Row 90626

Content Data

This page contains data entry 90626 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Raw Record

{
  "text": "#Solana Con-Arguments\nBelow is a Solana con-argument written by Nostalg33k.\n\n> # Solana: A tale of broken trust and VCs \n> \n> Solana, an infamous name living as the shadow of it former self [Currently hovering at a price a bit higher than 10% of the ATH](https://coinmarketcap.com/currencies/solana/) which is a shame for any investor. In this small analysis we are going to discuss why Solana is a failure on multiple fronts. From Security, to stability. Let's delve into Solana. \n> \n> ​\n> \n> # From outages to outrages\n> \n> Solana has been transformed into a laughingstock by the repeating outages the network has known. While it is claimed that [Solana is all about speed, with 400 millisecond block times. And as hardware gets faster, so does the network.](https://Solana.com) The Solana network has suffered [6 outages in the month of January](https://fortune.com/2022/01/25/solana-founder-anatoly-yakovenko-crypto-crash-blockchain-instability/) Stability has not been the strong suit of the network. This has sparked outrage against the network but ALSO against some exchanges because these outages are leading big dumps on the markets: [When speculator sell and lead to a 12 % dump](https://www.cnbc.com/2022/06/01/solana-suffered-its-second-outage-in-a-month-sending-price-plunging.html) the most dedicated investor are left holding their bags on the blockchain. \n> \n> Every discussion about Solana as an investment should discuss the possibility of outages and swings. \n> \n> # The Main Use case is Bullshit\n> \n> The main use case for Solana is to sell useless no common sense NFTs. While there are good use case for NFT technology, art and music nfts as they exist are just a passing fad and will need to evolve or disappear. Being a place linked mainly with this technology is very risky and shows a devotion to speculation and not to common sense use cases. \n> \n> ​\n> \n> ​\n> \n> # Security: Hacks, hacks, hacks and VCs\n> \n> The Solana ecosystem has known a lot of failures. The fact is that value is on the ETH side of the crypto ecosystem so bridges are required. When the Wormhole bridge saw a hack leading to 120000 ETH being minted out of the bridge leading to a loss which would be currently valued at 160 Millions. \n> \n> When this happened Jump Crypto, a subsidiary from Jump Capital, found 320 Millions to buy ETH and replace the missing funds. This allows us to understand two possibilities.\n> \n> 1) Jump Crypto did this from the kindness of their heart  \n> \n> 2) Jump Crypto did this because they are heavily invested in Solana and control a large part of the SOL moving around.\n> \n> Now this may be speculation BUT recently Jump Crypto was said to be working to overhaul the open source SOL protocol for nodes. This leads to doubt about the legitimacy of the Solana Fundation and who controls the project. \n> \n> [https://protos.com/jump-crypto-forced-to-save-solana-with-320m-bailout-of-its-own-company/](https://protos.com/jump-crypto-forced-to-save-solana-with-320m-bailout-of-its-own-company/) \n> \n> [https://thedefiant.io/jump-crypto-solana-overhaul](https://thedefiant.io/jump-crypto-solana-overhaul) \n> \n> [https://www.reuters.com/technology/crypto-network-wormhole-hit-with-possible-320-mln-hack-2022-02-03/](https://www.reuters.com/technology/crypto-network-wormhole-hit-with-possible-320-mln-hack-2022-02-03/) \n> \n> ​\n> \n> # Conclusion: A lacking use case, a profit motive from VCs and a past of lacking security and stability must lead you to high caution. \n> \n> VCs are here to make money and they must be holding bags of Solana. If you buy some SOL you are putting yourself into their games and are now dancing with them. While NFT is the future for so many reasons (intellectual property, administration and so much more) the current use case are laughable and security will be at the forefront of gouvernements or IP management companies sending patents through your blockchain. \n> \n> Being seen as an Eth killer, Solana is far from making the cut. I'd advise extreme caution. Please don't get burn't by this project.\n\n*****\n\nWould you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find submissions for other topics.",
  "label": "r/cryptocurrency",
  "dataType": "comment",
  "communityName": "r/CryptoCurrency",
  "datetime": "2024-05-25",
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}

Entry Information

• Entry ID: 90626
• Repository: Axioma AXP
• Dataset: arrmlet/reddit_dataset_36
• Total Entries: 100,000