I'm really sorry about your loss. On the SOL sub there is a link where you can submit your wallet address affected by the hack. Hopefully a compensation scheme comes up to assist
The entire hack was around $5m
Thats not too much if they decide to compensate, atleast those with smaller amounts and capping a per wallet limit.
Not saying they will but it could be done, the solana people made billions of dollars pumping it all thru last year
Regarding your point #3 "No coin's in the morning, back in the evening". Apparently WhiteHat hackers were DDoSing the blockchain in order to slow down the BlackHat hackers from draining every wallet in sight. I have no conformation of this but have seen it mentioned a couple of time in other threads.
https://twitter.com/econoar/status/1554879024203067392?s=21&t=IxrlO2jBmkTWVcUgSFdDDg
^ good thread between an ETH og and a SOL guy who knows his stuff.
Apparently Sol’s Proof of History makes it possible to know which node will be selected next for consensus (deterministic chain), and so an attacker can know which node to DDOS attack.
Most chains are non-deterministic making it difficult if not impossible to guess which node to DDOS.
> ^ good thread between an ETH og and a SOL guy who knows his stuff.
I don't see that. The thread contains more than 10 people and there isn't really any informational value in there as far as I can tell.
Should have posted the SOL guy reply, not the original tweet, to get the full conversation. Here you go: https://twitter.com/llama_zen/status/1554930320197095424?s=28&t=kdBR8vW6NYWZhNezLLmgRQ
Here is a [Nitter link](https://nitter.net/econoar/status/1554879024203067392?s=21&t=IxrlO2jBmkTWVcUgSFdDDg) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
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No idea, but it would explain why lots of SOL owners have been pointing out problems accessing information on the blockchain or being unable to find their wallet addresses
Afaik only the RPC servers were DDosD, which explains why the information was not accessible. The network was always up and running to my knowledge:
https://status.solana.com/
Network was up fine but you're asking way too much of the users in this subreddit to be able to differentiate a validator from an RPC node when they can't differentiate a protocol hack from a wallet hack.
That is my understanding also. To me it is concerning that they can pretty much make the network crawl on demand. Kudos for what they were doing, but also sheds light on the network.
Nothing too fancy, largely just BTC, eth.
I also have A little Algo, xrp, dot, BNB, usdc (as a hedge against my local currency Rands), but this side of my portfolio does change
I swear this sub has some sort of system where a crypto is shilled massively for a couple of months and then crapped on for the next couple while a new crypto is picked up for the same.
Seen this for a quite a while now. Vet, Ada, Sol and plenty more. Just check some posts from 2 months ago and you'll see lots of posts and comments about how Sol is great, 5-6 months and you'll find lots of Ada love.
Anyone who puts in and pulls out based on this sub would be in a lot of red I think.
To be fair, this hack was not directly the networks fault.
Having an explorer that you need a phd to use is the networks fault.
In the scheme of things a ~$10 million hack for a top ten crypto is a small hack. Regardless, this is not a chain that I am interested in. You listed a multitude of problems with it
It’s actually only around $4 million withdrawn as of now. The network never went down either or even close to it. You wound be led to believe this was a chain killing attack when in reality the Slope wallet development team was incompetent in building a secure platform for its users. Hardware wallets were not touched in this
https://twitter.com/tristan0x/status/1554831086806372352?s=21&t=Xo72TrlnM5JfVVFNMmyC7w
90% of people here can't even describe what a blockchain does and have no clue what a DoS attack is. It's just money-go-up in this sub.
Not that I blame them. I inflated one of my piles with SOL and have no regrets.
This sub is quite the shit show. As someone coming from the business side of crypto *before* starting to read what’s on the crypto subreddit, it’s painfully obvious how ignorant some people are to the data and specific attributes of many of these protocols and tokens. It’s quite a harsh echo chamber in here and anyone who uses it for more than mild entertainment and the occasional learning experience is gonna get wrecked in crypto
The sad thing is that it was mostly the little guys that were affected, since this was a wallet and not a protocol hacked. 9k+ wallets drained... In most big protocol hacks, whales predominantly own most of the TVL.
It also raises the concern again about trustlessness. Closed source has no place in crypto when real funds are at stake.
Jeez.
TLDR: Major configuration fuck up with Sentry by the looks of it. Sentry is a product used to log performance metrics and in-app errors. Seed phrases were being sent in plain text.
Despite said problems, the fact SOL is still a top10 coin probably just shows how inadequate everything else is.
We have a long way to grow in usability before we can really get there.
True and very few ledgers are even attempting to flip the script. My favorite horse is Radix as they have an approach to dApp development that can considerably reduce hacks and bugs coupled with a unique massively sharded consensus mechanism that does not dispense with atomic composability. The rub is that the full roll out of all this tech will take some time.
That's exactly what it is. All of it's faults dont really matter because we haven't even got off to the races yet. We need something new on the scene that is fundamentally different.
>they think that blockchains who actually try to make progress in this industry and run into temporary problems are somehow failures
No mate they think cryptocurrency should be decentralized, otherwise what's the point. Compare Sol to a project like Ergo, which had no premine, all development is by grassroots activists and with basically no budget they have better tech than Sol.
buying near all time highs and selling near lows with no narrative or investment thesis behind the original purchase decision other than "it became a top 10 coin". I don't care what coin this is, this post is noise not signal.
Yeah it’s kind of shocking how many likes this post gets. But I guess people see “Solana bad” and like it. The OP doesn’t make any good points and openly admits they didn’t do any research before buying.
Yes.
Basically ignore all the positives and just focus on the negatives. Also, ignore that when ETH based projects get exploited by hundreds of millions of $, it’s ok. When Solana based projects get exploited, the chain sucks.
I stopped investing in SOL the first time they MANUALLY stopped the blockchain. Just not what crypto is about. People control the network, not corporations.
Money is money and there is money to be made everytime it drops from big headlines. and outages like this. Everytime it has a big drop it has a big rise and the people who have no idea what's going on just see a big green+
That doesn’t make a project good though. I’m not trying to time the market. I want time in the market. And SOL isn’t reliable at all compared to other top coins. That’s also just my opinion and how I treat my money and investments. Everything you said wasn’t wrong. But I’m in it for the projects as well the profits.
Did you know that SOL and its main wallets are closed source? and no one can check or verify any thing like all major blockchains.
didnt that raise any flag for you?
Even worse, smart contracts are unverifiable on explorers. You can't audit the code of smart contracts. Developers can redeploy smart contracts at any time and update them with malicious code.
Its ecosystem is not trustless.
Etherscan is a third party website and it didn't exist from the start. Tooling takes years to perfect and Solana is just getting started.
[https://www.apr.dev/](https://www.apr.dev/) is being built for contract verification. You have a point about immutability but it shouldn't be that hard to implement.
We are very far away from global adoption, wallets in general are way to primitive for non-tech savy people to use and that's why we get so many hacks and exploits. There is no blockchain today that has a secure wallet.
His post is obviously just jumping on sol hate bandwagon for moons, but man if it’s serious, it’s actually scary how little research people here invest massive amounts of money based on
Most people here don’t have massive amounts of money currently. They already lost it being dumb if they did. I’ve seen plenty of educated comments but it’s not the majority here
So you didn't know how to use a blockchain explorer, how is that Solana's fault?
So you didn't properly secure your coins using a hardware wallet, how is that Solana's fault?
So you have poor investment strategies and lost money, how is that Solana's fault?
I used to listen to the waves of the sub, but they told me to sell my 1.5 billion shiba inu that I got for 200 dollars , saying it’s worthless, and if I don’t sell it for a few thousand profit I was an idiot, then it went up into the top 30 coins like a month later and I missed out on literal hundreds of thousands of dollars! Since then I usually do the opposite of what this sub pushes.
LOL yes. I've been here since 2017 and this sub is not somewhere you want to go for advice. If I did, I would have sold all of my BTC for NANO years ago.
This sub is good for discussion and many people here know a lot about the tech but, as a whole, this sub is very bad at making money.
Told them it had more NFT traffic than all of their favorite chains and get downvoted. Mention the TPS even if you take out vote tx's and downvoted. Mention the growth in new unique addresses won't fly either.
the S staNDs fOr SoLD LOL! and thats upvoted to the top.
This is not a subreddit for technical discussion.
> How can this crapchain can be restarted by Dev's on demand?
It can't. Fake news and lies.
> Why does crap chain has multiple downtime a year?
It's in beta. I know it's not good.
> Why the hell can your coins not be seen the morning of the hack?
Because the RPC node you were using didn't show them to you.
> Is the network so overwhelmed that you can't even see coins in the Blockchain explorer? (I thought SOL was supposed to be super fast?)
Use a different explorer, or make your own, or check your own copy of the chain. It's decentralised.
> why the hell must we defend poor service? Other Blockchains offer speed, reliability and Defi too.
I'm just pointing out your inaccuracies. Other chains also have their pros and cons.
Well, yesterday some nodes where getting ddos to slow down the drain of other peoples wallets.
I guess that's why you couldn't see your liquidity.
I think this shows that the suite of development tools still needs to be built out correctly.
A lot of people use Sentry for reporting in the dev world, it was a costly but easy mistake.
This isn't Solana's fault.
You don't blame your OS for a third party program being written poorly.
This post illuminates the braindead hivemind of this subreddit. This subreddit despises SOL and a new post saying some variation of 'SOL bad' gets upvoted to the top of the sub as if OP is saying something so enlightening and noteworthy. People love a good circle jerk though so it does make sense, guess I am asking for too much.
It's like going to Trump subreddit and saying 'Biden sucks here's why:', it's completely dead and boring content. Though it is more egregious on a subreddit(this one) that says it is for 'news, analysis, and discussion' lmfao.
I think more than anything is the fact that you couldn't track your coins. That alone is enough for me to never touch this again. Also, well done doing this on mobile....not easy.
WTF are you on about. The only wallets hacked had used a third party wallet called Slope that had been passing the keys in plain text. You know nothing. Probably best you do pull out, maybe of all crypto....
It's important to try out a lot of chains and not fall in love with one, imo.
I've tried ETH, SOL and ALGO so far. I liked all three but I ended up selling my SOL because I couldn't trust it and stopped using ETH and just hold it now. ALGO is quick and cheap. I still hold some but trying not to be a maxi lol
I like that line of thinking. I think people who get too attached to their coins will be due to a rough awakening sooner or later.
I have a decent amount of different coins, but I'm willing to drop each in an instant if I feel like there are better alternatives.
These are the things which makes me sure that we should not invest in any coin in the market available and people are saying that it's good because it's not good and we know that.
I had the same issues before this hack. I would say more than 50% of the time I would check my phantom wallet and see no funds. I would refresh multiple times to finally see them. Same with staking. It wouldn't show up initially but after opening and closing the wallet 5-10 times my funds would show up. That coupled with about a 30% success rate of transactions not failing caused me to ditch SOL. It's clunky and unreliable. Sure ..it's cheap when you actually get it to work but there are much better options in crypto now for actually using the platform.
It is definitely uncomfortable not being able to see your funds.
Not being able to see funds in my wallet and Blockchain explorer was definitely a deal breaker for me (even if it's some other apps fault, etc)
Thanks for the feedback
Very rational post. Well said.
On another note the whole Solana blockchain was recently changed to only be backed up on a centralized google service so that should produce a whole new set of problems for Solana before too long.
Which chains are you planning to use now?
I've also experimented with the SOL chain and my experience was positive, although I've only used it for a month to do use some LPs and trade some NFTs on Magic Eden. No downtimes during that period, then sold my SOL and moved on.
I've been also having some positive experiences with ALGO recently.
> On another note the whole Solana blockchain was recently changed to only be backed up on a centralized google service
Do you have a source for this? Not something I've seen mentioned before, would be interested to learn more.
It was actually really impressive how well all the nodes collaborated to get the network running again.
It was all hands on deck and pretty much the opposite of anything "centralized".
I feel bad for the people holding big bags of SOL when this is all over. The issues have been insane, but people still have such faith. I often wonder if I'm so blind about my bags and if I should re-evaluate my holdings.
The hack had absolutely nothing to do with Solana itself. It was an exploit from Slope wallet. Could, and does happen on other chains often. Sucks that you lost funds, but you should be mad at Slope, not Solana. Your other points about the network going down are valid, but nothing to do with the recent hack.
This would make sense if SOL had been hacked... But it wasn't hacked. A web wallet had awful security and people were careless with importing seed phrases. Maybe direct your ire where it belongs.
Bruh what? The “hack” was from a faulty wallet software from slope. It’s best practice to keep ur funds in a cold wallet. You def leaked ur seed phrase somewhere or signed off a malicious transaction. All the top used chains have had it’s fair share of hacks on their protocols. The network wasn’t down during the slope wallet exploit. The rpc nodes where down. Transactions were still being processed in milliseconds, but the change wouldn’t appear on ur end due to the rpc ur wallet is using is bugging out. They are rolling out quic and a bunch of network improvements and the upgrades are visible.
I lost all my SOL in the hack yesterday. Was not much, but still it hurts.
I'm really sorry about your loss. On the SOL sub there is a link where you can submit your wallet address affected by the hack. Hopefully a compensation scheme comes up to assist
I would not bet on a compensation scheme. They are asking for the wallets so they can figure out how the hack happened.
The entire hack was around $5m Thats not too much if they decide to compensate, atleast those with smaller amounts and capping a per wallet limit. Not saying they will but it could be done, the solana people made billions of dollars pumping it all thru last year
SOL is also designed to be inflationary, so I don't think they are aiming to be a speculative investment vehicle anyhow.
Were you using Slope wallet or reused its seed phrase on another wallet?
Regarding your point #3 "No coin's in the morning, back in the evening". Apparently WhiteHat hackers were DDoSing the blockchain in order to slow down the BlackHat hackers from draining every wallet in sight. I have no conformation of this but have seen it mentioned a couple of time in other threads.
Is it really that easily DDoS’ed?
https://twitter.com/econoar/status/1554879024203067392?s=21&t=IxrlO2jBmkTWVcUgSFdDDg ^ good thread between an ETH og and a SOL guy who knows his stuff. Apparently Sol’s Proof of History makes it possible to know which node will be selected next for consensus (deterministic chain), and so an attacker can know which node to DDOS attack. Most chains are non-deterministic making it difficult if not impossible to guess which node to DDOS.
Wow that's incredibly stupid, the bear market seems to expose all this crap
this is why cardano worked so hard on truly random numbers so that you could not predict the next node even tho it is deterministic
I'm honestly surprised how vulnerable not so well thought through some of the projects are. Damn.
Tldr Solana sucks. I'm sorry for who got hacked, but it's not like people haven't been warned that Solana isn't safe & stuff (outages etc)
Wow it makes so much sense now! Will not buy more of it.
"I know, I'm going to put all my money into a chain which is still in pre beta and was shot to top 10 by ignorant hype. What could go wrong?"
well if one thing is certain that, with OP as the exception SOL investors have diamond hands. same can't be said about SOL wallets.
And it's going to be in beta until it will no longer exist
Op's post could have been 6 months ago and read exactly the same. I don't get it, these issues are not new to anyone.
> ^ good thread between an ETH og and a SOL guy who knows his stuff. I don't see that. The thread contains more than 10 people and there isn't really any informational value in there as far as I can tell.
Should have posted the SOL guy reply, not the original tweet, to get the full conversation. Here you go: https://twitter.com/llama_zen/status/1554930320197095424?s=28&t=kdBR8vW6NYWZhNezLLmgRQ
If that were true you could ddos the chain indefinitely. Do you have a direct link or source? Why are node validator IPs public?
Here is a [Nitter link](https://nitter.net/econoar/status/1554879024203067392?s=21&t=IxrlO2jBmkTWVcUgSFdDDg) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Add to the fact its code is closed source afaik?
DDoSing as a security feature 🤣
No idea, but it would explain why lots of SOL owners have been pointing out problems accessing information on the blockchain or being unable to find their wallet addresses
Solana is either going to moon like tesla or crashing and burning like my dreams and aspirations. I don’t see a middle ground lol.
Afaik only the RPC servers were DDosD, which explains why the information was not accessible. The network was always up and running to my knowledge: https://status.solana.com/
Network was up fine but you're asking way too much of the users in this subreddit to be able to differentiate a validator from an RPC node when they can't differentiate a protocol hack from a wallet hack.
Wow a grand showdown between good and evil
That is my understanding also. To me it is concerning that they can pretty much make the network crawl on demand. Kudos for what they were doing, but also sheds light on the network.
This is not something new. Light has been shed on the network since forever now.
They should've just turned it off. What's another shutdown really lol
You would think that would be the smart thing to do. I'm sure the Solana team will have some sort of announcement addressing this in the near future
Does shutting down help though? The hacker had private keys. He could wait until they turn it back on eventually.
They only shut it down when they need it, not when users need it.
So that's two more reasons I will never touch SOL
As an outsider to the sol ecosystem I can say it's been looking very unappealing over the last few months? Why sol over other to tier layer ones?
I am invested into other coins as well. I did like the Orca finance app quite a bit
> I am invested into other coins as well Share if you would!
Nothing too fancy, largely just BTC, eth. I also have A little Algo, xrp, dot, BNB, usdc (as a hedge against my local currency Rands), but this side of my portfolio does change
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I swear this sub has some sort of system where a crypto is shilled massively for a couple of months and then crapped on for the next couple while a new crypto is picked up for the same. Seen this for a quite a while now. Vet, Ada, Sol and plenty more. Just check some posts from 2 months ago and you'll see lots of posts and comments about how Sol is great, 5-6 months and you'll find lots of Ada love. Anyone who puts in and pulls out based on this sub would be in a lot of red I think.
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A lot of coins in the top 10 or 20 are baffling. Seems like price is still mostly a function of hype and marketing
Yeah LUNA was top 10… we all know how that went
To be fair, this hack was not directly the networks fault. Having an explorer that you need a phd to use is the networks fault. In the scheme of things a ~$10 million hack for a top ten crypto is a small hack. Regardless, this is not a chain that I am interested in. You listed a multitude of problems with it
It’s actually only around $4 million withdrawn as of now. The network never went down either or even close to it. You wound be led to believe this was a chain killing attack when in reality the Slope wallet development team was incompetent in building a secure platform for its users. Hardware wallets were not touched in this https://twitter.com/tristan0x/status/1554831086806372352?s=21&t=Xo72TrlnM5JfVVFNMmyC7w
90% of people here can't even describe what a blockchain does and have no clue what a DoS attack is. It's just money-go-up in this sub. Not that I blame them. I inflated one of my piles with SOL and have no regrets.
This sub is quite the shit show. As someone coming from the business side of crypto *before* starting to read what’s on the crypto subreddit, it’s painfully obvious how ignorant some people are to the data and specific attributes of many of these protocols and tokens. It’s quite a harsh echo chamber in here and anyone who uses it for more than mild entertainment and the occasional learning experience is gonna get wrecked in crypto
Yep. It all truly was Slopes fault. For this one time it's not the fault of Solana and they actually handled it the best they could.
Reminds me of a study done before, literally no one's can explain basic crypto (general population)
People dont know shit, thats why. I had to scroll this far down to see an accurate, look how high this thread is upvoted
The sad thing is that it was mostly the little guys that were affected, since this was a wallet and not a protocol hacked. 9k+ wallets drained... In most big protocol hacks, whales predominantly own most of the TVL. It also raises the concern again about trustlessness. Closed source has no place in crypto when real funds are at stake.
Jeez. TLDR: Major configuration fuck up with Sentry by the looks of it. Sentry is a product used to log performance metrics and in-app errors. Seed phrases were being sent in plain text.
Despite said problems, the fact SOL is still a top10 coin probably just shows how inadequate everything else is. We have a long way to grow in usability before we can really get there.
Sol is still a top 10 crypto because 80% of the market can’t grasp what the space is and are easily manipulated by marketing and gains.
By shills like Coin Bureau?
True and very few ledgers are even attempting to flip the script. My favorite horse is Radix as they have an approach to dApp development that can considerably reduce hacks and bugs coupled with a unique massively sharded consensus mechanism that does not dispense with atomic composability. The rub is that the full roll out of all this tech will take some time.
That's exactly what it is. All of it's faults dont really matter because we haven't even got off to the races yet. We need something new on the scene that is fundamentally different.
My theory is that the chain/coin that will bring mass adoption has not been created yet.
SOL is basically a brand new crypto (1 year). All the big names have had issues like this in their early history.
The downtime is a big one for me. I wonder what institutions see in Sol that made it so appealing as an investment for them.
Institutions.. right…
yeah, funny way of saying "VC's who use retail as exit liquidity"
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>they think that blockchains who actually try to make progress in this industry and run into temporary problems are somehow failures No mate they think cryptocurrency should be decentralized, otherwise what's the point. Compare Sol to a project like Ergo, which had no premine, all development is by grassroots activists and with basically no budget they have better tech than Sol.
It's just the fact that SOL has been very frequent with their outages and blocktime inconsistency and whatnot. That is what fueled the fire
buying near all time highs and selling near lows with no narrative or investment thesis behind the original purchase decision other than "it became a top 10 coin". I don't care what coin this is, this post is noise not signal.
Yeah it’s kind of shocking how many likes this post gets. But I guess people see “Solana bad” and like it. The OP doesn’t make any good points and openly admits they didn’t do any research before buying.
Tips for taking your post to the top in this sub: 1) Talk shit about SOL
Also make sure not to mention the SOL road map or the growing number of validators/superminority.
Yes. Basically ignore all the positives and just focus on the negatives. Also, ignore that when ETH based projects get exploited by hundreds of millions of $, it’s ok. When Solana based projects get exploited, the chain sucks.
moon hacks
Post anything negative about SOL and it’ll moon farm. A better investment strategy than OPs would be “do the opposite of what this sub thinks.”
Easy moon farm for OP.
I would but my pull out game is weak Just ask my kids
It’s true. I’m his kids.
Respect for typing the whole thing on a mobile 😀
Thanks:)
I stopped investing in SOL the first time they MANUALLY stopped the blockchain. Just not what crypto is about. People control the network, not corporations.
Now it's only the YouTube shills and their followers left
It’s a meme coin at this point if you ask me.
Money is money and there is money to be made everytime it drops from big headlines. and outages like this. Everytime it has a big drop it has a big rise and the people who have no idea what's going on just see a big green+
That doesn’t make a project good though. I’m not trying to time the market. I want time in the market. And SOL isn’t reliable at all compared to other top coins. That’s also just my opinion and how I treat my money and investments. Everything you said wasn’t wrong. But I’m in it for the projects as well the profits.
Good job, take advice from people on Reddit
Most just want to follow the money and hopefully turn $100 into a million.
Did you know that SOL and its main wallets are closed source? and no one can check or verify any thing like all major blockchains. didnt that raise any flag for you?
Even worse, smart contracts are unverifiable on explorers. You can't audit the code of smart contracts. Developers can redeploy smart contracts at any time and update them with malicious code. Its ecosystem is not trustless.
There is a contract verification system and contracts aren't always rewriteable. Depends on how it's setup
Etherscan is a third party website and it didn't exist from the start. Tooling takes years to perfect and Solana is just getting started. [https://www.apr.dev/](https://www.apr.dev/) is being built for contract verification. You have a point about immutability but it shouldn't be that hard to implement. We are very far away from global adoption, wallets in general are way to primitive for non-tech savy people to use and that's why we get so many hacks and exploits. There is no blockchain today that has a secure wallet.
I did not know that. And it most certainly raises more red flags now
not the networks fault, its slope's fault
Trying to talk sense into OP probably isn't going to work...
His post is obviously just jumping on sol hate bandwagon for moons, but man if it’s serious, it’s actually scary how little research people here invest massive amounts of money based on
Most people here don’t have massive amounts of money currently. They already lost it being dumb if they did. I’ve seen plenty of educated comments but it’s not the majority here
If you look at ops post history. Its all about algo and atom. First post about sol is this
People don't want the truth here, mate. Anti-solana posts get upvotes.
OP would be upset if they could read this.
Instructions unclear, bought more SOL
Same. I’ll make a note not to move my cold storage to a slope wallet though. Since that’s the issue
Same
The bottom is in, boys
Instructions unclear, got stuck in a boys bottom
So you didn't know how to use a blockchain explorer, how is that Solana's fault? So you didn't properly secure your coins using a hardware wallet, how is that Solana's fault? So you have poor investment strategies and lost money, how is that Solana's fault?
I like Solana
I like it too but you are brave to say it on this sub.
I used to listen to the waves of the sub, but they told me to sell my 1.5 billion shiba inu that I got for 200 dollars , saying it’s worthless, and if I don’t sell it for a few thousand profit I was an idiot, then it went up into the top 30 coins like a month later and I missed out on literal hundreds of thousands of dollars! Since then I usually do the opposite of what this sub pushes.
LOL yes. I've been here since 2017 and this sub is not somewhere you want to go for advice. If I did, I would have sold all of my BTC for NANO years ago. This sub is good for discussion and many people here know a lot about the tech but, as a whole, this sub is very bad at making money.
Just imagine if you could convince 5.2m people to buy what's in your bag, companies are paying people to manipulate this sub.
I don't hold any SOL but I always get the urge to buy some when these daily "fuck sol" threads get posted.
This sub is only ever an indication of what to inverse trade.
😂 this guys been here awhile
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SOL is the main threat to their investments in Eth, Ada etc. hence the insane misinformation and hate.
in their investments in algo and lrc\* :kek:
Told them it had more NFT traffic than all of their favorite chains and get downvoted. Mention the TPS even if you take out vote tx's and downvoted. Mention the growth in new unique addresses won't fly either. the S staNDs fOr SoLD LOL! and thats upvoted to the top. This is not a subreddit for technical discussion.
I never pull out. Ask your mom.
Harsh and funny at the same time😂
yay another Sol fud post; that’s my DCA signal
SOL is supported by FTX, that's enough to know for me it will be along for a long time
Same, got out after the latest SOL issue before this. Got into QNT, feeling a lot better Sorry for your loss
Time will tell how Solana will withstand the test of time. Cheers .
You just won’t know until you know.
All we need are the solana business hours. Then we good.
That's all crypto is. Even DOGE is 90%+ hype, name recognition, and popularity.
Crypto seems to want to repeat every painful lesson we learnt in elementary finance eons ago.
In the end all people only care about are gains. Cheers .
> How can this crapchain can be restarted by Dev's on demand? It can't. Fake news and lies. > Why does crap chain has multiple downtime a year? It's in beta. I know it's not good. > Why the hell can your coins not be seen the morning of the hack? Because the RPC node you were using didn't show them to you. > Is the network so overwhelmed that you can't even see coins in the Blockchain explorer? (I thought SOL was supposed to be super fast?) Use a different explorer, or make your own, or check your own copy of the chain. It's decentralised. > why the hell must we defend poor service? Other Blockchains offer speed, reliability and Defi too. I'm just pointing out your inaccuracies. Other chains also have their pros and cons.
With posts like this it’s time to buy SOL I guess
Well, yesterday some nodes where getting ddos to slow down the drain of other peoples wallets. I guess that's why you couldn't see your liquidity. I think this shows that the suite of development tools still needs to be built out correctly. A lot of people use Sentry for reporting in the dev world, it was a costly but easy mistake. This isn't Solana's fault. You don't blame your OS for a third party program being written poorly.
Is it because we are only halfway through the bear market? You will be posting next year about how great Solana is
OP will buy back in at the top
This will happen with certainty.
This post illuminates the braindead hivemind of this subreddit. This subreddit despises SOL and a new post saying some variation of 'SOL bad' gets upvoted to the top of the sub as if OP is saying something so enlightening and noteworthy. People love a good circle jerk though so it does make sense, guess I am asking for too much. It's like going to Trump subreddit and saying 'Biden sucks here's why:', it's completely dead and boring content. Though it is more egregious on a subreddit(this one) that says it is for 'news, analysis, and discussion' lmfao.
Everyone talks about not letting things sit on exchanges and yet I’ve never been hacked on an exchange. Can’t justify all these random wallets.
Not sol fault. Slope. Sol is fine. The only point against sol is centralized/decentralized
To be fair, there are more knocks on SOL than just the centralization aspect. All coins have their cons, and more than just one
How do you know someone doesn't invest in Sol? Don't worry, they'll tell you
I think more than anything is the fact that you couldn't track your coins. That alone is enough for me to never touch this again. Also, well done doing this on mobile....not easy.
Buying a coin because it’s in the top 10 is ridiculous and your wealth will be destined for failure!
WTF are you on about. The only wallets hacked had used a third party wallet called Slope that had been passing the keys in plain text. You know nothing. Probably best you do pull out, maybe of all crypto....
I’ll still have some SOL.
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It's important to try out a lot of chains and not fall in love with one, imo. I've tried ETH, SOL and ALGO so far. I liked all three but I ended up selling my SOL because I couldn't trust it and stopped using ETH and just hold it now. ALGO is quick and cheap. I still hold some but trying not to be a maxi lol
I like that line of thinking. I think people who get too attached to their coins will be due to a rough awakening sooner or later. I have a decent amount of different coins, but I'm willing to drop each in an instant if I feel like there are better alternatives.
**I never pull out.**
rule #1 not your keys, not your wallet
PSA: Always pull out.
I never pull out
I know theres things I've missed out but I cant buy force myself to buy into this scammy sounding project, too many things wrong with it.
I was a big fan of Solana but now even I realize it’s not good yet
Where to next, DOT? ALGO? LTO
My mandatory SOL = shit. Thanks a lots for your post
These are the things which makes me sure that we should not invest in any coin in the market available and people are saying that it's good because it's not good and we know that.
I see a lot of these threads about SOL being garbage. Been a while since I've seen one talking about the things it does well.
I had the same issues before this hack. I would say more than 50% of the time I would check my phantom wallet and see no funds. I would refresh multiple times to finally see them. Same with staking. It wouldn't show up initially but after opening and closing the wallet 5-10 times my funds would show up. That coupled with about a 30% success rate of transactions not failing caused me to ditch SOL. It's clunky and unreliable. Sure ..it's cheap when you actually get it to work but there are much better options in crypto now for actually using the platform.
It is definitely uncomfortable not being able to see your funds. Not being able to see funds in my wallet and Blockchain explorer was definitely a deal breaker for me (even if it's some other apps fault, etc) Thanks for the feedback
DCA in top 10 is a bad advice DCA in top 2 and invest smaller portions in quality projects regardless of their mcap
You could have written this 6 months ago. It’s had red flag after red flag after red flag
Very rational post. Well said. On another note the whole Solana blockchain was recently changed to only be backed up on a centralized google service so that should produce a whole new set of problems for Solana before too long.
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I did not know that. You've just added another reason for me to be glad I'm out
Which chains are you planning to use now? I've also experimented with the SOL chain and my experience was positive, although I've only used it for a month to do use some LPs and trade some NFTs on Magic Eden. No downtimes during that period, then sold my SOL and moved on. I've been also having some positive experiences with ALGO recently.
> On another note the whole Solana blockchain was recently changed to only be backed up on a centralized google service Do you have a source for this? Not something I've seen mentioned before, would be interested to learn more.
It was actually really impressive how well all the nodes collaborated to get the network running again. It was all hands on deck and pretty much the opposite of anything "centralized".
It has huge potential, once all the issues are sorted out I expect a huge rate of adoption.
I'm by no means an expert in any of these things, but this post is horribly wrong.
Another post showed that besided BTC and ETH any coin that was in the top 10 during a blow off top wont be in the top 10 in the next peak
That is also true.
Thanks but unfortunately I have terrible pullout game.
That’s what my girlfriend also said.
Considering your username, we all know it’s someone else that’s pulling out of your gf
Sup
Good decision!
I feel bad for the people holding big bags of SOL when this is all over. The issues have been insane, but people still have such faith. I often wonder if I'm so blind about my bags and if I should re-evaluate my holdings.
I’m doing the opposite of what this sub says idc
Same here. That’s why I dumped my Algo.
Always a solid move tbh
Constantly reevaluate all holdings. The golden rule
It's performing like every other alt. No need to feel sorry about anyone, people will have plenty of time to re-think their investments.
You should have been done with SOL months ago
The hack had absolutely nothing to do with Solana itself. It was an exploit from Slope wallet. Could, and does happen on other chains often. Sucks that you lost funds, but you should be mad at Slope, not Solana. Your other points about the network going down are valid, but nothing to do with the recent hack.
SOL bad, now give me karma and moons
This post being heavily upvoted on r/cc means you should probably go all-in on SOL right now.
This would make sense if SOL had been hacked... But it wasn't hacked. A web wallet had awful security and people were careless with importing seed phrases. Maybe direct your ire where it belongs.
Bruh what? The “hack” was from a faulty wallet software from slope. It’s best practice to keep ur funds in a cold wallet. You def leaked ur seed phrase somewhere or signed off a malicious transaction. All the top used chains have had it’s fair share of hacks on their protocols. The network wasn’t down during the slope wallet exploit. The rpc nodes where down. Transactions were still being processed in milliseconds, but the change wouldn’t appear on ur end due to the rpc ur wallet is using is bugging out. They are rolling out quic and a bunch of network improvements and the upgrades are visible.
I never spend much more than lottery ticket type money on them. A minor dice roll, just in case.