Solana threatens crypto's status quo! Do not believe their lies & miss out on the future: 🧵 1. High Inflation = Low long-term inflation 2. Outages = Fixed, stable for 2+ years 3. TX "failure" = Reverted TX's 4. Memecoin casino = Only 20% of usage 5. Centralized = Decentralized 1. SOL has a sound economic model: Identical to ETH's economic model: Low long-term tail inflation + fee burn An initial high-inflationary bootstrap phase is normal; both BTC & ETH did this too! SOL is a newer chain, so it is still going through that initial bootstrap period now That is what makes this critique especially hypocritical for most crypto communities to make, as they are "guilty" of this too! The main economic difference to ETH is that SOL actually scales. So, there is a greater chance that SOL's burn will be able to exceed inflation over the long run! Another advantage of attracting the majority of usage is that fees derived from usage ultimately pay for scarcity, security & decentralization in the long run! 2. Fee markets & stake prioritization helped fix the instability: The last time the network went down was over two years ago & we should not expect it to ever go down again Largely due to SOL now also possessing robust client diversity. Another prerequisite for long-term stability! 3. Transacting on SOL as a normal user is extremely reliable: There is misinformation going around showing a chart of the number of "failed" TXs on SOL. However, they always fail to provide key context: Most "failed TXs" on SOL are the equivalent of "reverted TXs" on ETH! It does not affect normal users; only traders who want these TXs reverted/failed: It is a feature, not a bug! Arbitrage traders prefer to "cancel" the TX & pay a small fee instead of taking a loss on a trade... I even personally tested the reliability of the SOL network with hundreds of TXs over several months! Anyone who claims SOL is still unreliable at this point is either ignorant or insincere 4. Less than 20% of SOL usage comes from memes: The majority of SOL usage comes from DeFi, not memecoins. At least get your facts straight! Even if that were not the case, it is still a terrible reason to reject a permissionless blockchain. As whichever chain is on the cutting edge in terms of offering competitive utility; That is where the gamblers & criminals will go. This was true for BTC & ETH during their heydays as well. From Satoshi Dice on BTC to the ICO & NFT crazes on ETH The nature of permissionless crypto is that we cannot choose who uses it & for what. So if you build the most competitive chain, for people to actually use. Then it will most certainly also attract these types of unsavoury elements That paradoxically makes such activity a clear sign of that chain's competitive success, even if we might disagree with those types of activities ourselves 5. SOL is a decentralized, permissionless, immutable, & censorship ressistant blockchain: Claiming otherwise is pure misinformation; SOL has 813 validators with a Nakamoto Coefficient of 19! With on-chain governance! Currently, it is a form of "validator governance", but it will soon switch over to full stakeholder governance. In terms of governance, it puts SOL way ahead of BTC & ETH, which are both centrally controlled That easily puts SOL within the top 5 of decentralized blockchains. Further proving that node requirements are not everything, as that downside can be overcome with increased participation due to the economic value that utility creates Decentralization is measured by the ultimate distribution of power, not the barrier to entry. So, if the high barrier to entry is overcome by the economics of its utility. Then, such a chain can become more decentralized compared to a chain that prioritizes low node requirements. As that is not the same as prioritizing decentralization! That is why, for example, 1k high power validators are more decentralized & robust compared to 100 Raspberry Pi's sitting in hobiest's basements Tying it into the "everything chain" thesis. Where these different attributes become a positive feedback loop SOL's decentralization is based on the same principles as all other blockchains. So, if SOL is not decentralized, then nothing is, including BTC & ETH! Conclusion: The competition cannot handle SOL's existence, so they resort to slander. While they virtue signal & morally grandstand, SOL is making a real difference By creating products for mass adoption that change the world for the better. As that is the most cypherpunk thing we can possibly do! 🔥