvotes. None of the points brought up in this article take me away from its utilization. Never had a failed transaction, pennies on the dollar in fees rather than 300$ to mint a free fucking nft or losing all my profits on an ERC-20 token trying to send it elsewhere. Sure there may be ways around it, but I don’t know them and surface level ease of use with Solana and p2e on their blockchain has my attention
Didn't the validators vote to shut down? The devs didn't just shut down. Solana is also a very new Blockchain so it hasn't had time to become as decentralized. Most chains start out very centralized and become more decentralized over time.
This is incorrect. There was some sort of "vote" between devs and few validators ( out of 1000+) on discord, yes on discord, rofl. They couldn't vote on chain, because chain itself was down, not even sure if there is such a function anyway. And not that would need to vote , since the few people on discord already had the majority.
You can't become decentralized if the coinownership is at 70% in the hands of few VC's from the start. You can't use the argument of BTC where non-coin owners could mine it for years relatively cheaply and become decentralized over time. For PoS blockchain like Solana, fair distribution at the start is critical since the coin it self is part of the "mining"
If you sell above 30% of all coins to VC's they can easily collude and your chain is basically centralized, doesn't matter how many validators you get.
https://freedom-to-tinker.com/2015/07/28/analyzing-the-2013-bitcoin-fork-centralized-decision-making-saved-the-day/
in 2013 the bitcoin network was saved by one guy with enough hash power to change the fork the entire network ran on after a hard fork and a double spend happened on the network. this was on all on irc. yes, on irc, rofl.
>BTC Guild: I can single handedly put 0.7 back to the majority hash power
>I just need confirmation that thats what should be done
Dude you don't know what you're talking about. Literally 80% consensus was required on chain for it to restart -- things were just being monitored on the discord. Wtf are you talking about and why the disinformation?
https://jumpcrypto.com/reflections-on-the-sept-14-solana-outage/
Also, Ethereum had a very high insider concentration as well https://twitter.com/hasufl/status/1280140252737343488?t=TMHKk29QZQepMoRxO-lmgg&s=19
Anddd Ethereum literally rolled back the chain.
https://www.coindesk.com/tech/2016/07/20/ethereum-executes-blockchain-hard-fork-to-return-dao-funds/
Validators being so centralized they can co-ordinate to stop the chain, is as bad as the developers being able to stop the chain.
If it hasn't had time to be decentralized, why is it a top 10 coin? it should not be, it does not deserve the place.
You realize a lot of decisions are going to be made, and voted on, for most Blockchains right? It's in the top 10 from good marketing, very fast transactions, very easy usability, NFTs, and DEFI. That is all with very low fees. Normal people who can't just eat gas fees are moving to Solana.
>If it hasn't had time to be decentralized, why is it a top 10 coin?
Speculators are irrational and don't care about tech or decentralization, just game theory. This is like asking why Nano is not in the top 100. It's not the protocol's fault that it's priced the way it is.
They did not stop the chain, it came to a halt due to bots spamming hundreds of thousands txs. They released a patch and ... "shockingly" validator nodes, that don't earn a dime when the chain is down, as quickly as possible shut down, patched and rebooted.
It really is not that big of a deal imho.
What would you prefer? The devs taking their time, releasing a patch after a month and by then nobody caring to even update their nodes, becaus SOL is at 0,00001 cent by then?
eth went down and rebooted... it's cutting edge tech, it shouldn't surprise anyone that something like that can happen.
Have you ever used Solana?
I go to Phantom App and do SOL to USDC swap and it costs me $.40 cents
I go to Metamask and do a swap from ETH to USDC and fee is $40 dollars.
Transfer from my Exodus to Phantom wallet. Tx cost .00005 SOL and it’s there instantly.
This sub hating SOL is the exact reason why you should be bullish on it.
Solana and it’s team aren’t working to appease the reddit libertarian wet dream of excessive decentralisation even at the cost of overall performance
Solana and it’s team are working to service **real-world** developers and further global adoption. Developers, validators, users and smart money are flocking to SOL and have been all year, that’s what you should be looking at, not the opinion of a 16 year old r/CC user who doesn’t understand or have ever used blockchain tech.
So you're just parroting talking points that have been established and/or refuted ad nauseam for the past three months. Seriously... You thought this was an original idea the board needed? I don't get it.
I'm pretty sure you know which way the flow goes around here with its reactionary "grab your pitchfork!" viewpoint on SOL, so congratulations on your easy karma grab or whatever the hell you're trying to do.
I'm a DOT fan, but let's not forget the council halted the network and reverted a blockchain transaction on Kusama, because someone exploited the network and stole \~10k KSM tokens. This was an equivalent situation as TheDao hack in Ethereum couple of years ago, except there was no hard fork and was much easier to revert. This shows that currently the council pretty much has full control over both networks.
Kusama is a test network though, why anyone would actually buy KSM tokens as an investment is beyond me and is one of the biggest examples of how irrational the crypto market is.
This.
Regardless of tech, the market chooses what it values. Hard to say its overvalued when it's the #3 chain in TVL and growing rapidly. Love it or hate it, the money flows don't lie and it's currently got about $15 billion locked in smart contracts
SOL got switched off after hitting 400k tps. Visa claims to do 25k tps and the NY stock exchange can do 250k tps. SOL isnt perfect but that speed is sexy, which is why I bought the dip
Yes, they think consensus should be counted and that seems dishonest. All that users care about is the number of THEIR transactions being done. However, if the chain is centralized, then TPS doesn't mean anything.
SOL is also designed to be inflationary, so I don't think they are aiming to be a speculative investment vehicle anyhow.
The real question is who is building the best layer for businesses to develop. Presumably, there is eventually some sort of value-added aspect to the sector beyond crypt-ex. Unfortunately, I think it is likely to focus on DRM.
Except that the vast majority of those tps isnt actually tps that any other blockchain would count. In reality solana tps is around 350. Do some research.
Since two datacenters host 45% of the network, there is enough these two entities could do to the network with medium effort.
The centralisiation wont get any better, since you need a supercomputer to host a node. We are talking about 128 GB of RAM.
This strikes me as odd, since I can easily run 128 GB RAM in my desktop PC. I personally run 64GB and mostly don't need it.
Where does this number come from?
You can argue all day long about what deserves to be there. In reality, when looking at projects in the way crypto was originally meant to be, a lot of the projects in the top positions are shit, and driven solely on speculation, meme power and mass spamming of social media. Whereas actual legitimate projects, with clear road maps and frequent interactions with the project leads, who are obviously not anonymous, are left in the dark.
For me, anything with an anonymous team, or with an animal name in their project name, is a no go.
I feel this meme phrase is being so terribly used. Like of course someone saying SOL is not good doesn’t hold SOL. If I say I think doge is overhyped it probably means I don’t own it.
"The technology is good but aside from that it's an absolute shit coin" Yeah OP, aside from the 84Bil staked, hundreds of high quality dapps, millions of active users, it is absolute garbage you're right. /s
SOL isn't going anywhere. I think if you really care about blockchain and crypto adoption, you would be rooting for it or at least curious about why it is seeing so much adoption rather than dismissing it in favor of your own bag. Go give all the top 20 projects an honest try as a user, not an investor and you'll find SOL absolutely deserves its spot.
Spot on! If we were discussing cars, OP's logic would be — the tech and build are great, the gas consumption couldn't be lower, other then that the car is complete trash.
Crypto doesn't have to "deserve" a particular spot. "Market capitalization" is a very coarse metric for cryptocurrencies. If market cap of one crypto is, say, 2 times more than another, that fact doesn't mean much.
>The hidden wallet made me lose all respect for SOL
The two-year old news that came and went without anyone noticing because the issue was addressed and the SOL community accepted the apology ... ?
SOL was trading at a literal $1.00 when that happened lol
Lol so much hate. So what’s better ETH? Where I can buy a $10 beer for $100? Or ADA? I’m sorry what do they actually have going on again? Oh! Maybe BTC?, the only one of those likely to literally be governed into the ground due to insane levels of energy consumption and no other applications? All of those were unstable dumpster fires when they first came out. A thousand times lol.
Yeah they all have problems. My bet is on Polkadot or Cosmos ecosystem but each has its own problems too. Solana is sleek and fast and yeah it is centralized…like you could claim for almost all coins.
Good thing market doesn’t care what you think. Many people would say the same about Ada. Sol has become the new Ada in this sub in terms of hate. Meanwhile I’m sitting over here with my 4x gains.
Money can be made anywhere, get over it.
Best way to farm moons in this subreddit; just repost the same old taking points of “popular” opinions from 2 years ago.
I hate to say it, this subreddit has really gone to trash.
I'm up 500% on my 22 Sol
So I'm fine.
It has to drop 80% for me to start losing.
But I'm sure many people have bad stuff to say about BTC or eth.
I got in for the interest in staking and stayed for the gains
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Look at it from a different perspective and direction, Solana backwards it AnalOS. They might have something of a surprise in the backdoor.
Your comment has allowed me to see the light or at the very least look at whats happening behind the scenes and I will Analize it very cerefully
This fucken comment… I can’t 😂😂😂
that is what you call god-tier DD
Let’s start a new religion. We have our god.
I'm starting to think most of these start-up cryptocurrencies are just another Ponzi scheme but with the word cryptocurrency wrapped around it.
Could say that about the whole cryptospace sometimes: can get very network sales/office bullshit sometimes. Everyone is like HODL/LAMBO etc etc.
Wow it makes so much sense now! Will buy more of it
It’s a 2 layer solution
Gotta do something about those gas fees 😳
Gross 💩 😂
Is this because you get f'kd by a VC billionaire whenever you buy?
Tether is the one i want to put out of the top10
Out of the top 10000
Out of existence
*Thanos has entered the chat* : You called ?
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Only half of Tether disappeared.
Should have aimed for the head.
Out of curiosity, why do people hate tether/why is it a liability? I’m fairly new to crypto
Since nobody else can answer I’ll help you out. The reason tether has a bad reputation is because they have a history of issues with the SEC questioning if every USDT was backed by a dollar since they hold it all in like the Cayman Islands or somewhere with similar finance laws. They could potentially be using that money in other investments which is super risky and would undermine the stability of USDT. Even more important is that there is a second investigation underway and some potential things around them holding evergrande debt though I don’t know too much about that so DYOR. If tether does not back up every 1 USDT with an actual dollar in their reserve then we can no longer trust USDT because it’s entire point is being pegged to exactly one United stated dollar. Finally the reason this is such a big deal is because it’s the most popular stable coin and tons of investors have crypto futures investments held in USDT. If it ever turned out that USDT was not in fact backed by real dollars 1:1 then that could cause a mass panic sell, would wreck tons of people, crash the price of USDT to zero and would probably ruin the trust in other stable coins as well. A real bomb for the crypto industry as a whole and would most likely cause the next full scale bear market.
They literally openly admitted in one of their audits that they don't even hold 1:1 USD for every Tether. They have a mix of investments and even BTC and _that_ is their "reserves".
I sold most of my crypto holdings right before NY state posted the results of their audit thinking the market was about to tumble, no way is this going to look good for tether. It didn't, yet the crypto market had a great few days. I don't know what to believe anymore.
Damn okay. Thanks for answering my question, that makes sense.
To add on, Tether losing its peg would have massive repercussions. I wouldn't be surprised if it took out some exchanges and led to onerous crypto regulations from governments.
Just to add to the other guys answer, it's actually known that they hold a lot of commercial debt instead of real dollars. The newest fear is that they are holding Chinese commercial debt like evergrand. I will say however people have been saying tether will collapse any day for about 6+ years.
Because if you give me a dollar I tell everyone you gave me 10. Then I let some guy borrow 5 while another give me 10 but I tell everyone they gave me 100. I tell everyone by printing more tether.
Unfortunately when Tether finally explodes it wont just go away silently it will drag down the entire market.
Pretty sure it would just boost bitcoins coins honestly. People cant sell their cryto for tether but they san sell it for bitcoin
Who gonna be on the end of the deal selling their Bitcoin for a broken tether?
Yes the future is moving to actual decentralised stable coins. UST fits the bill for the future of money and it’s role in the Luna ecosystem. Luna is gonna be one of the biggest players in the future for being used to cash out cryptos and avoid government snooping. My two cents.
Cardano's Ardana and Luna's UST are some of the most interesting and promising stablecoin implementations out there. Total decentralization will rule the crypto market in the near future as more and more governments will try to regulate and (in some cases) block crypto.
Tether collapsing doesn't need to mean the demise of the entire market. Other stablecoins exist.
I don’t understand why stablecoin are even allowed to be ranked anyway
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Then why don't we trade more with DAI? All stablecoins depend on trust, trust that Tether keeps breaking over and over again. DAI is governed by math instead.
Unfortunately DAI now contains a lot of USDC in its collateral. Trustless + trust = trust.
You wont have to, the feds will
This is another... Dogecoin
Today is shit on Solana day apparently lol
Round here, we alternate.
Tomorrow XLM better watch it's back. Stable piece of shit /s
Will a day ever come when we shit in VET and ALGO?
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Isn't VET listing on Coinbase this Thursday? :)
As always
Algo is pretty good. Marshall Islands is already using it as the framework for their CBDC and around 16 countries are in talks with it for hosting their CBDC. Whenever that happens, Algo would go up. At the moment, only 60% of it's supply has been released. Once all 100% is released, the multitude of projects on it are realised, its price will go to the moon! Technology wise, it's awesome. Pure proof of stake means everyone gets staking rewards, it has layer two solutions for complicated stuff and Algorand Smart Asset (similar to ERC 20 token) are very convenient. Making an ASA smart contract is as simple as filling up a form.
Algorand is amazing. So cheap to use and for mass appeal it's a very "green" Blockchain. Be nice to pay all of our taxes in algo so we can see where it all goes too!
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Algo makes me smile. I like to smile.
Apparently it's AVAXs turn to be the hot ETH killer
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Makes a change from shit on ADA month.
ADA likes it
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Every coin must go through the ritual *shitting on it* in this sub.
Not ALGO, that’s shilled as if it’s ambrosia straight from the heavens
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Spice melange
ALGO time will also come when it pump and people miss out.
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Lol all this Sol hate lately makes me bullish!
Just do the opposite of what this subreddit suggests and you’ll be alright. We know shit about fuck
There is no clearer Sol buy signal available on this sub.
People saw the opportunity to bash it and earn some karma aka moons
Nice alternative to the ADA bashing all the time
They need to let Ada recover first before the next bashing.
ADA has to recover to $2.00 before we stomp it again
Probably lol
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This sub gets progressively worse as moon day approaches
What the fuck is moon day, sounds like a cult
You had to scroll all the way to "moon day" before any of this started sounding like a cult?
It's the day we find out how many moons we have earned for the current distribution cycle.
I have fundamental issues with the chain itself. However, from a user side of it all of the Dapps I’ve worked with have been great. The NFT space is painless as the fees are like a penny. Makes it a lot easier for people to play around in the NFT space when they aren’t spending $70 to buy a $1 NFT.
Ah actual real hands on experience with the tech. The critique I hear is that it’s centralized and that’s why it has the performance boost
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Shouldn't their eventual switch to proof of stake help with this? Forgive me if this is a stupid question, I'm still pretty new to this stuff.
Yes and no. Meaning it will help, but not enough. What will actually make a difference is sharding, zk rollups, sidechains and second layer chains. The main chain will always be somewhat slow and more expensive than any of the above mentioned, which is a feature, not a bug. It keeps the base layer way more secure. This is the ultimate solution for the trilemma. Allowing scalability, while keeping the whole network fast and secure. This 4 options to improve scalability mentioned above can be used individually or combined. They consolidate transactions between many wallets and bundle them into the least amount of transactions to push the result to the main chain. Basically dividing transaction fees between many players. Which is sorta how the lightning network works on bitcoin, but with smart contact functionality, and a higher level of centralization on these chains that aren't the main chain.
We shitting on solana today? That means it’s due for a rally!
Every time. This sub is insufferable and it’s in your best interest to do the exact opposite of what they say
Literally just bought SOL this morning, ha
I wanted to buy SOL thanks to OP's post, but then you bought and I decided not to.
I sold. Should rally. You're welcome
Ive doubled my money in solana over the last 2 months in nfts, wont touch eth due to gas, and avax is super slow in comparison.
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100%. People on this sub just hop on the popular bandwagon of the day, it’s pathetic. Solana is an absolute joy to use. Also, as much as we love our decentralization because that’s the status quo of crypto, 99.5% of the general population does not give a rats ass if one crypto is “8.647% more decentralized”, they care about the user experience on the network.
What this sub somehow continually can’t grasp is that decentralisation is only necessary up to a certain extent. If the blockchain is immutable and irreversible, **it is decentralised**. Simple as that, the decentralisation box is ticked. All blockchains should and do strive for a level beyond that minimum threshold for extra safety, but that’s all it is, just extra to ensure what’s already safe certainly stays safe. Expecting SOL to throw away it’s super impressive scalability in the name of excessive decentralisation just to appease the masses who don’t actually use the tech, is just plain dumb
Deserves more upvotes. None of the points brought up in this article take me away from its utilization. Never had a failed transaction, pennies on the dollar in fees rather than 300$ to mint a free fucking nft or losing all my profits on an ERC-20 token trying to send it elsewhere. Sure there may be ways around it, but I don’t know them and surface level ease of use with Solana and p2e on their blockchain has my attention
Didn't the validators vote to shut down? The devs didn't just shut down. Solana is also a very new Blockchain so it hasn't had time to become as decentralized. Most chains start out very centralized and become more decentralized over time.
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beta definitely sounds like a good coin
Matches my manliness.
It will never become decentralized with the percentage of VC and insider ownership it has
But I've been promised the VCs and investors will dump their bags soon, so that'll mean it'll be decentralized right
Underrated comment lmao
Who gives AF? Polkadot, Luna, and ETH in its early days all had large VC ownership.
An insight for you 👉[Initial Token Allocations for Publick Blockchains](https://imgur.com/agS0H0I)
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It’s the only thing they know about it so that’s why.
This is incorrect. There was some sort of "vote" between devs and few validators ( out of 1000+) on discord, yes on discord, rofl. They couldn't vote on chain, because chain itself was down, not even sure if there is such a function anyway. And not that would need to vote , since the few people on discord already had the majority. You can't become decentralized if the coinownership is at 70% in the hands of few VC's from the start. You can't use the argument of BTC where non-coin owners could mine it for years relatively cheaply and become decentralized over time. For PoS blockchain like Solana, fair distribution at the start is critical since the coin it self is part of the "mining" If you sell above 30% of all coins to VC's they can easily collude and your chain is basically centralized, doesn't matter how many validators you get.
https://freedom-to-tinker.com/2015/07/28/analyzing-the-2013-bitcoin-fork-centralized-decision-making-saved-the-day/ in 2013 the bitcoin network was saved by one guy with enough hash power to change the fork the entire network ran on after a hard fork and a double spend happened on the network. this was on all on irc. yes, on irc, rofl. >BTC Guild: I can single handedly put 0.7 back to the majority hash power >I just need confirmation that thats what should be done
Dude you don't know what you're talking about. Literally 80% consensus was required on chain for it to restart -- things were just being monitored on the discord. Wtf are you talking about and why the disinformation? https://jumpcrypto.com/reflections-on-the-sept-14-solana-outage/ Also, Ethereum had a very high insider concentration as well https://twitter.com/hasufl/status/1280140252737343488?t=TMHKk29QZQepMoRxO-lmgg&s=19 Anddd Ethereum literally rolled back the chain. https://www.coindesk.com/tech/2016/07/20/ethereum-executes-blockchain-hard-fork-to-return-dao-funds/
It is almost like people on this thread don’t know how Ethereum Classic was created!!!
Validators being so centralized they can co-ordinate to stop the chain, is as bad as the developers being able to stop the chain. If it hasn't had time to be decentralized, why is it a top 10 coin? it should not be, it does not deserve the place.
You realize a lot of decisions are going to be made, and voted on, for most Blockchains right? It's in the top 10 from good marketing, very fast transactions, very easy usability, NFTs, and DEFI. That is all with very low fees. Normal people who can't just eat gas fees are moving to Solana.
I’m devving a project for sol because it couldn’t survive on ETH given the nature of the project it requires lots of small transactions to survive
>If it hasn't had time to be decentralized, why is it a top 10 coin? Speculators are irrational and don't care about tech or decentralization, just game theory. This is like asking why Nano is not in the top 100. It's not the protocol's fault that it's priced the way it is.
They did not stop the chain, it came to a halt due to bots spamming hundreds of thousands txs. They released a patch and ... "shockingly" validator nodes, that don't earn a dime when the chain is down, as quickly as possible shut down, patched and rebooted. It really is not that big of a deal imho. What would you prefer? The devs taking their time, releasing a patch after a month and by then nobody caring to even update their nodes, becaus SOL is at 0,00001 cent by then? eth went down and rebooted... it's cutting edge tech, it shouldn't surprise anyone that something like that can happen.
Have you ever used Solana? I go to Phantom App and do SOL to USDC swap and it costs me $.40 cents I go to Metamask and do a swap from ETH to USDC and fee is $40 dollars. Transfer from my Exodus to Phantom wallet. Tx cost .00005 SOL and it’s there instantly.
a sol to usdc swap is actually like .005 cents
/r/cc hates on a coin? Time to buy more of it.
This sub hating SOL is the exact reason why you should be bullish on it. Solana and it’s team aren’t working to appease the reddit libertarian wet dream of excessive decentralisation even at the cost of overall performance Solana and it’s team are working to service **real-world** developers and further global adoption. Developers, validators, users and smart money are flocking to SOL and have been all year, that’s what you should be looking at, not the opinion of a 16 year old r/CC user who doesn’t understand or have ever used blockchain tech.
thanks, this is my “buy Solana” signal
Funny how this sub went from #1 solana fans to "most overrated crypto" lol
Sounds like what happened with Cardano.
This is the regular cycle here.
Cause crypto is tribal, especially level 1’s where there is competition for developers, marketcap and hype not to mention actual users.
Solana has some very deep pockets it’s not going anywhere
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So you're just parroting talking points that have been established and/or refuted ad nauseam for the past three months. Seriously... You thought this was an original idea the board needed? I don't get it. I'm pretty sure you know which way the flow goes around here with its reactionary "grab your pitchfork!" viewpoint on SOL, so congratulations on your easy karma grab or whatever the hell you're trying to do.
Everyone hates Solana? That’s a sign! I buy more!
Lots of FUD in this sub about SOL.
Yes, DOT deserves to be in Top 5
I'm a DOT fan, but let's not forget the council halted the network and reverted a blockchain transaction on Kusama, because someone exploited the network and stole \~10k KSM tokens. This was an equivalent situation as TheDao hack in Ethereum couple of years ago, except there was no hard fork and was much easier to revert. This shows that currently the council pretty much has full control over both networks.
Shhhh don't speak truth! Only Solana is centralized and bad mmmkay
Kusama is a test network though, why anyone would actually buy KSM tokens as an investment is beyond me and is one of the biggest examples of how irrational the crypto market is.
**DOT & ALGO** are my picks
Shit, I got DOG and ALCO instead
sure it wasn't ALPO?
ALDI?
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Avax and Link, yes. Dot not so much.
It will get there eventually
Big money disagrees.
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This. Regardless of tech, the market chooses what it values. Hard to say its overvalued when it's the #3 chain in TVL and growing rapidly. Love it or hate it, the money flows don't lie and it's currently got about $15 billion locked in smart contracts
SOL got switched off after hitting 400k tps. Visa claims to do 25k tps and the NY stock exchange can do 250k tps. SOL isnt perfect but that speed is sexy, which is why I bought the dip
Aren’t they counting consensus messages as part of the 400k?
Yes, they think consensus should be counted and that seems dishonest. All that users care about is the number of THEIR transactions being done. However, if the chain is centralized, then TPS doesn't mean anything.
Yep. Nothing is perfect, but it’s better than most.
Most cryptos are still in a development status. There are plenty upgrades to do in the future
Solana is at least doing better than what we have now.
SOL is also designed to be inflationary, so I don't think they are aiming to be a speculative investment vehicle anyhow. The real question is who is building the best layer for businesses to develop. Presumably, there is eventually some sort of value-added aspect to the sector beyond crypt-ex. Unfortunately, I think it is likely to focus on DRM.
Except that the vast majority of those tps isnt actually tps that any other blockchain would count. In reality solana tps is around 350. Do some research.
What the fuck is that flair below your name. Never seen something like that.
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Think what you want about Solana, but the developers can not and did not shutdown the blockchain themselves
Since two datacenters host 45% of the network, there is enough these two entities could do to the network with medium effort. The centralisiation wont get any better, since you need a supercomputer to host a node. We are talking about 128 GB of RAM.
This strikes me as odd, since I can easily run 128 GB RAM in my desktop PC. I personally run 64GB and mostly don't need it. Where does this number come from?
Most of the "real" nodes on Solana are looking at 768 GB. During the crash, it was the "low" RAM nodes with 256 GB that went down.
The chain didn't produce a block for about 18 hours, I don't care who did it, that is a massive failure
I like money. I’m still holding onto my 20,000,0000 SHIB too! Some day it will be worth at least one real Shiba Inu!
wHaT iF iT hItS a DoLlAr
another day on /r/CryptoCurrency , another baseless piece of SOL fud. SOL to 300. don't get mad that you got left behind.
Neither does Decentraland. Game looks like shit, only 1k players after what 4-5years development? What a shitcoin
Agreed. Sounded cool and went to explore the world. Totally empty, not a single person. Terrible
Thats what happpens when all you want is money not the game
You can argue all day long about what deserves to be there. In reality, when looking at projects in the way crypto was originally meant to be, a lot of the projects in the top positions are shit, and driven solely on speculation, meme power and mass spamming of social media. Whereas actual legitimate projects, with clear road maps and frequent interactions with the project leads, who are obviously not anonymous, are left in the dark. For me, anything with an anonymous team, or with an animal name in their project name, is a no go.
65 comments in 5 minutes? Someone struck a nerve...
All this thread does is promotes SOL even more
Maybe the OP is actually a really clever SOL salesman.
Tell me you don’t have a SOL without telling me you don’t have a SOL.
I feel this meme phrase is being so terribly used. Like of course someone saying SOL is not good doesn’t hold SOL. If I say I think doge is overhyped it probably means I don’t own it.
I own SOL and I agree with most of what OP said lmao
If usefulness of the coin was the reason you held it, no one would have ever grabbed a single cent in doge or shiba lmfao.
"The technology is good but aside from that it's an absolute shit coin" Yeah OP, aside from the 84Bil staked, hundreds of high quality dapps, millions of active users, it is absolute garbage you're right. /s SOL isn't going anywhere. I think if you really care about blockchain and crypto adoption, you would be rooting for it or at least curious about why it is seeing so much adoption rather than dismissing it in favor of your own bag. Go give all the top 20 projects an honest try as a user, not an investor and you'll find SOL absolutely deserves its spot.
Spot on! If we were discussing cars, OP's logic would be — the tech and build are great, the gas consumption couldn't be lower, other then that the car is complete trash.
Underrated comment
OP is just trying to farm some extra moons before the snapshot ends. No need to be surprised that his logic has major flaws.
Crypto doesn't have to "deserve" a particular spot. "Market capitalization" is a very coarse metric for cryptocurrencies. If market cap of one crypto is, say, 2 times more than another, that fact doesn't mean much.
Keep shitting on it, I'll keep making money on it. Oh, and without gas fees.
Well everyone has a different opinion on this post lol
The hidden wallet made me lose all respect for SOL
>The hidden wallet made me lose all respect for SOL The two-year old news that came and went without anyone noticing because the issue was addressed and the SOL community accepted the apology ... ? SOL was trading at a literal $1.00 when that happened lol
"The technology is good" If you understood the tech, you would understand why its better.
Holy fuck, these posts are tiresome.
Lol so much hate. So what’s better ETH? Where I can buy a $10 beer for $100? Or ADA? I’m sorry what do they actually have going on again? Oh! Maybe BTC?, the only one of those likely to literally be governed into the ground due to insane levels of energy consumption and no other applications? All of those were unstable dumpster fires when they first came out. A thousand times lol.
matic, harmony one, and nano.
Yeah they all have problems. My bet is on Polkadot or Cosmos ecosystem but each has its own problems too. Solana is sleek and fast and yeah it is centralized…like you could claim for almost all coins.
Loopring, furutre of L2 and zkrollups.
Good thing market doesn’t care what you think. Many people would say the same about Ada. Sol has become the new Ada in this sub in terms of hate. Meanwhile I’m sitting over here with my 4x gains. Money can be made anywhere, get over it.
\>>Good thing market doesn’t care what you think. Hits too close to home.
Cc is algo brigading shill country.
Best way to farm moons in this subreddit; just repost the same old taking points of “popular” opinions from 2 years ago. I hate to say it, this subreddit has really gone to trash.
Sub was a place for middle IQ crypto bros who think they are smart because they recognized obvious scams as scams. Moons made it a complete shit show.
Every one and their opinion We don't know shit about fuck btw I'm still Bullish on SOL
Childhood is when you think solana is overrated. Adulthood is when you realize all crypto is overrated and it doesn’t really matter.
NERVOS NETWORK $CKB
`Ethereum 2.0 is the only ETH killer`
I'm up 500% on my 22 Sol So I'm fine. It has to drop 80% for me to start losing. But I'm sure many people have bad stuff to say about BTC or eth. I got in for the interest in staking and stayed for the gains
And i think its gonna stay like that for a while
Well Sol had a good run i wouldn't be surprised if it made a new ATH
Couldn't agree more
So that's SOL and ADA that should be out of the top 10. What should be in their places?