Posted on 12/31/2022 6:28:59 AM PST by 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.
(Excerpt) Read more at cnbc.com ...
the solana "token" demonstrates what happens when "decentralization" glitches ... A central authority has to step in and coordinate the "restart" of the blockchain AND the "value" of the decentralized "token" collapses ...
and besides, who wants the VALUE of their money dependent upon the IT-reliability of their bank? When ATM networks have brief outages, it's an inconvenience that one can't access their money without writing a check or actually GOING TO THE BANK, but the VALUE of the money remains unchanged ... not so when "decentralized" funny money has glitches ... it actually loses VALUE when glitches occur ...
C'est la vie in the crypto world ...
Crypto, the entire industry, is a fraudulent money laundering scheme…
Period.
Minor teething issues. ;-)
Modern banking was created by the Spanish and the Dutch in the ... 1600’s I think.
It has had generations for us to spot its weaknesses and correct them.
Crypto banking still has a long way to go.
Just gobleygoop. Word salad camouflage. Suckers.
And, they say, they are willing to take the debased and soon to be worthless money off your hands and give you the good stuff; they want to help.
I read that some guy bought 75 cents worth of bitecoin a while back and is now a billionaire. That sounds almost too good to be true.
I'm skeptical.
Much better than stinky old fiat currency.
It pales in comparison to the reported 10 trillion lost in stocks & bonds. I’m not boosting cryptocurrency in the least,because it’s just another form of fiat money.
Cryptocurrency better than other Fiat Currencies:
https://indiacsr.in/cryptocurrency-better-than-other-fiat-currencies/
The opening sentences exposes the idiocy of cryptocurrency. If cryptocurrency had any value at all, you wouldn’t see constant references to its changes in value against another currency.
So the only real value it has is that it can be exchanged for another REAL currency.
That is an interesting comment.
If a person does not own any crytocurrency but wants to acquire some, how do they acquire it?
Can they buy some? If yes, with what do they buy it?
Period.
Absolutely, anyone that "invests" in this insanity, deserves whatever follows.
People have a better chance finding the "pea, under the walnut" at a carny.
Currencies all over the world are constantly changing in value relative to other currencies! Long before Cryptocurrency.
“Crypto banking still has a long way to go.”
It is in the event horizon—expect lots of amazing maneuvers and feints—but at the end of the day into the Black Hole it goes...another homo sapiens blunder good for a few laughs by future generations.
I am kind of agnostic about Cryptocurrency. However, I do find it strange that so many people against it seem to put absolute faith in US fiat dollars that are being greatly devalued right in front of them. I just shake my head at the willful blindness.
Can they buy some? If yes, with what do they buy it?No problem. They (who ever they are) will be glad to take your worthless fiat money in exchange for some 21st century wooden nickels.
Is he Nigerian?
On the plus side the prices on high end graphics cards are going to become very affordable.
I have never heard of a country called Bit that has adopted Bitcoin as its currency. And I have never patronized a business establishment that accepts cryptocurrency for my purchases, either.
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