1/45) Solana has far too many red flags SOL has gone down at least 9 times this year alone! A consequence of their own design decisions; sacrificing decentralization & security for speed There are many examples of lies, fraud & bad design Exposing a pattern of bad behavior:
2/45) Starting with blatant fraud at the birth of the project In early April 2020, the SOL 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;
4/45) Once the Solana team was fully exposed, they released a medium article admitting to the fraud, Explaining that these 13M tokens were loaned to a “marketmaker” While promising to get these coins back & burn them within 30 days On numerous occasions in the following weeks;
7/45) Not even publishing this release on any of their own official announcement channels This can all be verified! From Telegram to subtly reading between the lines of their own Medium article releases Links to all primary sources can be found here: web.archive.org/web/2020070105…
9/45) By January 2021, it had been exposed that the TPS for SOL was massively inflated As SOL counts consensus coordination messages as if they are TXs! Causing an apparent 100x increase in TPS; this is still true to this day Meaning that the majority of TPS is still "fake"!
10/45) Another major problem with this design is that validators still have to process these TXs Validators also have to pay the TX fee for these consensus TXs, unlike almost all other chains! This results in validation being far more expensive than it needs to be!
11/45) 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! Unlike PoH & Turbine, which does trade decentralization for scalability
13/45) On September 4th, 2021, SOL was experiencing a large amount of TX failures This was because a large number TX's were all of a sudden hitting the network I consider this to be a DDoS attack if the intent can be proven Though I have debated this definition with Anatoly
14/45) The official SOL Twitter account;
@solana, claimed the network was brought down by doing 400k TPS This was an objectively false claim designed to make SOL look better than it really is! Either way, this did eventually lead to the network continuously forking
17/45) On September 14th, 2021, The SOL network went down for over 20hrs! Due to excessive memory use by nodes, it was a struggle just to bring the network back up! On June 1st, 2022, SOL went down again This time for 4hrs+ before the chain was again "restarted" by the team
21/45) On the 5th of August 2022: It was exposed that the majority of SOL TVL was fake! This was later confirmed to be an "open secret" within SOL Two devs pretended to be 10+ devs & counting the same TVL over & over This accounted for 70% of SOL's $10B TVL at its peak!
22/45) On the 2nd of August, more than 8000 average user's wallets were hacked Due to an exploit involving some wallets sending unencrypted private keys online This was not strictly the SOL's teams fault But it is endemic to SOL's reckless culture; attracting even more risk
25/45) The reality is that SOL is not innovative at all! It is just the first major blockchain to be so reckless in their fundamental design While pretending as if that is innovative! Most VCs just do not understand the engineering trade-offs & the inherent risks involved:
27/45) 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!
28/45) SOL security is not just reduced against DDoS attacks since this attack can be combined with a 51% attack As an attacker would not need 51% stake to carry out a 51% attack Due to PoH, an attacker could DDoS next stakeholders inline & thereby gain control over the network
31/45) I cannot find satisfactory reasons why you would design a blockchain in that way! Leading me to believe that this is a case of the SOL team consciously; Prioritizing attracting ignorant investors over good blockchain design Deception through obfuscation
32/45) Now Solana is launching a phone instead of focusing on their broken blockchain This is not something that cryptocurrency needs or wants SOL is exploiting these repeated failures to promote their new phone Claiming their phone would have prevented many of these problems
34/45) Just look at the Samsung Galaxy S10 as an example of this Furthermore, anyone is free to develop on top of this hardware, at least in the case of Android It is true that there has been a lack of development in this critical area
35/45) Cryptocurrency does not need crypto native phones! It needs better software that can run securely on the phones we all already own That is how we gain greater mass adoption Not by convincing the masses to buy a $1k phone! Even if SOL team has dollar signs in their eyes
43/45) This is how SOL rose to prominence By taking dangerous design shortcuts! While doubling down on some very bad security assumptions I have been evaluating cryptocurrencies for more than 9 years We have to be forgiving of flaws but, as investors also be critical
you have posted this exact same thread *five* times now you have been debunked every single time your fund is down 70% YTD, your understanding of engineering rivals that of a tomato's why are you so scared of publicly debating me?
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