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Solana is a fully centralized chain completely controlled by its creators, as evidenced by their recent unilateral shutdown on the last bug. Regular blockchains

Solana is a fully centralized chain completely controlled by its creators, as evidenced by their recent unilateral shutdown on the last bug. Regular blockchains are already utterly useless, but they have the benefit of being decentralized. Solana is a scam, and so are 99% of the chains being created.

tac0_ 5y ago
> Regular blockchains are already utterly useless Curious why you think so? Also agree Solana is quite centralized but I wouldn't say it's a scam.
- anizan 5y ago
  This is just one of many VC backed coins trying to be the next Ethereum. These VC coins don't enable mining so there's no dilution on the initial holders. Saving the environment is just a nice alibi to lock in the cap table. There's also no disclosure on what price did the initial round happen at. 40 cents/80 cents /1$? If you buy Gold/Copper you have a fair idea on what the mining cost is for the industry. These are just fairytales propagated by further vc money to build more virtual fantasies on the database they control.
  - robfitz 5y ago
    First round price was disclosed by Kyle Samani in this video[1] as $0.04 per SOL. They're currently up about 4000x. [1] https://www.youtube.com/watch?v=68RqaSL3Ruk https://www.youtube.com/watch?v=68RqaSL3Ruk
  - inter_netuser 5y ago
    And Ethereum didn't have a presale of 70%+ of the supply? That somehow didn't lock-in the captable? ETH foundation (which is completely non-transparent btw) doesn't control the trademark and employs go-eth team? I guess 30% for miners is a nice alibi.
    - anizan 5y ago
      You have incremental supply on ETH available to those who deploy mining assets. This broadens ownership through dilution. Solana has had multiple funding rounds and not just one. They can continue to have as many funding rounds as they like. There will be never be dilution of Solana holders to allow for decentralisation. To earn coins through staking you need to be a preexisting holder. Running a node doesn't make economic sense and there are plenty of validators which don't charge a commission for delegation. You have no variable costs as an entrenched holder who can just stake coins for more coins till eternity. All future supply on Solana will only take place through staking unless the backers think otherwise. https://etherscan.io/chart/ethersupplygrowth https://etherscan.io/chart/ethersupplygrowth
      - inter_netuser 5y ago
        So I'm guessing starting a brand new EVM chain and mine/stake from scratch is most optimal to broaden ownership then? Time to scrap ETH and start from scratch?
encryptluks2 5y ago
Having an issue due to bugs exacerbated by market volatility and IPOs don't mean that something is centralized as indicated by the issue report, it just means it still has kinks—which is why mainnet is still considered beta until it proves otherwise. Additionally, anyone can run a validator node but the specs needed are beefier compared to something like Algorand, so the more people running nodes then the more decentralized it becomes.
- inter_netuser 5y ago
  It was DDOSed. Someone actually attacked it.
inter_netuser 5y ago
scam = didn't buy the presale revolutionary = bought the presale
- ohgodplsno 5y ago
  Now now, I have some self respect, I consider every single one of them a complete scam.

tac0_ 5y ago

> Regular blockchains are already utterly useless Curious why you think so? Also agree Solana is quite centralized but I wouldn't say it's a scam.

anizan 5y ago
This is just one of many VC backed coins trying to be the next Ethereum. These VC coins don't enable mining so there's no dilution on the initial holders. Saving the environment is just a nice alibi to lock in the cap table. There's also no disclosure on what price did the initial round happen at. 40 cents/80 cents /1$? If you buy Gold/Copper you have a fair idea on what the mining cost is for the industry. These are just fairytales propagated by further vc money to build more virtual fantasies on the database they control.
- robfitz 5y ago
  First round price was disclosed by Kyle Samani in this video[1] as $0.04 per SOL. They're currently up about 4000x. [1] https://www.youtube.com/watch?v=68RqaSL3Ruk https://www.youtube.com/watch?v=68RqaSL3Ruk
- inter_netuser 5y ago
  And Ethereum didn't have a presale of 70%+ of the supply? That somehow didn't lock-in the captable? ETH foundation (which is completely non-transparent btw) doesn't control the trademark and employs go-eth team? I guess 30% for miners is a nice alibi.
  - anizan 5y ago
    You have incremental supply on ETH available to those who deploy mining assets. This broadens ownership through dilution. Solana has had multiple funding rounds and not just one. They can continue to have as many funding rounds as they like. There will be never be dilution of Solana holders to allow for decentralisation. To earn coins through staking you need to be a preexisting holder. Running a node doesn't make economic sense and there are plenty of validators which don't charge a commission for delegation. You have no variable costs as an entrenched holder who can just stake coins for more coins till eternity. All future supply on Solana will only take place through staking unless the backers think otherwise. https://etherscan.io/chart/ethersupplygrowth https://etherscan.io/chart/ethersupplygrowth
    - inter_netuser 5y ago
      So I'm guessing starting a brand new EVM chain and mine/stake from scratch is most optimal to broaden ownership then? Time to scrap ETH and start from scratch?

encryptluks2 5y ago

Having an issue due to bugs exacerbated by market volatility and IPOs don't mean that something is centralized as indicated by the issue report, it just means it still has kinks—which is why mainnet is still considered beta until it proves otherwise. Additionally, anyone can run a validator node but the specs needed are beefier compared to something like Algorand, so the more people running nodes then the more decentralized it becomes.

inter_netuser 5y ago
It was DDOSed. Someone actually attacked it.

inter_netuser 5y ago

scam = didn't buy the presale revolutionary = bought the presale

ohgodplsno 5y ago
Now now, I have some self respect, I consider every single one of them a complete scam.