Bitcoin Forum

Solana goes completely against the idea that cryptocurrency must be decantralised. It's possibly the most centralised "mainstream" altcoin with a shady team that has historically lied about not only the fundamentals of the project like the circulating supply, but the shady members of the team have also been caught for fraud.

Much more advanced, more decantralised and Secure Level 2 competitors like MATIC exist, which have had infinitely better uptime, and security. Solana is not the cheapest, nor the fastest competitor either, so that's not in it's favour. There's few projects. Fewer with any reasonable legitimacy. It's just a hyper inflated L2 that has nothing holding it up other than hype and NFTs as fundamentals.

The only thing Solana has been consistent in, is underperforming, having outages, missing road map targets, getting hacked, and making false promises.

How many time does SOL have to be hacked, fucked, and stomped to actually die?

I do agree with you and how dumb people keep buying this garbage blockchain coin. This blockchain is the most garbage blockchain after UST. this is the big question that has not yet answered. It seems like that people didn't really care about reliability of blockchain but pure speculating the token that issued by the blockchain.

It's probably too late to realize those words that you've said. When it has first got an outage, I guess everyone just thought that it's fairly okay and not that much to be worried of.

But with the most recent things that has happened. It has started to give doubt to those that are bag holders of it. And if they're firm holding this coin, that won't matter to them and will still believe on it.

I guess what makes them stick on it because of what it has built just like the few portions of success that ETH has got like in the NFT market.

It's probably because SOL was born out of the bull market that's why it has great start from the beginning. People never look (and you can call them dumb) regarding their blockchain, and they just invest on them, see the price goes up, tremendous growth. And now we've seen what their blockchain is in the bear market and realized that it was pure garbage and now we heard that they have been hacked and compromised.

https://www.cnbc.com/2022/08/03/hackers-attack-solana-crypto-stealing-millions.html

It's credit to their "community" for keeping it alive. You can't really do something about it since they won't see the red flags you noticed no matter how you explain it to them. It's the same thing you see in other projects like XRP or Shiba which has cult-like community. My suggestion is to simply ignore these chains and focus on your own portfolio.

Hmm. So far i only heard negative stuff about Solana because of all the hacks that have occurred. There even was another one very recently like yesterday or so where again millions of dollars where stolen from users. I was always wondering that the price of Solana was not really reacting when such news about hacks were appearing and always remained relatively stable.
I have never really heard accusations that the team behind the project is shady or that the project itself is centralized or that they have even lied about important stuff. I alwys wanted to buy a handful of SOL once or if the price will drop below 30$, but reading your post i have to do a little more research i guess.

If people are really smart and they shall aware with any problems that happened with solana. I never invested in this blockchain caused by so many bad things happened with it and that makes me become even careful with the future of blockchain.
I avoid to invest on it due to the so many problems but i don't know why people were choosing to invest in this blockchain and after they lost their money and they blame the blockchain for that. It's not right. his investment and his decision.

If you are closely following a project, you will know their weaknesses and failures.
So lucky for you if you got the chance to know the SOL platform.
It may save your funds from losing it. Maybe, some are still believing on their capability because they haven't studied the network yet.
But in every investment, we really need to follow and keep up with the progress of the project.
Or else, we will not see our losses coming our way. SOL for me is better than most project. Maybe, that's the reason why people are interested with it.

I've been hearing bad things about solana since a long time ago. Long before the hack thing and the blockchain halt thing and all that happened. Right now I'm surprised why isn't it dumping worse than this...

Blockchain experts don't think of it as good technology. I used to get excited at its performance stats when they came out in 2020, but overall it didn't perform as good as they claimed it would.

I honestly don't know how well it'll perform in future, but right now I prefer to stay away.

I was about to say this, those coins exist because the community keeps them alive, they simply refuse to look at the facts and keep their eyes closed to the truth, however while this can delay the collapse of the coin that is all what it can do, at some point the collapse will come and when that happens all of those that decided to keep supporting those projects are going to pay the highest price, similar to what happened to all of those people that believe in terra luna.

Yess this is 100% true, I aggre with you is simply ignore and focus to your own portofolio

---

im not solana maximalist but the breaching and hacking not just happen in solana it happen on every chain. and why there is some people still buy it because there is still people trust about the project

and another fact that solana is not the fastest nor cheaper but as you can see that layer2 or layer1 keep popingup like fantom avalanche or layer 2 like matic or optimism so everyday is new day and we must keep educate ourself

People should be more aware from now on, there are lots of potential blockchain projects, for example like Matic that @feeling sound said. Unlike Solana with their semi-decentral PoH (Proof-of-History) :D. I also don't understand what actually happened in the Phantom and Slope cases, how can something like this happen in a non-custodial wallet. On Slope itself, their total users lost about $4.5M

Reference:
[1] https://decrypt.co/106680/solana-hack-blamed-slope-mobile-wallet-exploit

The recent hacks on some Solana wallets are not Solana itself, they are a different thing. I also don't know why Solana got affected here or had a bad records to the public because the problem here is mainly on other platform who uses Solana just like Slope, which they had a hole that compromised the users who are using Slope wallet.

Yeah but solana RPC nodes were not also able to maintain ddos attack which was affecting so many dapps started from people can't access explorer or sending the transaction. That was making thousands of people are not able to move their assets to the new wallet with new seedphrase. This is also the reason why this blockchain was so garbage. I saw bunch of complaints in the telegram group about people can't access their wallet nor explorer to check if everything is fine or not.

Projects like MATIC and ICP have better tech and are more secure but FTX, SBF, and Alameda are backing SOL and FTX can set the price of SOL on their exchange to whatever they like. It's unfair but until we get some regulation, things will remain unfair.

It's still a thing thanks to dumb people invested in it because they're ill-informed about it. Most of them dont know what you're talking about, layer 1 or whatever. They invested in Solana because it has a strong front over the twitter or social media where shills for it are rampant. "The next ETH", "Looks at the chart of Sol and see how much it has increased", "It was still under development so problems are expected", "Buy it now cause it was cheap!" all that craps.

It has its flaws but at the same thing the project is growing, for me I am not an investor but an opportunity seeker, I invest in such projects to make huge gains and exit before another bear market then buy again, its just like a circle, I like polka-dot and avalanche more than solana.

As I understand it, the recent hack was not the blockchain, but we can't ignore the fact that this network is overly centralized, which makes any sequential investment a gamble.
Unfortunately, what drives people to invest is the price and the schemes, as long as the price goes up and there are people (they may be paying) who tell them that the price will increase and you will make a quick profit, they will continue investing until it happens just like what happened with Luna.

solana chain many times face serious probelm that also happen to ethereum, personally i ak dissagree when people still said solana as eth killer or the next eth. Looks its been for years and they always face same problem with network stuck. Maybe this project will be next Luna.²

The strange thing is that these people don't really care what is going on inside the solana itself, they are too easily led into the abyss.
solana is not a tesnet network to be fixed all the time. there are several telegram groups that I follow that say Solana's fate can be like Luna.

In spite of the fact that the Solana project has shown its weaknesses and is no longer a promising project, it will not be the second luna.
Luna is a great project and it was dokwon that killed luna and no one else, dokwon's greed destroyed luna. Solana has been quite rushed in building their blockchain and I hope they learn from the past incident and improve it in the future.

if this condition continuesly happen maybe it could be relized, wee see several time solana have problem with its chain and looks like developers team didnt solve it well. Alot investors concern on this issue and feel affraid if luna accident also happen to solana.

I think most of the traders just doesn't care, moreover there are many influencers that shill for solana making newbies traders just blindly investing in it, I also agree that matic as its contended is better, though the smart contract is less advanced, it's more similar with ETH and that's enough.
regardless if it's for investments i'd definitely choose matic, it's just by far less problematic than solana.

Personally, I think the Solana coin has not yet shown its effectiveness in the cryptocurrency market. And everything can change at any moment when the coin begins to grow and show excellent results. I want to say that this is just my opinion and every Solana coin holder may have other predictions.

People don't really care about the problem, they only focus on their coins, this is a picture of people who like the coins, some of these people are one of the reasons why they began to be abandoned, because this chaos could not be overcome perfectly, maybe the difference Between the blockchain and the coin holder is not directly involved, so this problem is still considered normal or it could be the opposite

Does Solana make its own stablecoins, which are backed by Solana coins?
Solana has a very interesting story, when the whales bought back most of the coins, and then sent the price into space.
This ecosystem will work as long as the main manipulators are interested in it. But you need to choose hardware wallets for security.

Sometimes the possible profit is what main focus of the investors who keep buying it and since its ecosystem has so many investment choices to pick then provably this one create demands to their coin. But actually if we want for long term I guess we shouldn't trust this since maybe the same scenario which happen to Terra/UST might also happen to them so we need to open up on those consequences so that we will not encounter any huge loss.

Solana is "still a thing" because whales are pouring money into it like crazy. This project used to be overhyped back in 2021, so it's very unlikely it'll disappear anytime soon. Average people may abandon the chain, but whales and other big players will remain on board. I wouldn't trust Solana with my money simply because the risks of loss are too high to bear. The network is highly centralized and it's flawed by design.

There are far better alternatives that put their focus on security/reliability on top of everything else. Both Cardano and Polygon (MATIC) are much more reliable than Solana itself, so I'd suggest you invest into these coins for the long haul. Crypto is widely unpredictable so anything could happen in the future. Just my opinion :)

That's why long and short-term investments cannot be made on certain coins, because there are enough options to invest in crypto, you only need to make the right analysis to choose some decent coins, if we are stuck on coins that do not have the strength to strengthen, then invest what we do will never grow, and because of too much demand the ecosystem creates opportunities for them, but the end result is very much dependent on the strength of the coin itself

To be fair they did a good shill, I think one of the best organic shill among other dApp project. They do a community hackathon and it's very easy for a non-blockchain developer to start building on their platform. I am not saying that all they do is good, and I am aware of the recent hacking issue. The people behind them might be lying about many things, but people like their product, so it's kinda understandable if some people still put their trust on Solana.

because it's SBF L1 coin? who has a legendary tweet (https://twitter.com/sbf_ftx/status/1347964322459262977?lang=en) from him.


well aside from that

-they have a good ux wallet on phantom
-mobile phone (https://solanamobile.com/)