Solana was down for several hours

[bbc.reporter]

It appears the new flying superstars of the cryptospace has landed on the ground with a few wounds and scratches hehehe. This might not greatly affect the Solana ecosystem market, however, this is a red mark on their report card. According to Solana Status, the network is being manually restarted and presently has 42% of the validators online. Solana blockchain requires 80%.



The network underpinning one of this year’s fastest-rising cryptocurrencies is having problems validating transactions, according to a Twitter account run by the Solana project.

The issue stemmed from “resource exhaustion” in the network that caused denial of service, one tweet from the Solana Status account said over eight hours ago. Third parties that validate transactions on the blockchain elected to coordinate a restart of the network and are preparing a new release, the developer team said later in a statement.  

“It has some interesting technical features, but realistically Solana hasn’t yet been fully tested in a live setting,” said Strah Savic, head of data and analytics at FRNT Financial. “What we are likely seeing is the experimental nature of blockchain tech playing out.”

Read in full https://www.bloomberg.com/news/articles/2021-09-14/blockchain-underlying-red-hot-crypto-solana-hits-processing-snag

update

Solana network was down again for 5 hours.

https://bitcointalk.org/index.php?topic=5360030.msg58894790#msg58894790

[faithupgrade]

Why are you people worry about the price of Solana? Did you recently bought it? Bitcoin might have another upcoming crash so expect the unexpected. It might have another correction sooner. Thus it might affect the price of Solana. Condition your self that price might crash again. So better close the exchange site and simply HODL.

[Dave1]

Why are you people worry about the price of Solana? Did you recently bought it? Bitcoin might have another upcoming crash so expect the unexpected. It might have another correction sooner. Thus it might affect the price of Solana. Condition your self that price might crash again. So better close the exchange site and simply HODL.

If you read his post, he define it as "flying superstar of crypto space", and obviously the price is soaring. So if you are a bagholder you will definitely be alarm as to what happen to the network itself.

And even if you are not a bagholder, it will caught your attention, as everyone here is somewhat connected. Unless you are a bitcoin or ethereum maximalist, then you don't care about what's going on the crypto space.

[cryptoaddictchie]

Why are you people worry about the price of Solana? Did you recently bought it?

I dont see anywhere on OP's post any sign of complain and worry as I reaf it. He just simply state the current status of solana due to its break down yesterday.

Its not normal to have this kind of incident and kinda worry, but this rising star will definitely fixed this and Im sure they wont waste their current status due to this.

[Bttzed03]

Welp, probably a similar case where the infrastructure wasn't built properly but it had to be launched/deployed because they want to meet target date and customer demands. Luckily for Solana, they had an excellent marketing team but the devs should be able to keep up. The stakes are too high for them.

[kidbounty]

this is normal for a new network. the lack of validators puts the network in trouble for a while, but not forever. and this is not a red report card for me, this is a common problem, and often happens for a new network. and their team is working on solving the problem. they are working on restarting the network and trying their best to solve this problem.

[gaston castano]

Why are you people worry about the price of Solana? Did you recently bought it? Bitcoin might have another upcoming crash so expect the unexpected. It might have another correction sooner. Thus it might affect the price of Solana. Condition your self that price might crash again. So better close the exchange site and simply HODL.

How long do you think this crash will last? I'm curious but many say until the middle or end of this month. and i'm holding a few coins from the solana network so it's currently going through a pretty deep drop.

[RussianEnglishTranslation]

Solana should be valued similar to its competitor NEAR protocol, 5-10 USD. I will buy in when it gets back to that point. Until then I will farm on Ref Finance and collect my rewards. No outages on NEAR protocol, it scales infinitely with horizontal sharding.

[Strongkored]

Why are you people worry about the price of Solana? Did you recently bought it? Bitcoin might have another upcoming crash so expect the unexpected. It might have another correction sooner. Thus it might affect the price of Solana. Condition your self that price might crash again. So better close the exchange site and simply HODL.

How long do you think this crash will last? I'm curious but many say until the middle or end of this month. and i'm holding a few coins from the solana network so it's currently going through a pretty deep drop.

I don't think anyone will be able to predict how long this decline will take, but because the reason for price drop is the issues in the Solana network it will really depend on the Solana dev team how to quickly solve it, you have to be prepared to see a drop in coins you hold because it will be very depending on the performance of core coin.
Keep up with the progress and if you feel you have to cut loss then don't hesitate to do it, unless you target is a long term.

[mu_enrico]

Incredible how SOL can still have a high price when the network can down like this. So basically they were trolled with DOS attack
I think this event serves as a wake up call, just like EOS in the past, to prove that SOL network isn't robust and valuable. I'm pretty surprised with the rebound shortly after the dip, is the market so irrational? Or is this just a dead cat bounce? Do SOL bag holders here are still optimistic?

[Ararbermas]

They can make a solution for that and will fly again for sure because i believe solana is one of the most promising tokens nowadays in the market and indeed solana had a great team behind as well so it just s normal situation and they can fix it as soon as possible..by the way yesterday there's a great progress of sola but unfortunately it fluctuate back to the support, probably they still working in it.. So lets wait instead..

[FinneysTrueVision]

Incredible how SOL can still have a high price when the network can down like this. So basically they were trolled with DOS attack
I think this event serves as a wake up call, just like EOS in the past, to prove that SOL network isn't robust and valuable. I'm pretty surprised with the rebound shortly after the dip, is the market so irrational? Or is this just a dead cat bounce? Do SOL bag holders here are still optimistic?

Solana is an interesting protocol and is backed by institutional investors. Many people see it as a credible threat to ethereum. People who invest in these hyped altcoins are willing to overlook certain flaws if they believe this coin will make them rich. We can see this situation and point to Ethereum and their unplanned network forks. Ethereum has come out fine after these issues and that gives Solana investors confidence in their protocol.

[Amirzz123]

I dont see anywhere on OP's post any sign of complain and worry as I reaf it. He just simply state the current status of solana due to its break down yesterday.
Its not normal to have this kind of incident and kinda worry, but this rising star will definitely fixed this and Im sure they wont waste their current status due to the end and this is normal for a new network. the lack of validators puts the network in trouble for a while, but not forever. and this is not a red report card for me, this is a common problem, and often happens for a new network. and their team is working on solving the problem. they are working on restarting the network and trying their best to solve this problem.

[gaston castano]

Why are you people worry about the price of Solana? Did you recently bought it? Bitcoin might have another upcoming crash so expect the unexpected. It might have another correction sooner. Thus it might affect the price of Solana. Condition your self that price might crash again. So better close the exchange site and simply HODL.

How long do you think this crash will last? I'm curious but many say until the middle or end of this month. and i'm holding a few coins from the solana network so it's currently going through a pretty deep drop.

I don't think anyone will be able to predict how long this decline will take, but because the reason for price drop is the issues in the Solana network it will really depend on the Solana dev team how to quickly solve it, you have to be prepared to see a drop in coins you hold because it will be very depending on the performance of core coin.
Keep up with the progress and if you feel you have to cut loss then don't hesitate to do it, unless you target is a long term.

i keep it for the medium term or rather i have held it since may and will sell it at the end of the year, that also applies to all my other coins, i hope this problem is resolved quickly.

[RussianEnglishTranslation]

Solana was down for 17 hours and it was recently priced above 200 usd. Meanwhile NEAR protocol, which has better tech and no downtime is valued at under 10 usd. Solana was way overhyped for what it can do in reality and a lot of people fell for scam projects on that platform. I put my money into DeFi on NEAR using Ref Finance, and as the story goes, the turtle wins the race.

[bbc.reporter]

Incredible how SOL can still have a high price when the network can down like this. So basically they were trolled with DOS attack
I think this event serves as a wake up call, just like EOS in the past, to prove that SOL network isn't robust and valuable. I'm pretty surprised with the rebound shortly after the dip, is the market so irrational? Or is this just a dead cat bounce? Do SOL bag holders here are still optimistic?

It is only similar to Ethereum after the DAO failure or Ava’s own downtime because of its own blockchain failure hehehe. We are also in a bull market. If this was a bear market, it would be dumped -50%. Also, I speculate Sam Bankman-Fried supported much of the market during the downtime to save the Defi liquidity pools from being liquidated.

@RussianEnglishTranslation. It is not tested because no one uses Near. Solana was doing a peak of 400,000 transactions per second before the failure.

[coin-investor]

So this is the reason why I cannot withdraw my Solana on Binance the other day because of the downtime, I still consider Solana a very promising project and one of the closest competitors of Ethereum  29,000 TPS is such a huge achievement and huge 310005 for just a year is a great milestone for a new project like Solana, I expect Solana to have another huge pump in the coming months.

[RussianEnglishTranslation]

Incredible how SOL can still have a high price when the network can down like this. So basically they were trolled with DOS attack
I think this event serves as a wake up call, just like EOS in the past, to prove that SOL network isn't robust and valuable. I'm pretty surprised with the rebound shortly after the dip, is the market so irrational? Or is this just a dead cat bounce? Do SOL bag holders here are still optimistic?

It is only similar to Ethereum after the DAO failure or Ava’s own downtime because of its own blockchain failure hehehe. We are also in a bull market. If this was a bear market, it would be dumped -50%. Also, I speculate Sam Bankman-Fried supported much of the market during the downtime to save the Defi liquidity pools from being liquidated.

@RussianEnglishTranslation. It is not tested because no one uses Near. Solana was doing a peak of 400,000 transactions per second before the failure.

Solana hit 400k tps because it was spammed until it broke and they had to reboot the blockchain. Nobody ever had to reboot NEAR protocol because it has preventative measures for spam. In fact, one of the head devs warned the head dev of Solana in public that Solana is susceptible to spam attacks just like this, but nothing was done to prevent it.

[globalpain]

So this is the reason why I cannot withdraw my Solana on Binance the other day because of the downtime, I still consider Solana a very promising project and one of the closest competitors of Ethereum  29,000 TPS is such a huge achievement and huge 310005 for just a year is a great milestone for a new project like Solana, I expect Solana to have another huge pump in the coming months.

Indeed, if we look at Solana's progress from the last few months, we know that this is a potential and promising project for the future.
but anyway we can't jump to conclusions just like that and need to see it in the long term

[mamesso]

~Snip~

How long do you think this crash will last? I'm curious but many say until the middle or end of this month. and i'm holding a few coins from the solana network so it's currently going through a pretty deep drop.

After Solana flew so high a while ago, maybe it's time for Solana to take a break and give traders a little space to get Solana at a low price. correction will always occur when a coin has pumped so strongly, thus making traders who already hold Solana a little worried about the accident that just happened. But this is not the end of Solana, After the storm ends we will see a clear sky.