Why is Solana still a thing?

[feeling sound]

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?

[1714843093]

1714843093

[1714843093]

1714843093

[poodle63]

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.

[jossiel]

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.

[Jating]

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 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

[Yogee]

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

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.

[Jackl87]

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.

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.

[Psynthax]

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.

[TimeTeller]

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.

[Emperor of Man]

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.

[Silberman]

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

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.

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.

[dansus021]

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.

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

[MAAManda]

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) . 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

[GreatArkansas]

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) . 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
(....)

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.

[makishart]

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) . 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
(....)

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.

[RussianEnglishTranslation]

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?

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.

[kensaii]

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.

[DevFile90]

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.

[hugeblack]

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.

[jeha2015]

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.

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

[inanilujimi]

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.

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.