6 ms·

"Solana, up 9,801% in 2021 for seemingly no reason at all" No reason at all, huh? Anybody with even a remote interest in crypto knows why Solana has exploded.

by fleddr 5y ago

"Solana, up 9,801% in 2021 for seemingly no reason at all" No reason at all, huh? Anybody with even a remote interest in crypto knows why Solana has exploded. It's L1 season and Solana is a direct competitor to ETH, which suffers from high usage fees. Every other L1 has exploded in value. As said, L1 season. These kind of statements make me suspect the author never used crypto in their life. The cultural gap between crypto and non-crypto is pretty hilarious. The reason crypto holders don't give a shit about any of this, is because to them, a 50%, 80% or even 90% pullback of a coin is just an ordinary Thursday. You can't threaten a crypto holder with "losing it all", because that's an everyday reality for them. And so is multiplying their wealth by 2, 5, 10, 100. Why would so many people engage in this degenerate gambling? This is the part skeptics just won't get. Because the existing financial system/situation doesn't work for them. Young people are locked out of any and all assets. They can't afford real estate or any meaningful amount of stock. Savings accounts have a negative yield. Crypto is the asymmetrical bet. There's the sizable risk to lose it all, yet an upside potential that is countless times larger. And in the case you lose it all, it wasn't that much anyway. It is an act of desperation and a sign of very unhealthy issues in our "regulated" economy: low wages, job insecurity, student debt, inflation, low interest rates, inequality, the list goes on. For sure there will be another crash. Nobody cares. Because they have nothing to lose anyway and will just start over. Because the underlying economic issues did not change.

imtringued 5y ago
What underlying economic issue do you mean? You mean the fact that the old people don't want to give up their posts to the new generation? Real estate has almost nothing to do with the financial system. The fact that there are monopolists ripping you off will happen even in a barter system.
CPLX 5y ago
I'll bite. What can I use Solana for?
- fleddr 5y ago
  Well, like all crypto you can buy it and hope it goes up in value :) But as for actual usage, it's a smart contracts blockchain that is fast, proof of stake, yet has drastically lower fees than Ethereum. Anything can be built on top of it but this particular rush was caused by a second hype wave of NFTs. As more people want to join the NFT frenzy, it got really expensive to mint one on Ethereum, hence people rushed to this alternative. For the record, I don't own any solana and never have, just explaining what it is. I wish I did own it a year ago though.
  - pionar 5y ago
    > Well, like all crypto you can buy it and hope it goes up in value :) So, speculation. That's what all crypto is for.
    - xboxnolifes 5y ago
      And just like many stocks that don't plan to ever offer dividends.
      - CPLX 5y ago
        There's another use case for those stocks. You can buy a whole bunch of them and then you get to run the company. If you buy enough GM stock eventually you can give all your friends and family members Corvettes for Christmas. Stock actually represents an enforceable claim on wealth that exists in the real world. Crypto not so much.
        fleddr 5y ago
        Both the typical stock holder and crypto holder see a number on screen and hope it goes up. That's it. Most stock trading is done by algorithms, not even people. A typical stock holder can never claim any underlying asset nor do they have voting rights, so you're really stretching. The difference is simply in risk appetite. People are going to keep drinking Coca Cola at large scale so owning their stock is low risk. But also low return. Crypto is high risk, extremely high return. There's a sizable chance to lose your money but a larger chance to get returns that are astronomical. I'm talking 5x - 10x in mere months.
deleted 5y ago
[deleted]
qeternity 5y ago
> It's L1 season You say this as if it’s a valid thesis outside of CT. Solana has exploded because Alameda, Cumberland and related VCs have made it so. > Young people are locked out of any and all assets. They can't afford real estate or any meaningful amount of stock. Savings accounts have a negative yield. Casually ignores Robinhood and equity markets, where most of any under 50s should have most of their wealth. Fixed income is a much bigger problem for old people than young people. Real estate, I will agree with you. But none of this justifies crypto. The rest of your comment is truly bizarre. You’re defending it pretty strongly while also seemingly admitting that there’s little real economic value being created and that will result in a crash with people getting wiped out and starting over. Why accept this? Why not focus on the real issues, instead of just accepting degen apeing with open arms?
- trophycase 5y ago
  "Solana has exploded because Alameda, Cumberland and related VCs have made it so." By building things of value in the ecosystem.
- fleddr 5y ago
  Well, the problem is...they have no wealth. They may have low paying jobs or even two jobs. Or a reasonable job yet high debts or living expenses. Barely getting by, with no prospect of ever building up more meaningful wealth. It's super cool that their 5K turns into 6K in 10 years time, but that doesn't do anything. You might as well turn it into 100K. Or lose it all. Fuck it. I don't think you understand the dire situation of younger generations. In my country, the AVERAGE home costs 485K USD. The median salary is 36K. Young people have salaries lower than that. This allows for a mortgage of 166K. So unless you're born rich, you won't ever get a house. Perhaps they can rent then, and meanwhile save up? No. Private rent eats up so much of their salary that there's no room to save. Which would be pointless anyway as real estate appreciates faster. They can't move out, they can't start a family. These people have a life to live. My dad was 19 when he had a rental house, married, two kids, and 50% of disposable income on a job requiring no education. Now people are 35 and still don't have the basics in place. Hence, crypto. Which is not just a bet. It's an expression of full distrust against the supposed "sane" traditional system. Why not focus on the real issues? Because they are unsolvable. Wages cannot rise significantly as nations compete in global capitalism. Real estate won't become much cheaper. Jobs security will not increase and student debt is unlikely to be forgiven. If a young person working full time cannot afford a roof over their head or start a family, is in perpetual debt, and has zero job security, perhaps some start to wonder what the point of it all is.
notJim 5y ago
> Nobody cares. Because they have nothing to lose anyway and will just start over. Because the underlying economic issues did not change. If crypto was only these people, I'd have more sympathy for them. But in reality, it's some of those people, and then tons of far more sophisticated people who are trying to take advantage of the rubes. In the end, the Tether people will make out like bandits, and everyone else will be left holding the bag. It's like justifying Madoff because of the desperation of elderly people to extend their savings.
- fleddr 5y ago
  Like I said, that doesn't sound threatening or scary at all. Because it happens all the time. Crashes, rug pulls, hacks...all regular occurrences. That's the price to pay for the incredible upside potential. People that can't stomach this, should simply not be in the game. Alternatively, and the wiser strategy, is that you put a portion of your wealth in crypto, say 10-25%. The absolute worst thing that can happen is to lose it all, which is only possible if you don't know what you're doing. But is still survivable, as you still got your 75%. Let's assume you're "sophisticated" and have 100K. If you're not a complete moron, you then turn that 25K into 100K. It's stupidly easy to make money in crypto. Wait for a crash, get in, wait for the bull market. Which comes and goes. Allocate 75% to Bitcoin and ether and take more risk with the other 25% on midcap coins. Derisk by deploying a progressive profit taking scheme and auto buy small amounts using a DCA strategy. None of this requires even touching Tether. So let's do the math. Your downside potential is from 100K to 75K. Your upside potential is from 100K to 175K. A reasonable timeline is 2-3 years, given cycles. That's a 400% return on the crypto part. Doing only 400% in crypto terms makes you a shitty trader, it means you're very bad at it. So that's why they call it an asymmetrical bet. The upside is many multiples of the downside. Asymmetrical bets are rare, once in a generation. But they're not for everyone, and that's fine.
  - eBombzor 5y ago
    It is easy to make money right now because crypto just had one of the greatest bull runs of all time. How could you say that it would be the case in the future? 400% is easy? Easy to look at a chart and assume you can grab a chunk before it moons. How do you know there will be more 100%+ gains in the future? With the gaining popularity, bitcoin and eth will probably only fluctuate less and less over time.
secondcoming 5y ago
> These kind of statements make me suspect the author never used crypto in their life. Have you ever 'used' ETH or whatever? And by 'use' I mean perform a transaction, not just speculate on its price
- fleddr 5y ago
  Yes I have, mostly for staking. But that's beyond the point. I'm not a fan of either Solano or Ether, I was pointing out that the author lacks the most basic insights into crypto.

by fleddr 5y ago

imtringued 5y ago

What underlying economic issue do you mean? You mean the fact that the old people don't want to give up their posts to the new generation? Real estate has almost nothing to do with the financial system. The fact that there are monopolists ripping you off will happen even in a barter system.

CPLX 5y ago

I'll bite. What can I use Solana for?

fleddr 5y ago
Well, like all crypto you can buy it and hope it goes up in value :) But as for actual usage, it's a smart contracts blockchain that is fast, proof of stake, yet has drastically lower fees than Ethereum. Anything can be built on top of it but this particular rush was caused by a second hype wave of NFTs. As more people want to join the NFT frenzy, it got really expensive to mint one on Ethereum, hence people rushed to this alternative. For the record, I don't own any solana and never have, just explaining what it is. I wish I did own it a year ago though.
- pionar 5y ago
  > Well, like all crypto you can buy it and hope it goes up in value :) So, speculation. That's what all crypto is for.
  - xboxnolifes 5y ago
    And just like many stocks that don't plan to ever offer dividends.
    - CPLX 5y ago
      There's another use case for those stocks. You can buy a whole bunch of them and then you get to run the company. If you buy enough GM stock eventually you can give all your friends and family members Corvettes for Christmas. Stock actually represents an enforceable claim on wealth that exists in the real world. Crypto not so much.
      - fleddr 5y ago
        Both the typical stock holder and crypto holder see a number on screen and hope it goes up. That's it. Most stock trading is done by algorithms, not even people. A typical stock holder can never claim any underlying asset nor do they have voting rights, so you're really stretching. The difference is simply in risk appetite. People are going to keep drinking Coca Cola at large scale so owning their stock is low risk. But also low return. Crypto is high risk, extremely high return. There's a sizable chance to lose your money but a larger chance to get returns that are astronomical. I'm talking 5x - 10x in mere months.

deleted 5y ago

[deleted]

qeternity 5y ago

> It's L1 season You say this as if it’s a valid thesis outside of CT. Solana has exploded because Alameda, Cumberland and related VCs have made it so. > Young people are locked out of any and all assets. They can't afford real estate or any meaningful amount of stock. Savings accounts have a negative yield. Casually ignores Robinhood and equity markets, where most of any under 50s should have most of their wealth. Fixed income is a much bigger problem for old people than young people. Real estate, I will agree with you. But none of this justifies crypto. The rest of your comment is truly bizarre. You’re defending it pretty strongly while also seemingly admitting that there’s little real economic value being created and that will result in a crash with people getting wiped out and starting over. Why accept this? Why not focus on the real issues, instead of just accepting degen apeing with open arms?

trophycase 5y ago
"Solana has exploded because Alameda, Cumberland and related VCs have made it so." By building things of value in the ecosystem.
fleddr 5y ago
Well, the problem is...they have no wealth. They may have low paying jobs or even two jobs. Or a reasonable job yet high debts or living expenses. Barely getting by, with no prospect of ever building up more meaningful wealth. It's super cool that their 5K turns into 6K in 10 years time, but that doesn't do anything. You might as well turn it into 100K. Or lose it all. Fuck it. I don't think you understand the dire situation of younger generations. In my country, the AVERAGE home costs 485K USD. The median salary is 36K. Young people have salaries lower than that. This allows for a mortgage of 166K. So unless you're born rich, you won't ever get a house. Perhaps they can rent then, and meanwhile save up? No. Private rent eats up so much of their salary that there's no room to save. Which would be pointless anyway as real estate appreciates faster. They can't move out, they can't start a family. These people have a life to live. My dad was 19 when he had a rental house, married, two kids, and 50% of disposable income on a job requiring no education. Now people are 35 and still don't have the basics in place. Hence, crypto. Which is not just a bet. It's an expression of full distrust against the supposed "sane" traditional system. Why not focus on the real issues? Because they are unsolvable. Wages cannot rise significantly as nations compete in global capitalism. Real estate won't become much cheaper. Jobs security will not increase and student debt is unlikely to be forgiven. If a young person working full time cannot afford a roof over their head or start a family, is in perpetual debt, and has zero job security, perhaps some start to wonder what the point of it all is.

notJim 5y ago

> Nobody cares. Because they have nothing to lose anyway and will just start over. Because the underlying economic issues did not change. If crypto was only these people, I'd have more sympathy for them. But in reality, it's some of those people, and then tons of far more sophisticated people who are trying to take advantage of the rubes. In the end, the Tether people will make out like bandits, and everyone else will be left holding the bag. It's like justifying Madoff because of the desperation of elderly people to extend their savings.

fleddr 5y ago
Like I said, that doesn't sound threatening or scary at all. Because it happens all the time. Crashes, rug pulls, hacks...all regular occurrences. That's the price to pay for the incredible upside potential. People that can't stomach this, should simply not be in the game. Alternatively, and the wiser strategy, is that you put a portion of your wealth in crypto, say 10-25%. The absolute worst thing that can happen is to lose it all, which is only possible if you don't know what you're doing. But is still survivable, as you still got your 75%. Let's assume you're "sophisticated" and have 100K. If you're not a complete moron, you then turn that 25K into 100K. It's stupidly easy to make money in crypto. Wait for a crash, get in, wait for the bull market. Which comes and goes. Allocate 75% to Bitcoin and ether and take more risk with the other 25% on midcap coins. Derisk by deploying a progressive profit taking scheme and auto buy small amounts using a DCA strategy. None of this requires even touching Tether. So let's do the math. Your downside potential is from 100K to 75K. Your upside potential is from 100K to 175K. A reasonable timeline is 2-3 years, given cycles. That's a 400% return on the crypto part. Doing only 400% in crypto terms makes you a shitty trader, it means you're very bad at it. So that's why they call it an asymmetrical bet. The upside is many multiples of the downside. Asymmetrical bets are rare, once in a generation. But they're not for everyone, and that's fine.
- eBombzor 5y ago
  It is easy to make money right now because crypto just had one of the greatest bull runs of all time. How could you say that it would be the case in the future? 400% is easy? Easy to look at a chart and assume you can grab a chunk before it moons. How do you know there will be more 100%+ gains in the future? With the gaining popularity, bitcoin and eth will probably only fluctuate less and less over time.

secondcoming 5y ago

> These kind of statements make me suspect the author never used crypto in their life. Have you ever 'used' ETH or whatever? And by 'use' I mean perform a transaction, not just speculate on its price

fleddr 5y ago
Yes I have, mostly for staking. But that's beyond the point. I'm not a fan of either Solano or Ether, I was pointing out that the author lacks the most basic insights into crypto.