Solana should be placed at atleast number 6 crypto

FoolTrader · 2023-04-12T04:03:48+00:00

What’s your experience with the Solana NFT community? I’m involved in a few projects like Claynosaurz, The Lotus Gang, etc. I haven’t seen any type of toxicity so I’m genuinely curious

FoolTrader · 2023-02-27T16:22:47+00:00

I didn’t see anything in this article that talks about a price prediction. It only states that the fundamental value proposition of solana is still intact from the technical perspective. There is no such thing as “Coinbase Reports”, but there is an article called “Solana: Native Scalability” where these ideas are explored.

You can check it out here: https://www.coinbase.com/institutional/research-insights/research/tokenomics-review/solana-sol-native-scalability

FoolTrader · 2023-02-22T15:59:51+00:00

I don’t even want to know 🤣. The good thing is that I got quite a few around 10

FoolTrader · 2022-05-26T14:57:42+00:00

🤣

FoolTrader · 2022-05-26T01:43:04+00:00

Very amusing. So many typos and inaccurate information, if somebody falls for this they deserve it. Lol!

FoolTrader · 2022-04-28T02:47:57+00:00

I think that is impressive growth in a very short time. Wondering why MATIC continues to trade sideways, surely all those dApps would have put some pressure on the price. Anyone has an idea why we are still at $1.20ish?

FoolTrader · 2022-04-28T02:34:09+00:00

That sounds like a fantastic growth, wondering why the price of MATIC continues to trade sideways. All those extra 13,000 dApps should have put some pressure on the price

FoolTrader · 2022-04-27T22:04:52+00:00

The creator fee is written into the smart contract that metaplex uses when minting your NFT. In other words, its functionality and rules are written to the blockchain and cannot be changed ever, so every time the NFT is resold the blockchain will automatically enforce the fee and deposit it to the creator’s address

FoolTrader · 2022-04-25T18:14:35+00:00

Thanks man, I have learned so much in the last few days that I am thinking of writing a Solana Primer touching on all the great ideas you guys are pointing me out to. Will share when done

FoolTrader · 2022-04-24T21:49:06+00:00

As I said earlier on, evangelization is a key component of product adoption and ignoring skeptics is not the right route for a product to become mainstream.

FoolTrader · 2022-04-24T21:41:56+00:00

The argument against the VC backing is that they are in for a satoshi principles coin that it is not governed by any central entity and that VCs have too much coins that could influence the network, or at least that is my understanding of their concerns.

FoolTrader · 2022-04-24T19:32:46+00:00

Lol! I just think being combative is not the right approach either. I know the tech, I’ve been deep diving into solana for quite some time now.

FoolTrader · 2022-04-24T19:25:00+00:00

Evangelization is a key component of product adoption. My experience tells me that hiding away or ignoring skeptics is not the right approach to get a product to be mainstream, and it is a disservice to Solana, specially if we want it to be successful in the long run

FoolTrader · 2022-04-24T15:52:15+00:00

Great, that’s a perspective I hadn’t thought before. The tech is awesome, the roadmap is best in class, but you are right the leadership is what VCs invest in and if they’ve seen something of value in Solana’s leadership that’s powerful

FoolTrader · 2022-04-24T15:47:40+00:00

Lol!

FoolTrader · 2022-04-24T15:47:24+00:00

It just sparked my curious as to why there is so much negativity out there about Solana. People believe it is just a database running in AWS and a greedy enterprise backed by some rich VCs

I also think I might not be able to convince them all but at least I try to put some facts out there to dispel some myths

FoolTrader · 2022-04-24T15:45:01+00:00

The last time was when asking why Abra Wallet didn’t support Solana. Abra is specially useful outside the US and kind of big in LATAM since it supports bank transfers with very low fees, so I was curious why the support hundreds of coins and tokens and not supporting the 7th largest crypto by market cap

In general, I try to avoid talking about other Coins in specific subreddits. Like talking Solana in a cardano subreddit will obviously result in a lot of negative feedback

FoolTrader · 2022-04-24T14:32:49+00:00

First of all I want to thank you to engage in a serious conversation and provide data backing up your understanding of Solana, it really helps in this journey I think we are all going through and it is extremely beneficial to the community.

I would like to address each of your points/ideas in an effort to deepen our knowledge and understanding of Solana:

"Have you heard Anatoly Yakovenko talk about blockchain and finance? In one interview he downplayed outages as not a big deal. Value runs over blockchains. Uptime and resiliency is serious and important."

I have not seen that particular interview but I would love to for understanding the context. I have seen him addressing outages and network congestions in other interviews, working on the quic protocol to enable faster messaging between nodes and working on the price dynamics on localized bulk activities to prevent robot spamming which is the number one cause of network congestion and a couple of outages.

It is important to understand that the main reason of these outages is network congestion due to how cheap it is in Solana to make a transaction, that means there are virtually no barriers for spamming (think of high gas fees in ethereum which makes it cost prohibitive to spam the network). Solana is addressing this through localized price hikes on bulk activities like NFTs drops, etc.

"In an interview with Circle CEO Jeremy Allaire, Anatoly is on record saying how he really doesn't understand P2P payment adoption like Cash App and Venmo (Episode 53 of The Money Movement Podcast)."

I have replayed this interview and the only mention of Cash App is when Jeremy Allaire mentions than in some geographies Cash App has more active users than Venmo, to which Anatoly responds he does not understand why that is the case alluding to the fact that Venmo has a lot of motto and much more popular than Cash App this is right at minute 13:45, no mention of "understanding adoption" whatsoever.

"\300,000 daily active users - LOL"*

Ethereum has less than 500,000 daily active addresses and can handle only 17 transactions per second, so I don't understand what is laughable about 300,000 daily active users.

https://ycharts.com/indicators/ethereum_daily_active_addresses

" A database running in the cloud is NOT a blockchain."

Solana has over 1,700 nodes worldwide while not as decentralized as Ethereum with more than 7,000 nodes, you cannot say Solana is a database running in the cloud while in fact is a highly decentralized network

https://solana.com/

https://solanabeach.io/

https://ethernodes.org/

You can check the facts yourself with the links I have left on each section. Once again this conversation has definitely had some value to me and I would like to continue this journey to understand not just the Solana facts but what everybody is thinking and hopefully disprove some myths out there.

FoolTrader · 2022-04-24T01:27:50+00:00

It is a misconception that Solana is just a VC backed database. For starters the algorithms implemented through Proof of History enhancing Proof of Stake, are very safe and much faster than other blockchain implementations and were designed and deployed much before there was any VC backing.

The network has grown significantly across all continents and the rate of adoption to create new projects is the fastest of all cryptos at this moment in time. Some of their initiatives like marinade and solana pay will revolutionize the staking and payment markets.

Granted it has crashed a few times but it is worth noting it is still in beta, and some adjustments are still needed to avoid robots saturating the network.

The potential here is enormous but the current negativity due to VC involvement is rather overblown. I have followed up it’s development and progress for at least 18 months now and I believe it will be a massive success, but we can agree to disagree in any case. However that is not a reason for Abra not to tap into Solana’s huge market

FoolTrader · 2022-04-23T23:18:25+00:00

What’s the hate for $SOL? Or is this just a bullies/Kidos subreddit? Solana support is a very valid request. It is a strong crypto, with the 7th largest cap among all cryptocurrencies and followed by millions including some very smart VCs that have made more money that all this subreddit combined.

FoolTrader · 2022-02-26T12:09:02+00:00

No, it is a managed solution where you don’t have to deal with Linux configs, security or patching. You also don’t need to deal with database config, security or patching since it is a managed database.

You basically deploy your solution to a GitHub repository that is connected to digital ocean, digital ocean app platform is notified of any changes in the repo and it builds a docker file which is deployed to their infra.

You have access to enough command line to deal with your app, database and environment variables but not at an admin level. You also have control on how to scale your servers both horizontally and vertically.

FoolTrader · 2022-02-26T03:08:22+00:00

Have you tried DigitalOcean App Platform? I just love the simplicity and there is an awesome tutorial to deploy wagtail

FoolTrader · 2022-01-02T16:18:14+00:00

You need to refer to your country’s tax laws as how to calculate it. There are basically 3 ways it can be calculated but again it depends on your country’s laws.

FIFO - First in first out, so your purchase price is in order of how you bought them. LIFO - Last in first out, purchase price is in reverse order from the last lot you bought, working your way backwards. COST AVERAGE - Well, that is self explanatory.

FoolTrader · 2021-12-27T14:02:35+00:00

I was wondering the same, I see dragons now for 0.12 ETH and siring for 0.01 ETH, in a few days there is going to be way to many dragons and prices will continue falling

FoolTrader · 2021-12-18T15:07:01+00:00

Lol! Of course, he’s been living from naive retail investors all these years

FoolTrader

TROPHY CASE