The CIO and co-founder of pioneering cryptocurrency venture fund Cyber Capital lists reasons why the SOL token should be avoided as a long-term investment opportunity.
Centralization, SOL supply manipulation, team ‘bad behavior’: Investor criticizes Solana (SOL)
Mr. Bones took to Twitter to share a thread about the Solana blockchain and the SOL token. First, he emphasized that SOL is the only blockchain that has crashed seven times in recent months.
1/25) Solana has too many red flags
Blockchains should never have downtime
However, SOL has fallen at least 7 times since I first spoke out!
Consequence of own design decisions
There are many examples of lies, fraud and bad design.
Exposing the model of bad behavior:
— Justin Bons (@Justin_Bons) July 22, 2022
As Cryptooshala previously reported, Solana (SOL) experienced a series of outages in 2021-2022; his team had to restart the blockchain to restore the transaction confirmation process.
The Solana (SOL) team then repeatedly posted false claims about the actual turnover of SOL. Mr. Bones withdrew a 13 million token SOL wallet exposed by a third party.
He also added that Solana’s (SOL) claims of the blockchain’s incredibly high peak throughput (reportedly over 400,000 transactions per second) are very far from the truth.
Solana Community (SOL) Responsible
The Solana (SOL) Proof of History (PoH) consensus design itself does not look innovative to Mr. Bones. Since Solana’s next block producer can be predicted, the blockchain becomes susceptible to a 51% attack combined with an attack on validators.
Last but not least, Mr. Bones claimed that Solana’s recently announced Saga Android smartphone is just an attempt by Solana’s team to turn around and “cash out.”
At the same time, Solana developer @0xMert_, a former Coinbase and Blackberry engineer, declared that all the allegations of Mr. Bones have already been refuted.
For example, all of the outages were due to IDoS attacks by bots, while all of the Solana consensus (SOL) outages can also be found on most Proof-of-Stake (PoS) blockchains.
Credit : u.today