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1/18) I do not support SOL, there are far too many red flags.
Consistently displaying a pattern of bad behavior.
Prioritizing attracting ignorant investors over good blockchain design.
There are many examples of lies, fraud & bad design.
I will go over several in this thread:
Consistently displaying a pattern of bad behavior.
Prioritizing attracting ignorant investors over good blockchain design.
There are many examples of lies, fraud & bad design.
I will go over several in this thread:
2/18) Starting with fraud at the beginning of the project:
In early April 2020 the Solana team stated that the total circulating supply was 8.2M.
When in reality the total circulating supply was above 20M!
As questions & critiques started to pile up over the following weeks,
In early April 2020 the Solana team stated that the total circulating supply was 8.2M.
When in reality the total circulating supply was above 20M!
As questions & critiques started to pile up over the following weeks,
3/18) The official moderators kept insisting that there was no extra circulating supply.
Certain people grew more suspicious.
Especially as Solana failed to update their Binance info & Coinmarketcap profile.
Certain people grew more suspicious.
Especially as Solana failed to update their Binance info & Coinmarketcap profile.
4/18) By the end of the month a independent 3rd party managed to find a unlocked Solana wallet containing 13M tokens!
Once the Solana team was fully exposed they released a medium article admitting to the fraud,
Explaining that these 13M tokens where loaned to a “marketmaker”.
Once the Solana team was fully exposed they released a medium article admitting to the fraud,
Explaining that these 13M tokens where loaned to a “marketmaker”.
5/18) They then promised to get these coins back & burn them within 30 days.
On numerous occasions in the following weeks,
The Solana team guaranteed that they would not release any new coins into the market without first announcing it beforehand.
On numerous occasions in the following weeks,
The Solana team guaranteed that they would not release any new coins into the market without first announcing it beforehand.
6/18) On may 23rd the Solana team announced that they were only able to retrieve 3.3M coins out of the 11.3M they had loaned out.
Instead they released 8M new SOL tokens into circulation in order meet their commitment to burn without any announcement beforehand.
Instead they released 8M new SOL tokens into circulation in order meet their commitment to burn without any announcement beforehand.
7/18) The total circulating supply was now 16M, double the supply promised in April!
After this they just moved on,
Not even publishing this release on any of their official announcement channels.
Primary sources can all be found in this article: https://web.archive.org/web/20200701055655/https://medium.com/coinmonks/solanas-snowball-of-lies-entraps-sol-holders-after-a-month-long-coin-burn-deception-ce908dc0a398
After this they just moved on,
Not even publishing this release on any of their official announcement channels.
Primary sources can all be found in this article: https://web.archive.org/web/20200701055655/https://medium.com/coinmonks/solanas-snowball-of-lies-entraps-sol-holders-after-a-month-long-coin-burn-deception-ce908dc0a398
8/18) Next up is fundamental design:
Specifically Proof of History & Turbine.
A consequence of PoH is deterministic block creation.
Non-deterministic block creation adds to security & censorship resistance as you cannot predict who will create the next block.
Specifically Proof of History & Turbine.
A consequence of PoH is deterministic block creation.
Non-deterministic block creation adds to security & censorship resistance as you cannot predict who will create the next block.
9/18) Instead in SoL it is possible to predict & therefore attack the next block producers inline.
For instance attacking the next 100 validators inline instead of attacking the entire network.
This attack also works regardless of scale, thereby severely reducing SOL security.
For instance attacking the next 100 validators inline instead of attacking the entire network.
This attack also works regardless of scale, thereby severely reducing SOL security.
10/18) SOL security is not just reduced against DDoS attacks since this attack can also be combined with a 51% attack.
Allowing an attacker to temporarily gain proportional staked control over the network by attacking other stake holders.
These are all consequences of PoH!
Allowing an attacker to temporarily gain proportional staked control over the network by attacking other stake holders.
These are all consequences of PoH!
11/18) Combining Turbine with PoH leads to even more dire consequences:
Turbine divides the transaction memory pool into small groupings of validators.
This means that with PoH you can censor transactions by just attacking the specific validators in that grouping next inline!
Turbine divides the transaction memory pool into small groupings of validators.
This means that with PoH you can censor transactions by just attacking the specific validators in that grouping next inline!
12/18) Now we will cover some more of the lies:
On the 15th of September 2021 the SOL network was brought down by a very high TX count.
@Solana claimed the network was brought down by doing 400k TPS.
This is objectively false!
On the 15th of September 2021 the SOL network was brought down by a very high TX count.
@Solana claimed the network was brought down by doing 400k TPS.
This is objectively false!
13/18) If TXs do not make it into the blockchain, you cannot claim that as the TPS limit.
TXs in mempool (Gulf Stream) do not count towards TPS!
TPS is a measure of network capacity, BTC can even handle higher loads on its mempool!
Evidence was & still is all onchain:
TXs in mempool (Gulf Stream) do not count towards TPS!
TPS is a measure of network capacity, BTC can even handle higher loads on its mempool!
Evidence was & still is all onchain:
14/18) A specific example of bad blockchain design that only makes sense in the context of attracting ignorant investors:
In SOL several consensus mechanisms are counted as transactions, which validators have to carry out.
Which means validators also have to pay this TX fee.
In SOL several consensus mechanisms are counted as transactions, which validators have to carry out.
Which means validators also have to pay this TX fee.
15/18) This results in validation being much more expensive then it needs to be.
Unnecessarily centralizing the network!
Estimates are upwards of 6M USD in order to run a validator profitably!
The strange thing about this specific design choice is that there is no trade off.
Unnecessarily centralizing the network!
Estimates are upwards of 6M USD in order to run a validator profitably!
The strange thing about this specific design choice is that there is no trade off.
16/18) Unlike PoH & Turbine which does give scalability advantages by sacrificing decentralization.
Consensus mechanisms being counted as TX's gives no objective advantages.
All that I can think off is that it does make SOL appear as if it has a high TX count when it might not.
Consensus mechanisms being counted as TX's gives no objective advantages.
All that I can think off is that it does make SOL appear as if it has a high TX count when it might not.
17/18) If that is why this design choice was made, that would be extremely deceptive & crooked behavior.
Though I could be missing something here & would love to be corrected on the subject.
I just cannot find a good reason why you would design a blockchain in that way!
Though I could be missing something here & would love to be corrected on the subject.
I just cannot find a good reason why you would design a blockchain in that way!
18/18) I have been critically evaluating cryptocurrencies for more than 8 years now.
We have to be forgiving of flaws, it is hard on many lvl's to found & build a cryptocurrency.
But as investors we have to be critical.
I would praise SOL if it pivoted & fixed these problems!
We have to be forgiving of flaws, it is hard on many lvl's to found & build a cryptocurrency.
But as investors we have to be critical.
I would praise SOL if it pivoted & fixed these problems!
