Solana Game Over? Is the ETH Killer dead? Let's find out

#Solana #SolanaHacked #SolanaOutage #SOLANA #EthKillerDead #SOL
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0:00 Disclaimer - this is Edutainment and not Financial Advice

00:10 What Happened to Solana?

01:00 “Block”-Chain of Events

02:00 So Was Solana Hacked?

03:00 Other Attacks/Outages Yesterday

04:00 #ethereum got attacked (unsuccessfully)

05:00 Forced offline by uncontrollable forced forks

06:00 How Was It Resolved?

07:00 The Solana Ecosystem Top Names

08:00 The Solana Ecosystem Impact

09:00 Likely Culprit

10:00 Solana Network Status

11:00 Solana & Risk Mgt DO NOT TRANSFER FROM EXCHANGE TO WALLETS

12:00 Cost to be a Solana Validator vs SCPs

13:00 Outage Impact on Investment Thesis

14:00 SOL Price - Holding Steady

15:00 Ethereum Hard Fork - a Boon for SOL?

16:00 Fickle Rotation from SOL back to ETH

17:00 SOL TA Today

18:00 The Solana Ecosystem Recap

19:00 Let’s Talk Growth - All on SOL!

20:00 Solana Ecosystem Top Gainers

21:00 SOL is still in the very early stages, it’s still in beta and under development

22:00 Yes it has a CEO

23:00 Historic Hacks on Layer 1’s

24:50 Solana is experiencing exponential growth

[vincentw]

If this happened to Cardano you would be like....yup...junk!

[nereus.]

SOL didn't tank as much as it could have because 76% is staked and when the network is down you can't unstake. Plus, it takes two days to unstake SOL. As well as many exchanges and wallets not allowing transfers.

[schoolboyheart-sol]

Lot of atypical hate on this episode. Listen, there is no way James is shilling Solana. I truly think he tries to give us the best, most honest answers and info he can. On top of that, he does it for the right reasons, to help others, not himself. He's convicted about the future of SOL, maybe he's right, maybe he's not, but that doesn't mean he is shilling it. I've become a better investor because of James. I don't buy everything he buys, he and I disagree on QNT and ERGO. I still tune in and respect the guy and he's helped me tremendously.

[a.spartan]

Solana sacrificed security and decentralisation for scalability and then failed on all fronts. This is bigger news than ‘just a bad day’. The core principles behind BTC and ETH is security and decentralisation in order to provide the worlds hardest and most secure uncensorable money supply with scalability being resolved through ingenious solutions. This is the way…

[brandonculver]

It was not 400k txs per second, it was 400k PROPOSED txs, two completely different things. CEO himself tweeted this was a misconception, they were not doing any transactions as soon as this started.

[MisteMiner]

I love Solana and own a huge bag but even I think James might be going a little overboard with the Solana love.

[dxprt]

Is it then fair to say SOL got forked?

[ovocow]

The SOL FUD in the comments is laughable. Like imagine selling apple stock in the early 2000s because you didn’t like a bug in OSX beta…. at the very least you guys can wait to crucify James until after the bull run ends. He's chosen to stick to his guns and I know the man has more than enough humility to admit when he's wrong. Clearly he believes in it... and personally so do I. Crazy shocker here but almost all these projects start out centralized, including your beloved ETH. You guys are completely missing the mark lol.

[shayneduncan]

I wonder if an outage on ADA would be so nicely explained?

[braudcast]

I can smell the desperation through the LCD screen.

[rogeliorodriguez]

Even with 100 SOL that is not enough of a stake to ever be selected to process a block you could go years without ever being chosen

[johncap]

Hey James. Your slide comparing the requirements for running SCP validators doesn't tell the whole story.

You should include the number of CPU cores required as this is gonna be a pretty significant factor on the cost to run a validator. And perhaps if you compared the cost to build a server or run a server in a cloud platform then it would help illustrate how much more expensive it would be to run a Solana validator compared to the other SCPs.

But I would say the most restrictive requirement for running a Solana validator is the bandwidth requirement which is 300Mbit/s download AND upload. I'd wager that the vast majority of people even in first world countries can't access this type of internet service. So you'd either have to run your validator in a datacenter or use a cloud computing platform. i.e. Very few people will be able to run a Solana validator in their garage.

[OnlyGaruda]

A distribution of user-created bots caused a denial of service... but it was not a DDoS (Distributed Denial of Service).

Please help me understand that statement? Because that sounds like a textbook DDoS, unless we are saying that all of these bots were working completely independently of each other.

[seriousbutfunny]

How can you compare Centralized SOL to Decentralized ETH?
I hold both. Just curious.

[edouard]

It's centralised not because the hardware is expensive but because you need to get 6k to 7k to sol break even. Even tho you just need 100 sol to receive rewards the chance to be selected are very low(because the likelihood to be selected depends on your stack). It would be a problem if the validator need to burn almost 2 sol a day. My main concern is that only the VC s will be able to maintain the network

[hycenendongong]

it's not 400k TPS....its a fake transaction caused by bots.

[robertbartow]

I have a transfer pending to a wallet, how will this be resolved?

[tracemcsorley]

I bought in substantially to the Sol ecosystem, woke up the next day to amazing gains, didn't take profits and now it's all eating shit.... Crypto is a cruel mistress

[bytesilver]

@8:14 some specs misleading.... 1) CPU Req. states 2.8ghz is bare min, although you won't be validating any blocks if other validators are faster (reading some forums people using the latest epyc CPU's from AMD @3.5GHZ.. cores don't matter as much as clockspeed) 2) You need around 5k SOL self stakes or 50k SOL third party stake at 10% commission to break even. (actually now it seems you need 100K to make profit) 3) In addition to the hardware and networking costs you need to pay vote fees. These add up to around 1 SOL per day. So right now unless you have a lot of capital its hard to compete with the other validators because you can literally be rewarded with NOTHING (In fact it will cost you MORE to run a node, and you would be losing money as there is a cost to validating nodes and running a validator). I have references if you need but i can't paste URL's as my comments are being deleted

[omidfut]

Hi James. Love your content. The reason a solana validator is currently cost prohibitive is because of the amount of stake needed to cover voting costs. It currently costs about 1.1-1.2 solana per day to run a validator. This far outweighs the equipment/network costs at the moment.