SOL / TetherUSShort
SOLUSDT -Why Solana Is The Biggest Scam💀
Hi Traders, Investors and Speculators📈📉
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
In this video analysis, we discuss potential ways to still make money with SOLUSDT / Solana , even though the fundamentals for this coin is pretty much non existent at this point. Read on if you're interested in some of the latest news on this altcoin, as well as why many developers call it a scam.
After yet another attack earlier this week, Sol is trading -21% lower. Solana users have been urged to move their funds to cold storage and be alert to possible scams after a major exploit of thousands of wallets sees more than $8 million stolen. The Solana ecosystem has once again encountered a widespread exploit targeting Solana wallets that have been ongoing since Wednesday. Phantom and Slope, two Solana-based wallet services, initially flagged the attack on their social media platforms. A handful of commentators noted that attackers had gained access to user private keys, as transactions were signed on the chain legitimately.
This BEGGS the question - why is Solana targeted so often?
Solana could be replaced with a SQL database at this point, you’d get as much scalability as you want, and there would be no tradeoff in decentralization because the chain has none, to begin with. People who create new cryptocurrencies don’t want to get rid of the banks; they want to be the first to get to the bank. It’s been said here before, but Solana is a scam. It's almost as if it was built to be vulnerable, and no one is saying it. In the crypto world full of anons, opportunists and phenomenal hackers - would it really be a surprise if this was an inside job? Takes me back to MT Gox...
Solana clearly wasn't built in the makings of a blockchain, which is decentralized by definition. If you have a ledger that can be rolled back at the discretion of an influential group of authorities, then it’s a glorified database being run by a glorified bank. Solana has a closed validator set, a closed-source protocol, and a literal Discord channel where it's openly and explicitly scheduled network shutdowns with validators whenever it became inconvenient to fight D/DoS attacks.
Does this seem like a good investment to you? HOWEVER - this is crypto after all. If you have a high appetite for risk, you could always treat it like a meme coin and hope your funds will be there when you want to withdraw your profits...
__________________________
👀Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 📉
Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
In this video analysis, we discuss potential ways to still make money with SOLUSDT / Solana , even though the fundamentals for this coin is pretty much non existent at this point. Read on if you're interested in some of the latest news on this altcoin, as well as why many developers call it a scam.
After yet another attack earlier this week, Sol is trading -21% lower. Solana users have been urged to move their funds to cold storage and be alert to possible scams after a major exploit of thousands of wallets sees more than $8 million stolen. The Solana ecosystem has once again encountered a widespread exploit targeting Solana wallets that have been ongoing since Wednesday. Phantom and Slope, two Solana-based wallet services, initially flagged the attack on their social media platforms. A handful of commentators noted that attackers had gained access to user private keys, as transactions were signed on the chain legitimately.
This BEGGS the question - why is Solana targeted so often?
Solana could be replaced with a SQL database at this point, you’d get as much scalability as you want, and there would be no tradeoff in decentralization because the chain has none, to begin with. People who create new cryptocurrencies don’t want to get rid of the banks; they want to be the first to get to the bank. It’s been said here before, but Solana is a scam. It's almost as if it was built to be vulnerable, and no one is saying it. In the crypto world full of anons, opportunists and phenomenal hackers - would it really be a surprise if this was an inside job? Takes me back to MT Gox...
Solana clearly wasn't built in the makings of a blockchain, which is decentralized by definition. If you have a ledger that can be rolled back at the discretion of an influential group of authorities, then it’s a glorified database being run by a glorified bank. Solana has a closed validator set, a closed-source protocol, and a literal Discord channel where it's openly and explicitly scheduled network shutdowns with validators whenever it became inconvenient to fight D/DoS attacks.
Does this seem like a good investment to you? HOWEVER - this is crypto after all. If you have a high appetite for risk, you could always treat it like a meme coin and hope your funds will be there when you want to withdraw your profits...
__________________________
👀Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 📉
Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
Discord Server
discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.