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JayDeerTay84
LSU Fan
Texas
Member since May 2013
8128 posts

re: Official CryptoTalk Thread
quote:

It takes ETH 5 hours and 30 minutes to do what SOL can do in 1 second.

When ETH 2.0 comes out, that doesn't even mean a TPS increase. It doesn't mean a fee reduction. It just means no more POW. ETH is garbage.

Remember SOL is in beta.


SOL is still limited by hardware though.

Layer 2 solves most of this because layer 2 revolves around the platform and specific function of said platform.

IMO, all these chains trying to do everything on layer 1 are going to have problems if they want to "overtake" btc. That is to say, right now, they all have problems.
This post was edited on 9/14 at 9:35 pm


Douglas Quaid
TBD Fan
Mars
Member since Mar 2010
3764 posts

re: Official CryptoTalk Thread
quote:

What is happening with SOL is a complete failure of the chain.

quote:

dumbest thing ive read in years


Why is that dumb? The network halted and from what I've read-from reliable sources-a hard fork is needed to restart it.


tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
7163 posts

re: Official CryptoTalk Thread
You didn't Boom. I'm just displaying how much better SOL is than the current #1.

I would mention ADA, but Cardano already has 0 respect as it is. Okay, I'll give it a try. SOL has finalized more smart contract transactions in 1 second than ADA has in history.


boomtown143
USA Fan
Merica
Member since May 2019
5538 posts

re: Official CryptoTalk Thread
quote:

Why is that dumb? The network halted and from what I've read-from reliable sources-a hard fork is needed to restart it.


Bruh, you gotta understand, Rocket31 knows everything in crypto. EVERYTHING!

Don’t ever question him…..EVER!

BULLISH!!!!!!!


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tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
7163 posts

re: Official CryptoTalk Thread
quote:

Why is that dumb? The network halted and from what I've read-from reliable sources-a hard fork is needed to restart it.


If I get some SOL classic, I'll be pumped.


boomtown143
USA Fan
Merica
Member since May 2019
5538 posts

re: Official CryptoTalk Thread
quote:

If I get some SOL classic, I'll be pumped.


This post was edited on 9/14 at 9:48 pm


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JayDeerTay84
LSU Fan
Texas
Member since May 2013
8128 posts

re: Official CryptoTalk Thread
I get it, I am just saying POW is SECURE. Why not run smart contracts on layer 2?

I guess the more these "next gen" chains come out the more I think the original POW is pretty damned nifty.


Aug1
Member since Nov 2013
63 posts

re: Official CryptoTalk Thread
Because it doesn’t fit the narrative. I’m not saying that there isn’t money to be made here. Go get it! But SOL is essentially centralized which means it is nothing more than a public ledger run by a private entity which can be taken offline at any time. 90% of Solana network is just 4 companies that are controlled by the developers of Solana. Again see BNB. It also uses vertical scaling which means high hardware requirements to run a node. Your looking at about $6k for the hardware and an additional $150/month in electricity to run it at full power. Take a look for yourself. If ADA, Doge, ICP have taught us anything, it is crypto can remain irrational longer than you can stay liquid. Make that green and don’t get caught with the bags.
This post was edited on 9/14 at 10:12 pm


boomtown143
USA Fan
Merica
Member since May 2019
5538 posts

re: Official CryptoTalk Thread
quote:

But SOL is essentially centralized which means it is nothing more than a public ledger run by a private entity which can be taken offline at any time. Again see BNB. It also uses vertical scaling which means high hardware requirements to run a node. Your looking at about $6k for the hardware and an additional $150/month in electricity to run it at full power. Take a look for yourself.


That’s soooo BULLISH!!

Rocket31 has spoken.


Aug1
Member since Nov 2013
63 posts

re: Official CryptoTalk Thread
Probably overtakes Ada in marketcap now. #bullish!


METAL
Member since Nov 2020
496 posts

re: Official CryptoTalk Thread
Wonder if I can scoop up some cheap SOL tomorrow.


tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
7163 posts

re: Official CryptoTalk Thread
1 Why did the network slow down?

A bot began spamming the network and hit a peak of 400k TPS. When a validator realizes it is lagging behind the leader, it will forward transactions to the next leader, who will now have to handle it's own normal messages and the backlog that's been pushed to it (source). This high volume of transactions both takes down some validators because they don't have enough compute resources and also buries network-critical messages from being processed (source). On a technical level, the network is still up -- it's just that nothing important is being processed (grafana dashboard, this tracks live data, so will eventually be otudated).

2 Solana is centralized and the foundation flipped some type of backdoor switch to shutdown the network (this is false).

It's fair to say that Solana is more centralized than Ethereum. However, saying the foundation has the ability to unilaterally shutdown the network is simply false. As noted above, the network was disrupted by a third-party attack and just slowed down to 0. Some validators crashed on their own. Some validator managers may have also disconnected their own nodes. However, nobody at the foundation has the power to click a button and disconnect a node. With everything open source on GitHub, feel free to go through the code and check there's no backdoor. The one bad thing is that the only people who actively develop code to connect to the network (these are called clients) is the foundation. Eth has maturated so that there are several independent clients that are quite popular (i.e. geth and parity). Hopefully Solana will get there one day.


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TheDuke5524
LSU Fan
Baton Rouge
Member since Jun 2015
468 posts

re: Official CryptoTalk Thread
Just buy HEX!!!

Did I do that right?


FnTigers
LSU Fan
Member since Sep 2021
75 posts

re: Official CryptoTalk Thread
quote:

Just buy HEX!!!

Did I do that right?
Actually, you did it exactly right. 100% uptime


boomtown143
USA Fan
Merica
Member since May 2019
5538 posts

re: Official CryptoTalk Thread
quote:

Just buy HEX!!! Did I do that right?


Why so defensive?
I notice that about people on this board. They can’t ever take criticism…..almost like…A CULT!






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23
boomtown143
USA Fan
Merica
Member since May 2019
5538 posts

re: Official CryptoTalk Thread
quote:

Actually, you did it exactly right. 100% uptime



This post was edited on 9/14 at 10:40 pm


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21
SUG
Member since Nov 2015
270 posts

re: Official CryptoTalk Thread
Yes arbitrum optimism polygon would not roll out otherwise. ETH will be 10k within the next year


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DallasTiger11
UCLA Fan
Los Angeles
Member since Mar 2004
10198 posts

re: Official CryptoTalk Thread
quote:

I get it, I am just saying POW is SECURE. Why not run smart contracts on layer 2?

I guess the more these "next gen" chains come out the more I think the original POW is pretty damned nifty.

This is pretty much the only reason I still hold a fat stack of btc. It’s a dinosaur and maxis are legit the worst but I love me some PoW.

There are some theories that ETC could come to life after the PoS merge. Should be interesting


tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
7163 posts

re: Official CryptoTalk Thread
BTC speed: 4–4.5 transactions / second
ETH speed: 20 transactions / second
ADA speed: Currently capped at 6.5 transactions / second
SOL speed: Peaked at 400,000 transactions / second (in beta)


JayDeerTay84
LSU Fan
Texas
Member since May 2013
8128 posts

re: Official CryptoTalk Thread
quote:

BTC speed: 4–4.5 transactions / second
ETH speed: 20 transactions / second
ADA speed: Currently capped at 6.5 transactions / second
SOL speed: Peaked at 400,000 transactions / second (in beta)


Again, when you are on layer 2 of BTC and ETH the above doesn't matter. Layer 1 functions as validation. There are numerous examples of this.


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