Did this top 20 project just get exposed for lying?
The answer to that question is yes.
Find out who it is and what you need to know.
Let's get it!
Welcome to BitBoy Crypto!
My name is Ben.
And today, it's no surprise, we're talking about Solana,
everybody's favorite rug pull.
Solana has been lying.
I've been trying to tell you guys,
this project is dead, and people do not want to accept it.
Why?
Because they're crybabies, No. 1,
and, No. 2, they got a lot of money in, you know, potentially resources investing in it
and they don't want to let it go.
Guys, shocker, all the information coming from Solana is nothing but lies.
And also, in the most shocking turn of events ever, they paused their blockchain this weekend.
Big surprise.
So, first of all, we're on the Solana website, status.salona.com.
See this.
February 2023, the incident has been resolved.
It is a cluster instability.
Ironically, a good description of Solana in general, a cluster of instability.
This was from February at 6PM.
8 hours and 9 minutes, the blockchain was down.
Now, you know, this is nothing new for Solana, of course.
Solana Network stumbles, on-chain trading slows after 'forking' incident.
These motherforkers!
Some validators are downgrading their software in an attempt to restore activity.
What a freaking joke this project is.
The blockchain started "forking,"
or creating conflicting versions of its transaction history,
at around 12:53AM Eastern Standard Time,
according to Solana's Discord server.
Shortly after that, validators' RAM began increasing while the chain's transaction throughput fell off a cliff.
Those tech troubles combined to effectively freeze nearly all on-chain activity for the Solana network.
Now, let's check out the outage report here.
Solana releases report on mainnet beta outage.
Is the Solana price dump next?
Generally, what we've seen.
Solana went down for over 20 hours.
It's actually 20 hours.
Oh, because--
now, I know why.
If we go back here, duh.
Sorry.
This is military time.
So this is 6AM to 2AM.
This was 20 hours and 9 minutes.
So I stand corrected on that.
Here in America, we have two sixes.
Other countries just have one.
Validator community collectively agreed with engineers to downgrade
to the previous stable release, v1.13.6, at the same time to reduce restart risk.
That's right. For over 20 hours, they didn't have a single successful transaction.
This sounds very sustainable, doesn't it?
Now, check this out.
This is very interesting, guys.
This is their transactions per second.
The pink part depicts actual transactions.
Let's see if we can zoom in on these a little bit further here.
So that means out of about 4,800 transactions,
about 300 of them are real.
So, what are these other lines?
10% are on-chain.
While the major part is validator messages, votes, etc.,
which will make up 90-95%.
It causes the Solana blockchain to suffer outages as more activity impacts the system performance.
Unbelievable when you look at this project Solana and what they've done here.
What a bunch of scammers.
And here we go.
See, February 2023, you can see here.
The red blocks are when they had major outages.
You just keep going back,
you just see major outage
after major outage
after major outage.
I mean, look at January of last year.
Unbelievable!
And what you see here is--
this is when it was first launched.
What you see here is that this is a blockchain that's not sustainable in its current form.
It's just not, plain and simple.
Also with the backing of Sam Bankman-Fried,
who owned I think at one 0.20% of the tokens.
Probably owns something similar to that now.
So the Solana outage triggers ballistic reaction from the crypto community.
A community member argued
that outages put decentralized finance protocols running on Solana at risk of insolvency.
Absolutely.
This is why people will not build on Solana.
This is why it's dead.
You're putting your projects that were built on you at risk when you do this.
It's unbelievable that people would still attempt to use this blockchain after all of this.
It's very, very sad.
Solana Mobile developer Andrew Watson said they chose "security over liveness"
and noted they are "in it for the long haul."
In replying to Watson,
another community member raised other concerns,
such as putting decentralized finance protocols at risk of insolvency.
Here's the thing, guys.
Why would you want to build on a dead chain?
Why would you want to build on something that goes down and pauses?
Ethereum blockchain doesn't pause.
We've never seen it.
It had a forking incident back in, I believe, 2014 with the DAO.
But the point here is,
this is not an Ethereum killer.
And then we see the Solana price today.
It's down 3%.
This is when the outage was going on.
See, there has been a major price dump since then.
Keep in mind, Bitcoin dumped a little bit during that period too, so.
$HOSKY Token here, my guy, says,
"Making fun of Solana is no longer fun.
It's more appropriate to be sad for those still stupid enough
to trust that centralized database with their money."
I can confirm we are sad for you.
And then we've got another tweet here from Lucid on Twitter.
"Solana, the McDonald's ice cream machine, has broken for the 15th time!
While the rest of the competition is failing, Cardano is scaling!"
You guys know we love Cardano.
Here's my guy Tom Crown.
"Solana down again..
We still pretending this decentralized crypto or nah"
Oh, that's a great one from Tom.
DBCryptoX here says,
"Yesterday, Solana had another 20-hour outage.
Just one of about a dozen times the chain has gone down. But why?
All part of a massive design flaw that I will try to break down in this thread.
So let's get into it."
Now, look at this.
(laughs)
That's good stuff right there.
What I'll tell you is,
we are learning the difference between what a centralized protocol looks like
and a decentralized protocol.
Solana is centralized as it gets.
It's very sad.
I'm very upset about Solana investors who are still in it.
We told everybody back sometime in September to get out of Solana, to get out of FTX.
The price bounced a little bit. People were over the roof.
Guys, the blockchain has real problems.
It has real issues.
It is not good enough to choose speed over operability.
Not interoperability,
just the ability for the blockchain to operate.
It's really sad, if you ask me.
In my opinion,
we will not be putting another dollar in Solana ever again for multiple reasons.
Is it something you can make some money on in the bull run?
Shoot, it's going to go up a little bit in the bull run,
but why would you choose something that will never hit a new all-time high again?
If you guys know,
I said if Solana hits a new all-time high,
not a scam wick, but a real all-time high,
this next bull run,
I will get a Solana tattoo.
That's how confident I am.
And you know what?
If they do it, if they can come back from the grave and they can fix these issues,
which I don't-- I think they've proven they can't,
then I will gladly get a Solana tattoo and say that I'm wrong.
Make sure to tattoo a subscription onto BitBoy Crypto
by hitting that subscribe button.
Don't forget to like this video.
Dislike it if you like Solana.
I'll never know.
That's all I got.
Be blessed.
BitBoy out.