Solana's slide accelerates — $50 billion in value wiped from the cryptocurrency in 2022 [so how's that "decentralization" working out ...]

cnbc ^ | 12/30/22 | Rohan Goswami

[catnipman]

Solana has lost over $50 billion in value since the beginning of 2022, a year marked by outages, overloads, and significant exposure to Sam Bankman-Fried's FTX exchange.

Proponents argue that Solana is more critical than ever as a decentralized finance platform

Solana was touted as the cryptocurrency that would challenge ether with an eco-friendlier approach, faster transaction speeds and more consistent costs.

Developers raved about Solana's support for smart contracts

Consensus mechanisms are how blockchain platforms assess the validity of an executed transaction

Barely a month into the year [2022], a network outage took Solana down for over 24 hours. Solana's token fell from $141 to a low of a little over $94 In May, Solana experienced a seven-hour-long outage after NFT minting flooded validators and crashed the network.

In June, another outage prompted a 12% drop. The hours of downtime came after validators stopped processing blocks, immobilizing Solana's touted consensus mechanism and forcing a restart of the network.

[dinodino]

For BTC, you need ASIC miners. I’ve bought a few that are generating the target hash rates, and at quite a discount.