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To prevent this, the decentralized protocol is proposing to seize the user's funds via governance 430 * 274 comments The year is 2026 268 * 169 comments [CvEJcmHU] Solana DeFi Platform Votes to Control Whale Account in Bid to Avoid Liquidation 'Chaos' 237 * 352 comments Now that the people hoping to get rich left, lets talk about the real world uses for Crypto and Blockchain? 379 * 81 comments [rYMH3mFZ] GPU prices are falling below MSRP due to the crypto crash 851 * 447 comments Here is what CeIsius is currently doing with their customers' money. 83 * 72 comments [d8EKqoGm] Tron's USDD Continues To Deviate From Its $1 Peg As Value Drifts Below $0.96 151 * 81 comments [gFvaxPXp] Almost 81% of Shiba Inu Investors are at Loss, Indicates Analysis - . 158 * 79 comments [Xoi30nUv] U.S. House of Reps Officially Invites Cardano Founder Charles Hoskinson to Speak About Crypto and Blockchain - Great Coin News 78 * 76 comments Good news: The market cap for USDC coin is rapidly approaching Tether's market cap! Welcome to Reddit, the front page of the internet. Become a Redditor and join one of thousands of communities. x 7783 7784 7785 MARKETSSolend, the largest lending market on Solana is about to have a crippling liquidation of $170m SOL that could crash the network. To prevent this, the decentralized protocol is proposing to seize the user's funds via governance (self.CryptoCurrency) submitted 11 hours ago by Set1Less[silver_48]9[gold_48][kqr00h8b7q] [klvxk1wggf]6[Illuminati][Faith_in_H][5izbv4fn0m]9& 11 more There is a large liquidation watch on Solana's Solend protocol, where a whale has deposited 5.7M SOL ($170M and borrowed 108M USDC and USDT borrowed. This alone accounts for a huge % of borrowing on Solana, and now this position is under a liquidation threat. The whale is not closing their position. In most protocols like Compound, or AAVE, Maker etc, this will result in an onchain liquidation. Infact we have seen many such large liquidations on AAVE And Maker recently, and everything has worked as expected. However such a large liquidation in an illiquid market and unstable network like Solana is likely to have vastly damaging consequences. Solana network has already gone down and halted half a dozen time. The Solend team explains what could happen to the network: This could cause chaos, putting a strain on the Solana network. Liquidators would be especially active and spamming the liquidate function, which has been known to be a factor causing Solana to go down in the past. Letting a liquidation of this size to happen on-chain is extremely risky. DEX liquidity isn't deep enough to handle a sale of this size and could cause cascading effects. Additionally, liquidators will be incentivized to spam the network in an effort to win very lucrative liquidations. This has been known to cause load issues for Solana in the past which would exacerbate the problems at hand. So to prevent this, they are proposing to literally steal the user's funds and execute OTC trades: Grant emergency power to Solend Labs to temporarily take over the whale's account so the liquidation can be executed OTC and avoid pushing Solana to its limits. This would be done via a smart contract upgrade. Emergency powers will be revoked once the whale's account reaches a safe level. When shit starts to implode, all the true colors of decentralization comes out. These shitty protocol are run by fly by night cowboys who learnt basics of economics during the bull run. They put their users are risk by running terrible protocols that do not think about all the edge cases...because who cares about risks right?! And during signs of distress, they resolve to seize user funds. * 1630 comments * share * save * hide * report top 200 commentsshow 500 sorted by: best topnewcontroversialoldrandomq&alive (beta) [ ] Want to add to the discussion? Post a comment! Create an account [-]CointestAdmin[M] [score hidden] 11 hours ago stickied comment locked comment (3 children) Solana pros & cons and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the Cointest and potentially win Moons. Moon prizes by award for the Top Coins category are: 1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000. --------------------------------------------------------------------- To submit a SOL pro-argument, click here. | To submit a SOL con-argument, click here. * permalink * embed * save * report * give award load more comments (3 replies) [-]Neither_Sample9097Tin 2021 points2022 points2023 points 10 hours ago[rc5iesz2z8] (316 children) Wait so, let me check if I understand. This one whale has leveraged a huge amount of solana, so much that if the price of solana drops and this wallet gets forced to liquidate, it could effectively crash solana. That's about right? And this whale doesn't look like they're going to cash out so they want to, essentially, forcibly seize his solana and make him cash out. That sounds... Sub optimal. * permalink * embed * save * report * give award * reply [-]milonuttigrainPlatinum | QC: CC 1486 1498 points1499 points1500 points 10 hours ago (231 children) And sound very centralised, authoritarian style sort of governance * permalink * embed * save * parent * report * give award * reply [-]Laughingboy14Silver | QC: CC 236 | NANO 659 | r/WSB 141 625 points 626 points627 points 10 hours ago (184 children) The antithesis of crypto lol * permalink * embed * save * parent * report * give award * reply [-]milonuttigrainPlatinum | QC: CC 1486 421 points422 points423 points 10 hours ago (178 children) This is exactly the opposite of what cryptos supposed to do. * permalink * embed * save * parent * report * give award * reply [-]QuirkyDescription836Tin 319 points320 points321 points 9 hours ago (40 children) And people called Sol the eth killer lol * permalink * embed * save * parent * report * give award * reply continue this thread [-]AlpineCorbett 250 points251 points252 points 9 hours ago* [silver_48] (15 children) And yet anyone who was paying the slightest bit of attention beyond the grift knew that exactly this would happen. Yall really thought if we de-regulated financial systems, they would become more ethical? First day on earth or what..... * permalink * embed * save * parent * report * give award * reply continue this thread [-]91_til_infinity 25 points26 points27 points 9 hours ago (9 children) Yet here we are * permalink * embed * save * parent * report * give award * reply continue this thread [-]throwaway_clonePlatinum | QC: CC 433 75 points76 points77 points 9 hours ago (98 children) Satoshi really be rolling in his grave... What's meant to be a fair, transparent and open monetary system for individuals have gone the way of banks, with greedy institutions like Celsius, 3AC and many others borrowing one loan after another after another to "generate yield" * permalink * embed * save * parent * report * give award * reply continue this thread [-]Tatakae69Platinum | QC: CC 882 8 points9 points10 points 8 hours ago (0 children) I know right. Long term all those SOL are going to get SOLd * permalink * embed * save * parent * report * give award * reply [-]UrMomsaHoeHoeHoeTin 11 points12 points13 points 8 hours ago (0 children) I mean, not your code not your coins. * permalink * embed * save * parent * report * give award * reply load more comments (10 replies) load more comments (5 replies) [-]MadMarx__Tin 60 points61 points62 points 9 hours ago (3 children) Sounds like a completely shit, centralised model either way if one investor can have such a dramatic effect on the network. * permalink * embed * save * parent * report * give award * reply [-]milonuttigrainPlatinum | QC: CC 1486 19 points20 points21 points 9 hours ago (0 children) Yes and people don't pay much attention other than the price action. Until now. * permalink * embed * save * parent * report * give award * reply [-]DeviMon1Platinum | QC: CC 296 | r/CMS 10 | PCgaming 65[] 14 points15 points16 points 7 hours ago (0 children) It's just a very basic model that hasn't been thought out enough. Like everyone knows binance offers the crazy leveraged futures where people do longs and shorts with 50x and so on, but there are actually massive restrictions for whales there. I'm pretty sure you can't even have open futures positions in millions, and that's probably to stop things like this happening. But here whoever made this Solana platform never thought so much about restrictions and alike, and just let it run. And now they'll see that sometimes you need rules or a whale can fuck the whole thing up. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]HumbleAbilityPlatinum | QC: CC 171, BTC 57 | r/WSB 30 42 points43 points44 points 8 hours ago (11 children) Crypto is only decentralized when it counts least. During the times when we need decentralization most it acts the most centralized. Decentralized during peacetime and centralized during wartime. Not surprising considering there's precedent for this back in the DAO hack. Decentralization is just theater to convince people to buy up bags. * permalink * embed * save * parent * report * give award * reply load more comments (11 replies) [-]NotLunarisTin 4 points5 points6 points 3 hours ago (0 children) Sounds like governance in general. I'm not seeing how people can have their cake (decentralization) and eat it too (governance). The "community" aspect of governance is a sham as voting power can quite literally be purchased, and the "developers" can do whatever they want, whenever they want, with reasons that regular joes can never verify. * permalink * embed * save * parent * report * give award * reply [-]lvl1vagabondBronze | QC: CC 16 13 points14 points15 points 10 hours ago (1 child) yeah that's some authoritarian shit If I've ever seen it. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]PlzbuffRakiThenNerfTin | PoliticalHumor 102 15 points16 points17 points 8 hours ago* (0 children) Wtaf? This is just peak libertarianism. A private entity being able to do whatever the fuck it wants, user/buyer beware. The fact that there is no regulating body to say that this can't happen is exactly what cryptobros wanted. * permalink * embed * save * parent * report * give award * reply load more comments (26 replies) [-]basic_user321Platinum | QC: CC 133, BTC 78, ETH 32 | MiningSubs 33 21 points22 points23 points 9 hours ago (5 children) By governance, means that users would vote on this, means it's a huge if this even works. * permalink * embed * save * parent * report * give award * reply [-]lab-gone-wrongTin 4 points5 points6 points 2 hours ago (0 children) The entire premise of "trustless" decentralization is that this should be literally impossible to do. If this can be done, you are a (very poorly designed & constructed) regulatory body and your currency is heavily centralized. Why are we even here? Should've stuck to USD * permalink * embed * save * parent * report * give award * reply [-]Cybertrucker01Tin 2 points3 points4 points 1 hour ago (2 children) So it's a rigged vote then. Isn't Solana massively pre-mined with a handful of VCs holding all the control? You make it sound like it's some democratic process lol. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) load more comments (1 reply) [-]662c63b7ccc16b8cSilver | QC: CC 214 | ADA 354 28 points29 points30 points 10 hours ago (0 children) Sub optimal Darn, I already gave out the understatement award! * permalink * embed * save * parent * report * give award * reply [-]holyoakPlatinum | QC: BTC 123, CC 22 | TraderSubs 83 25 points26 points27 points 8 hours ago (1 child) Man, there is so much to learn from this. One rich fucker would rather let the world burn than be amongst the hoi polloi. But it's 'ok' because the governance can just seize whatever they want whenever they need to, and don't worry they would never abuse that kthxbye. Please let this be the wake up call! How decentralized is your asset? * permalink * embed * save * parent * report * give award * reply [-]fatFIRE4LifeTin 32 points33 points34 points 5 hours ago (0 children) One rich fucker would rather let the world burn than be amongst the hoi polloi. That's not his problem. If the network is that terrible then it deserves to crash. Just by this post being shown to thousands of people on Reddit, he's already done good in exposing weaknesses. * permalink * embed * save * parent * report * give award * reply [-]robotsdevPlatinum | QC: BTC 53 24 points25 points26 points 9 hours ago (2 children) Shitcoins be shitcoining * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]Fine-Artichoke-7485Platinum | QC: ETC 18 35 points36 points37 points 9 hours ago (14 children) Hedge funds do this all the time when they swoop in and take over a company. Bottom feeders never lose * permalink * embed * save * parent * report * give award * reply [-]The_Law_of_PizzaTin | Technology 21 35 points36 points37 points 7 hours ago (7 children) Hedge funds can't unilaterally force a takeover. This is infinitely more authoritarian and centralized than anything a hedge fund could ever do. * permalink * embed * save * parent * report * give award * reply load more comments (7 replies) [-]uppya1 - 2 years account age. 35 - 100 comment karma. 9 points10 points11 points 8 hours ago (0 children) But this a individual person, not a public trade company. * permalink * embed * save * parent * report * give award * reply load more comments (5 replies) [-]bretstringsTin 10 points11 points12 points 7 hours ago (2 children) No, you got it wrong. It would cause the SOLEND platform to crash, not Solana. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]connell83Bronze | QC: CC 24 14 points15 points16 points 10 hours ago (3 children) Is this whale James from invest answers? He is the only person I heard shilling it. * permalink * embed * save * parent * report * give award * reply [-]BestCelery263Silver | QC: CC 443 | VET 54 | Politics 81 9 points10 points11 points 9 hours ago (1 child) That guy has somewhat interesting perspectives, but his shilling Solana for months turned me off him entirely. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (1 reply) [-]PM_Your_GiGiTin | Stocks 10 2 points3 points4 points 9 hours ago (0 children) Isn't the spamming of liquidators the actual problem? * permalink * embed * save * parent * report * give award * reply load more comments (49 replies) [-]Monster_Chief17Platinum | QC: CC 798 | Economy 10 1345 points1346 points1347 points 8 hours ago (92 children) Update on the situation: A wallet with over 1M SOL just voted YES on the proposal and allowed the protocol to have full control over user funds.... Solana is a meme and I feel sorry for the people that still think it is a blockchain lol * permalink * embed * save * report * give award * reply [-]DisChangesEverthingTin 212 points213 points214 points 8 hours ago (42 children) So dumb question, but the OP says the whale they want to liquidate has 5.7 million SOL, why doesn't the whale just vote "no" and dwarf the total votes? * permalink * embed * save * parent * report * give award * reply [-]Monster_Chief17Platinum | QC: CC 798 | Economy 10 188 points189 points190 points 7 hours ago (5 children) Pretty sure that collateralized tokens can't be used for voting. * permalink * embed * save * parent * report * give award * reply [-]Wedge21 188 points189 points190 points 7 hours ago (2 children) They can't, but it would still be funny if the whale decides to fuck it up. Tbh, this is robbery. * permalink * embed * save * parent * report * give award * reply [-]LifesATripofGriftsTin | 3 months old 6 points7 points8 points 6 hours ago (0 children) She would only do it for spite. Bet they absolutely don't care as its not real to the magic men. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (2 replies) [-]Immediate-Ad-1618Tin 45 points46 points47 points 7 hours ago (27 children) The whale is not responding. That's why they are doing this at the first place. * permalink * embed * save * parent * report * give award * reply [-]Jpotter145Silver | QC: XMR 123 | BANANO 32 | r/AMD 195 120 points 121 points122 points 5 hours ago[5izbv4fn0m] (7 children) So what if they aren't responding? What if the whale wants their funds liquidated (say they are insane)? What if they are dead? Whatever the reason doesn't matter. Solana can steal your funds at any point if they do this. What if they don't want a price bump in the future - freeze wallet, take funds; what if someone if talking S&it on twitter that the community feels could be negative to solana - take their funds! This is crazy. * permalink * embed * save * parent * report * give award * reply [-]ignant_traderTin 13 points14 points15 points 3 hours ago (0 children) Exactly who cares if they aren't responding. How would you know if the user didn't have another hedge somewhere else. * permalink * embed * save * parent * report * give award * reply load more comments (6 replies) [-]fatFIRE4LifeTin 88 points89 points90 points 6 hours ago (2 children) Elon Musk is out there scratching his head, wondering where he wrote down his password. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]grandphubaSilver | QC: CC 49 | ADA 48 | ModeratePolitics 195 25 points26 points27 points 5 hours ago* (15 children) If that whale is not responding then surely they don't care. Seems like two issues here: 1. Network can't keep up with the liquidation functions on chain 2. They get rekted economically from this liquidation #1 shouldn't be an issue to warrant locking out other participants; rather they should fix the protocol so it can handle such liquidations and prevent spamming. They seem to use #2 to create a smokescreen that hides this inherent flaw in the network #2 shouldn't be an issue if this was truly defi, i.e. decentralized finance. They seem to be using #1 as a smokescreen to hide this selfish ulterior motive of theirs. * permalink * embed * save * parent * report * give award * reply [-]lab-gone-wrongTin 5 points6 points7 points 2 hours ago (4 children) If that whale is not responding then surely they don't care. this is some pathetic bootlicking lol. If they aren't responding, the appropriate response is "do nothing". You cannot assume you know what they want better than they do, and there is literally no reason for them to want to liquidate a position that would likely bankrupt them. * permalink * embed * save * parent * report * give award * reply continue this thread load more comments (10 replies) load more comments (8 replies) [-]Set1Less[S] 330 points331 points332 points 7 hours ago (16 children) About half a million USD worth tokens have voted to take control of $100m worth funds.. Absolutely insane. Fucking zero credibility. Shitcoin propped up by fraudsters like Scam Bankman Fried Whats worse is a big gang of VC worshippers cheer this on.. * permalink * embed * save * parent * report * give award * reply [-]kaicoderTin 60 points61 points62 points 6 hours ago (1 child) The fact that he invested in Robinhood says it all, people of the same kind band together. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]beyslSilver | QC: CC 46 | ADA 73 22 points23 points24 points 6 hours ago (6 children) Have you seem the TPS and low fees! Thats all that matters am I right? * permalink * embed * save * parent * report * give award * reply [-]80worf80Platinum | QC: CC 471 4 points5 points6 points 5 hours ago (3 children) wait until they hear about VISA * permalink * embed * save * parent * report * give award * reply [-]human-no560Tin 4 points5 points6 points 3 hours ago (2 children) This but unironicly * permalink * embed * save * parent * report * give award * reply continue this thread load more comments (2 replies) load more comments (7 replies) load more comments (32 replies) [-]porpoisebuiltPlatinum | QC: CC 35, SOL 15 | CelsiusNet. 12 984 points985 points986 points 10 hours ago[Illuminati] (217 children) Seizing funds by 'governance'......dictatorships do that sort of shit * permalink * embed * save * report * give award * reply [-]tromix1Bronze | QC: CC 17 511 points512 points513 points 10 hours ago (77 children) Solana literally has the capabilities to seize other peoples funds. Imagine investing a single penny in this shit. * permalink * embed * save * parent * report * give award * reply [-]Crypto_Gaming_Platinum | QC: ETH 95 | TraderSubs 95 19 points20 points21 points 9 hours ago (0 children) I agree they have shown how centralised they are time and again * permalink * embed * save * parent * report * give award * reply [-]cubic_unitTin | GMEJungle 7 | Superstonk 23 155 points156 points 157 points 10 hours ago (35 children) *Solend, not Solana. the smart contract would be modified to perform this, not the network. * permalink * embed * save * parent * report * give award * reply [-]QuirkyDescription836Tin 97 points98 points99 points 9 hours ago (24 children) Funds are not safe on solana * permalink * embed * save * parent * report * give award * reply [-]throwaway_clonePlatinum | QC: CC 433 18 points19 points20 points 9 hours ago (1 child) *SAFU * permalink * embed * save * parent * report * give award * reply continue this thread [-]plomerosKTBFFHTin 43 points44 points45 points 9 hours ago [Illuminati] (13 children) I dislike Solana, but this can be done on Ethereum too. The possibilities are (almost) endless with smart contracts, for good and bad. Depends how the contract in question is written. * permalink * embed * save * parent * report * give award * reply continue this thread [-]Crypto_Gaming_Platinum | QC: ETH 95 | TraderSubs 95 21 points22 points23 points 9 hours ago* (2 children) Here's a joke on solana! Sorry it does not exist anymore * permalink * embed * save * parent * report * give award * reply continue this thread [-]bretstringsTin 2 points3 points4 points 7 hours ago (0 children) What on earth are talking about? * permalink * embed * save * parent * report * give award * reply load more comments (4 replies) [-]frrrni 5 points6 points7 points 9 hours ago (0 children) Ohhh. Yeah I totally misunderstood the post, thanks for pointing this out. It's in the title as well, I just missed it. * permalink * embed * save * parent * report * give award * reply [+]Plenty-Picture-9445Tin 7 points8 points9 points 9 hours ago (4 children) Exactly this , it's a solend issue not solana * permalink * embed * save * parent * report * give award * reply load more comments (4 replies) load more comments (4 replies) [-]RalphadayusSilver | QC: XRP 84, CC 58 | NEO 30 | r/WSB 99 28 points29 points30 points 10 hours ago (7 children) Thats what I was thinking, lol. Wtf kinda crypto yall be going into??? DE-centralized? Nah we went the other direction... Lmao * permalink * embed * save * parent * report * give award * reply [-]Laughingboy14Silver | QC: CC 236 | NANO 659 | r/WSB 141 13 points 14 points15 points 10 hours ago (4 children) Truly innovative * permalink * embed * save * parent * report * give award * reply [-]QuirkyDescription836Tin 14 points15 points16 points 9 hours ago (2 children) I'm in it for the tech * permalink * embed * save * parent * report * give award * reply continue this thread load more comments (1 reply) load more comments (2 replies) load more comments (32 replies) [-]Mysterious-Echo-9729Tin | 5 months old 37 points38 points39 points 9 hours ago (2 children) In mother Russia crypto owns you. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]tobypassquarantPlatinum | QC: CC 118 44 points45 points46 points 10 hours ago (16 children) No no no, see... we voted on this proposal. This is democracy. * permalink * embed * save * parent * report * give award * reply [-]milonuttigrainPlatinum | QC: CC 1486 25 points26 points27 points 9 hours ago (2 children) Similar to how voting work in mainland China. No more than a formality. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) load more comments (13 replies) [-]milonuttigrainPlatinum | QC: CC 1486 66 points67 points68 points 10 hours ago (7 children) Yeah well anyway The D in Solona stands for decentralisation * permalink * embed * save * parent * report * give award * reply load more comments (7 replies) [-]Mammoth_Frosting_014Platinum | QC: CC 16, BTC 16 | Superstonk 11 3 points4 points5 points 9 hours ago (1 child) Yeah. In ancient Rome, this was called proscription. * permalink * embed * save * parent * report * give award * reply [-]porpoisebuiltPlatinum | QC: CC 35, SOL 15 | CelsiusNet. 12 2 points3 points4 points 9 hours ago (0 children) Not much has changed * permalink * embed * save * parent * report * give award * reply [-]Tatakae69Platinum | QC: CC 882 3 points4 points5 points 8 hours ago (1 child) I'm willing to bet that user will just crash the entire Blockchain instead lmao * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]Red5point1Platinum | QC: DOGE 126, CC 62 2 points3 points4 points 9 hours ago (0 children) yeah, history has seen this play out before https://www.youtube.com/watch?v=_-Q6CdpVUTM * permalink * embed * save * parent * report * give award * reply [-]tatooineBronze | Buttcoin 92 | Economics 14 2 points3 points4 points 7 hours ago (1 child) Ethereum forked the protocol to protect the wealthiest stakeholders from a smart contract bug a few years ago. That's why you have ETH classic- the non fucked-with fork. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (104 replies) [-]anotherwave1 265 points266 points267 points 9 hours ago (19 children) Crypto seems to want to repeat every painful lesson we learnt in elementary finance eons ago. * permalink * embed * save * report * give award * reply [-]you_are_stupid666 74 points75 points76 points 6 hours ago (2 children) It's almost like centralized finance, redundant risk management requirements throughout multiple levels and by multiple parties within the system, and regulation just might be a wildly better way to exchange assets.... The hubris, greed, naivete and general fraud woven deeply into the defi stupidity just might be the ultimate cause of its destruction. You are spot on with your critique. * permalink * embed * save * parent * report * give award * reply [-]BigFuckingCringeButtcoin Troll 16 points17 points18 points 5 hours ago (0 children) Exactly. Crypto si speedruning every mistake and recession of last two centuries of marker economy * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]SHUT_DOWN_EVERYTHINGTin | Apple 214 11 points12 points13 points 5 hours ago (0 children) It's not even a surprise. Many of the earliest attempts at "financial services" were pretty decentralized. No system existed, a bunch of people, often traders and merchants without governments got together and established "protocols" they could mutually trust. Over time, the ability to scale (mainly geographically) while mitigating fraud and other risks was the driver for centralization and regulation. * permalink * embed * save * parent * report * give award * reply load more comments (15 replies) [-]Puzzleheaded_PopupBronze | QC: CC 16 | LRC 20 | Superstonk 233 212 points213 points214 points 11 hours ago* (21 children) Fatman on twitter posted on this also! Oh boy! The hole goes deeper! [fatman on twitter](https://twitter.com/fatmanterra/status/ 1538448035885240321?s=21&t=05TlC3MriU6BVYd6lYB5SA) * permalink * embed * save * report * give award * reply [-]RelationshipNo8916Tin 78 points79 points80 points 10 hours ago (12 children) Put Solana into rice. * permalink * embed * save * parent * report * give award * reply [-]milonuttigrainPlatinum | QC: CC 1486 9 points10 points11 points 10 hours ago (4 children) Into flour * permalink * embed * save * parent * report * give award * reply load more comments (4 replies) load more comments (7 replies) load more comments (8 replies) [-]kh56010Bronze 205 points206 points207 points 11 hours ago (44 children) The vote already passed Yes with over 1 million 99% voting yes. * permalink * embed * save * report * give award * reply [-]BasicMiniTacosBronze | Buttcoin 6 238 points239 points240 points 10 hours ago* (42 children) Some whale just dumped about a million votes yes. Wouldn't surprise me if it was the devs. Is there a way to see how many votes from each address? Edit: It's this address: 6HFxHT4tFVB19weeMGYQrepa51rzxjydkhWAaomsf6g4 Dwarfs the other voters. * permalink * embed * save * parent * report * give award * reply [-]kh56010Bronze 221 points222 points223 points 10 hours ago (8 children) No idea, just love watching all these "decentralized" lies come to the forefront. One guy on twitter and another whale voter just literally robbed someone to "protect" a "beta" network from going down when that's literally what it's known for. * permalink * embed * save * parent * report * give award * reply [-]gamethesystem1Tin 36 points37 points38 points 10 hours ago (0 children) Agree 100%. * permalink * embed * save * parent * report * give award * reply [-]nobody_wanderingTin | Politics 10 16 points17 points18 points 8 hours ago (0 children) People want a deregulated system. Welcome to deregulation. * permalink * embed * save * parent * report * give award * reply [-]yellowstickypadBronze | GMEJungle 12 | Superstonk 240 19 points20 points21 points 9 hours ago (3 children) At this point, not confident we see a truly decentralized currency that can't be manipulated by greed. * permalink * embed * save * parent * report * give award * reply [-]IohetGold | QC: ETH 23 | Android 143 22 points23 points24 points 7 hours ago (1 child) We have thousands of years of human history that demonstrate this. I have no idea how people in crypto thought they could avoid it, particularly when crypto has been speed running through historic monetary stages * permalink * embed * save * parent * report * give award * reply continue this thread load more comments (1 reply) load more comments (2 replies) [-]SnooObjections4329 32 points33 points34 points 10 hours ago (1 child) Here's hoping the whale who kicked off this shit show dumps his bags into a no vote for our collective entertainment * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]ThevsamoviesPlatinum | QC: CC 381, XTZ 331 | ADA 11 | r/WSB 178 57 points58 points59 points 10 hours ago (12 children) Well VCs, insiders, etc. hold the overwhelming majority of wealth in the Solana ecosystem due to the initial token distribution - so it doesn't even need to be the devs, just people willing to do whatever to make the most profit with 0 ethics and values. * permalink * embed * save * parent * report * give award * reply [-]SnooObjections4329 31 points32 points33 points 9 hours ago (3 children) I mean, if we proposed that the richest people in the traditional financial system could vote to do as they please with everyone's money, how would that go? * permalink * embed * save * parent * report * give award * reply load more comments (3 replies) [-]cogentatSilver | QC: OMG 20 10 points11 points12 points 9 hours ago (6 children) I've got news for you: all of crypto is that way. Any system that requires money or 'fees' to vote is not democratic. * permalink * embed * save * parent * report * give award * reply load more comments (6 replies) load more comments (1 reply) load more comments (18 replies) load more comments (1 reply) [-]CptLadiesMan 198 points199 points200 points 9 hours ago (53 children) I thought this was the whole point of cryptocurrency, nobody can take it from you, once it's yours it's yours * permalink * embed * save * report * give award * reply [-]lee1026 205 points206 points207 points 8 hours ago (3 children) Unless if half of the stake holders agree, oh, and the devs own 90%. * permalink * embed * save * parent * report * give award * reply [-]luckorBronze | QC: CC 21 | CRO 9 16 points17 points18 points 5 hours ago (0 children) That sounds like a classic bank where no one can access your funds - unless he owns the bank. * permalink * embed * save * parent * report * give award * reply [-]seanmgGold | Technology 10 3 points4 points5 points 4 hours ago (0 children) https://preview.redd.it/j4ecadcmdrz61.png?width=1481&format=png&auto= webp&s=54ed0cc408ddbc7ca38fe609623c9891fe61bd99 90%? * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]KeyennBronze | Buttcoin 16 53 points54 points55 points 8 hours ago (29 children) This idea died in 2016, my dude, with ETH saying "fuck this idea about the code being law, I want my money". * permalink * embed * save * parent * report * give award * reply [-]NoSohothBronze 2 points3 points4 points 2 hours ago (0 children) ETH too ? Am I becoming ... a bitcoin maximalist ? * permalink * embed * save * parent * report * give award * reply load more comments (28 replies) [-]WhereIsTheGameTin | 6 months old 6 points7 points8 points 7 hours ago (0 children) Well, nobody can take it from you. But if you give it to someone else (as this whale did to Solend) then they already took it, haven't they? * permalink * embed * save * parent * report * give award * reply [-]Earl_of_ColaTin 7 points8 points9 points 7 hours ago (1 child) Its not Solana, its Solend which is a staking website. People can put their crypto wherever they want. If they put it on a bad place, thats on them. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (16 replies) [-]Spooky-pootsTin | 5 months old 436 points437 points438 points 11 hours ago (16 children) So just turn off Solana again so nobody can liquidate * permalink * embed * save * report * give award * reply [-]frstrtd_ndrd_dvlprHere for the money 151 points152 points153 points 11 hours ago (8 children) and blame DDOS or some hackers out there * permalink * embed * save * parent * report * give award * reply [-]Dwaas_BjaasShin Chan! 63 points64 points65 points 10 hours ago (3 children) Literally a POS blockchain * permalink * embed * save * parent * report * give award * reply [-]tezzergodPlatinum | QC: CC 140 34 points35 points36 points 9 hours ago (0 children) A piece of shit blockchain? * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]OdlavsoTransitioning in to Poverty 7 points8 points9 points 11 hours ago (2 children) Just say the sunflowers came back to finish the job * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) load more comments (1 reply) load more comments (7 replies) [-]dakinekineBronze | ADA 7 123 points124 points125 points 9 hours ago (7 children) Sounds to me like Solend doesn't have liquidity to allow this to happen organically. If it did happen on chain, they claim the expected actions of liquidators will likely crash Solana. Sounds to me like Solend is trying to save their ass by using the excuse that this could crash the Solana network. You guys need to understand that Solana (blockchain) is not responsible for the actions of an independent protocol like Solend. It's Solend who wants to seize the funds not "Solana." * permalink * embed * save * report * give award * reply [-]NrgtePlatinum | QC: CC 33 | PCgaming 38 30 points31 points32 points 8 hours ago (4 children) Yep and you can clearly see that in the language they're using in their blogpost: If SOL drops to $22.30, the whale's account becomes liquidatable for up to 20% of their borrows (~$21M). It'd be difficult for the market to absorb such an impact since liquidators generally market sell on DEXes. In the worst case, Solend could end up with bad debt. We shouldn't do nothing. At this size, the whale will always present a systemic risk to Solend and its users. They're showing no signs of action, and it seems inevitable that they'll eventually allow themselves to be liquidated. * permalink * embed * save * parent * report * give award * reply [-]d3the_h3ll0wTin 7 points8 points9 points 3 hours ago* (2 children) Solend could end up with bad debt. How to say you know nothing about Lending without saying you know nothing about Lending. What a bunch of fools. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) load more comments (1 reply) load more comments (2 replies) [-]Nyr88nygPlatinum | QC: CC 25, ALGO 24 137 points138 points139 points 11 hours ago (9 children) Centralized af * permalink * embed * save * report * give award * reply [-]RelationshipNo8916Tin 73 points74 points75 points 10 hours ago (5 children) Eth killer killing itself * permalink * embed * save * parent * report * give award * reply [-]QuirkyDescription836Tin 24 points25 points26 points 9 hours ago (2 children) Only Eth killer is Eth 2.0 * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) load more comments (2 replies) load more comments (3 replies) [-]MyNi_NotYourNiBronze | r/WSB 48[] 180 points181 points182 points 11 hours ago (33 children) It has been fascinating watching DeFi replicate all the nuances of TradFi bit by bit by bit, lock stock and smoking barrel. * permalink * embed * save * report * give award * reply [-]Churt_LyneTin 61 points62 points63 points 9 hours ago (9 children) Except without decades of consumer protection laws built in. * permalink * embed * save * parent * report * give award * reply [-]MyNi_NotYourNiBronze | r/WSB 48[] 20 points21 points22 points 8 hours ago (2 children) Indeed - that's a part they haven't gotten to yet - all the guardrails. They'll next discover why leaving it to the system doesn't work, and one has to be intentional about it. * permalink * embed * save * parent * report * give award * reply [-]DeviMon1Platinum | QC: CC 296 | r/CMS 10 | PCgaming 65[] 5 points 6 points7 points 7 hours ago (1 child) Yup. It's exactly why a centralized futures platform like Binance has so many restrictions for whales. You can't just put in millions on 50x leverage, while it's fine with thousands. These DeFi platforms have no such restrictions, and now theyll see what can happen in cases like these. Also I think some smart whales can make loads of money on other sites like Solend, or completely kill them. There's multiple DeFi protocols with leverage live right now. Imagine if he could crash Solana, who's stopping him from shorting the ever living shit out of Solana everwhere else? And abusing said crash. And I'm sure there are even better opportunities elsewhere. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (6 replies) [-]MrNuttyJoeCertified Crypto Nut 29 points30 points31 points 11 hours ago (2 children) "It's like history, it rhymes" - George Lucas * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) load more comments (20 replies) [-]BasicMiniTacosBronze | Buttcoin 6 218 points219 points220 points 11 hours ago (44 children) Honestly this sounded to crazy to not be FUD but it's 100% true. The most fucked up thing is the liquidation price is $22.30 which is like a 30% drop and the proposal voting ends in less than 3 hours. I'll be surprised if they even reach a quorum in that time so I kind of suspect they're trying to scare this whale more than anything. Either way this is totally fucked up and would get me out of Solana immediately if I wasn't already. * permalink * embed * save * report * give award * reply [-]AlyoshaVTin | Android 81 62 points63 points64 points 10 hours ago (16 children) I'll be surprised if they even reach a quorum in that time The proposal has quorum and is 99.8% in favor * permalink * embed * save * parent * report * give award * reply [-]BasicMiniTacosBronze | Buttcoin 6 90 points91 points92 points 10 hours ago (7 children) Yea some whale cast a million votes right after I posted that. Dwarfs the rest of the pool, he/she basically gets to decide I guess. * permalink * embed * save * parent * report * give award * reply [-]domeoldboysTin | Buttcoin 6 103 points104 points105 points 9 hours ago (3 children) DEceNTrAliSEd * permalink * embed * save * parent * report * give award * reply [-]RedTulkas 33 points34 points35 points 8 hours ago (0 children) no you dont understand, it was individuals and not a government who made that decision so its definitly not comparable /s * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]_doomy 17 points18 points19 points 9 hours ago (0 children) capitalism 2.0! * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]Riyu1225Tin 12 points13 points14 points 9 hours ago (0 children) Wait, so this is actually going to happen? This is a joke. * permalink * embed * save * parent * report * give award * reply [-]PM_Your_GiGiTin | Stocks 10 7 points8 points9 points 9 hours ago (1 child) Where can I view this * permalink * embed * save * parent * report * give award * reply [-]honestlyimeanreallyPlatinum | QC: XMR 720, CC 222, ETH 20 | r/WSB 47 2 points3 points4 points 7 hours ago (0 children) Also want to know this * permalink * embed * save * parent * report * give award * reply [-]hungryforitalianfoodSilver | QC: CC 92, r/CCs. 29 | VET 548 20 points21 points22 points 10 hours ago (3 children) A bunch of scared holders at risk of taking losses vote to not take losses. Shocking. * permalink * embed * save * parent * report * give award * reply load more comments (3 replies) load more comments (1 reply) load more comments (27 replies) [-]VannguardAnonPlatinum | QC: CC 340 224 points225 points226 points 11 hours ago (9 children) Decentralized protocol Solana Pick 1 * permalink * embed * save * report * give award * reply [-]deathbyfish13Premium Shitposter 93 points94 points95 points 11 hours ago (3 children) The D in SOL stands for decentralised lol * permalink * embed * save * parent * report * give award * reply [-]TheTrueBlueTJDeveloper 18 points19 points20 points 10 hours ago (0 children) And it's always "in beta" when shit hits the fan. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]_pm_me_your_btcPlatinum | QC: SOL 22 4 points5 points6 points 7 hours ago (0 children) But this is Solend scared of getting bad debt, this isn't really much to do about the Solana protocol... Solend are just scapegoating the network as an excuse for not having enough liquidity to honour this * permalink * embed * save * parent * report * give award * reply load more comments (4 replies) [-]XPhireddTin 38 points39 points40 points 5 hours ago (5 children) Am I understanding this properly? Solend did the following: * Created a DAO 24 hours ago * Created a proposal with a 1% quorum to steal $100m from a user who broke no rules and is ~30% above their liquidation level * Set the proposal live for 6 hours while half the planet was asleep * A single wallet holding 1.01% of vote appeared out of thin air, voted "Yes", then disappeared All over a holiday weekend that is supposed to celebrate freedom. * permalink * embed * save * report * give award * reply [-]closest-num-2-0Bronze | PCmasterrace 10 5 points6 points7 points 4 hours ago (0 children) Yup, corruption at its finest. * permalink * embed * save * parent * report * give award * reply [-]NrgtePlatinum | QC: CC 33 | PCgaming 38 9 points10 points11 points 3 hours ago (2 children) Yup pretty much. But people here are rather bashing Solana (which is not involved) instead of rightfully calling out the BS that Solend is doing. I'm not sure whether they'll actually steal something, but they will liquifiy him off chain when the threshold of $22.30 has been reached. I really don't want to find exuces for this behavior, but apparently they've tried to contact the whale in question to sort things out with him, so in case this is true, the whale seem to not care much. * permalink * embed * save * parent * report * give award * reply [-]XPhireddTin 3 points4 points5 points 3 hours ago (1 child) Bashing Solana is an understandable mistake although it doesn't help that the Solana Foundation invested in Solend and their names are 2 letters apart. More I read about this, I think the user in question used the SOL collateral as a way to cash out to stables in an illiquid market under the guise of a loan. Solend realized this too late and are in full damage control mode. All of DeFi is going to get dragged for this, regardless of who or what is truly responsible. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (1 reply) [-]indonesian_activistPlatinum | QC: XMR 170 | CAKE 11 | r/WSB 186 98 points99 points100 points 9 hours ago[klvxk1wggf][p4yzxkaed5] (12 children) They're not trying to seize his account, they're attempting to move the liquidation, if it happens OTC instead of on-chain to avoid draining on chain liquidity. Similar things are also going on in Maker and AAVE https://twitter.com/HappyHippoDefi/status/1538493001261109250 the fact of it is that DeFI code and oracles are still overly simplistic, only considering prices, TradFI banks risk models are way more complex then these. * permalink * embed * save * report * give award * reply [-]BakedPotato840No more war 13 points14 points15 points 8 hours ago (2 children) I had to scroll way too far to find this comment. If I had a free award I'd give it to you just to bump this comment up. * permalink * embed * save * parent * report * give award * reply [-]nobody_wanderingTin | Politics 10 2 points3 points4 points 7 hours ago (0 children) What is the ELI5? How is does this present risk to Solend? If they're the exchange why do they care? * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]two_shoes_and_socksTin 5 points6 points7 points 3 hours ago [80j20o397j]2 (0 children) And people here are conflating Solana with the actions of Solend. A bear market also shows who are investors and who are gamblers... * permalink * embed * save * parent * report * give award * reply load more comments (8 replies) [-]MyNameIsMee_Tin | 2 months old 60 points61 points62 points 9 hours ago (4 children) Lol alright I'm out. I was going to keep holding because I believed in solana but this post did it for me. I'll take the losses! Good luck guys! [04jUHZ3MaVNq_um5xs9VmUdY01hD2hFWlvSAoRWrEWE] * permalink * embed * save * report * give award * reply [-]lwc-wtang12 17 points18 points19 points 8 hours ago (1 child) I'm proud of you * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]Ryjin2Bronze | PennyStocks 24 3 points4 points5 points 3 hours ago (0 children) This is happening on the Solend lending platform. This could happen on literally ANY other chains lending platforms. Solana doesn't control what Solend does. Why would THIS be the reason you leave SOL, compared to the other legitimate reasons like network outages? * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]pyritejetHarambe 137 points138 points139 points 11 hours ago (26 children) At this point I'm too afraid to ask why people even trust solana as a "decentralised" asset * permalink * embed * save * report * give award * reply [-]deathbyfish13Premium Shitposter 28 points29 points30 points 10 hours ago (10 children) The cynic in me says half of them are probably paid shills * permalink * embed * save * parent * report * give award * reply [-]clever_mongoose05Tin 6 points7 points8 points 10 hours ago (4 children) Looking at you "Invest Answers" * permalink * embed * save * parent * report * give award * reply [-]notyourbroguyPlatinum | QC: ALGO 150, CC 53 | PersonalFinance 41 2 points3 points4 points 7 hours ago (2 children) So happy to see this comment! I can't stand how much praise that mofo gets when he's constantly shilling trash like LUNA and SOL while ignoring other projects really trying to build. It's unbelievable. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) load more comments (1 reply) [-]TheTrueBlueTJDeveloper 21 points22 points23 points 10 hours ago (1 child) The majority is just desperate bagholders doing the shilling for the people running SQLana * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]geftTin | Economics 21 2 points3 points4 points 9 hours ago (0 children) The other half don't know what decentralized means. Probably trusts CEX too. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]Beatnik77Platinum | QC: CC 49, BTC 36 | LRC 5 | Stocks 60 24 points25 points26 points 10 hours ago* (2 children) All the coins/tokens that pumped in the last years are centralized. But yeah this is horrendous. 90% of the "votes" come from 1 address. * permalink * embed * save * parent * report * give award * reply [-]NrgtePlatinum | QC: CC 33 | PCgaming 38 7 points8 points9 points 8 hours ago (0 children) That's the problem if you can buy votes. SLND is currently traded at $0.67, so to rig the vote you only really need $670'000. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (12 replies) [-]Zhukov-74Tin | PCgaming 41 35 points36 points37 points 10 hours ago (3 children) Better get your money out now before it's to late. * permalink * embed * save * report * give award * reply [-]CrabbitJamboPlatinum | QC: ALGO 50, CC 15 | r/SSB 6 | Hardware 11 4 points5 points6 points 4 hours ago (0 children) Not wanting to sound like a dick but the warning signs have been there for all to see for a long time now! Anyone getting burnt only has themselves to blame! * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]eetaylogPlatinum | QC: CC 741 | VET 7 11 points12 points13 points 6 hours ago (0 children) Not your keys, not your c......... Oh. * permalink * embed * save * report * give award * reply [-]BiznessCasualBronze | r/WSB 21 77 points78 points79 points 9 hours ago[5izbv4fn0m] (11 children) How the fuck does this have over $10 billion market cap? How is this the 7th largest crypto by market cap? Everytime I see it's name mentioned in something, it's because it's either doing something shitty or just straight up not working. I don't own any and never will; it's clear Solana is utter shit and should be culled from the landscape. * permalink * embed * save * report * give award * reply [-]smallbluetextPlatinum | QC: CC 46 | Technology 24 13 points14 points15 points 8 hours ago (0 children) Pretty sure NFTs are the sole reason this project got so much hype. That plus their chain having issues constantly made it clear it wasn't worth my time. * permalink * embed * save * parent * report * give award * reply [-]_pm_me_your_btcPlatinum | QC: SOL 22 12 points13 points14 points 7 hours ago (6 children) Dude this issue is about Solend btw, not Solana. As they have said, Solend don't have the liquidity and don't want bad debt. They are using the risk of Solana crashing as the excuse for hijacking this whales account. Solend isn't Solana, although both aren't exactly decentralised lol * permalink * embed * save * parent * report * give award * reply load more comments (6 replies) [-]Zealousideal-Track88Tin 10 points11 points12 points 8 hours ago (0 children) Well, you see, there are a lot of fucking morons on here that will throw money at anything trying to make a quick buck. The amount of dumb money is staggering. * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) [-]AblePaleontologist0Bronze | QC: CC 19 69 points70 points71 points 11 hours ago (3 children) Simple - turn off the system for few hours - call it a DDOS attack. People wont be surprised because....its Solana. * permalink * embed * save * report * give award * reply [-]pmbuttsonlyPlatinum | QC: CC 1322 16 points17 points18 points 10 hours ago (1 child) It's more surprising to hear that SOL is currently up and running! * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (1 reply) [-]GUNTHVGKBronze | QC: CC 15 9 points10 points11 points 6 hours ago (0 children) Lol emergency powers rearing their head around even in crypto "just give us total control and everything will be alright" * permalink * embed * save * report * give award * reply [-]AkwardTimeToLaughTin 15 points16 points17 points 9 hours ago (2 children) I'm about to liquidate my sol after reading this, lol rip sol. * permalink * embed * save * report * give award * reply load more comments (2 replies) [-]bluetuxedo22Tin | 6 months old 46 points47 points48 points 11 hours ago (2 children) No matter whether you like solana or not, it has never been decentralized. * permalink * embed * save * report * give award * reply [-]Wise-Grapefruit-1443shockingly weak aluminum 10 points11 points12 points 9 hours ago* (1 child) All of its speed comes at a cost - centralization. Which makes you think - What's the purpose of a cryptocurrency that is not decentralized again? * permalink * embed * save * parent * report * give award * reply [-]paradoxallyBronze | CRO 8 | Apple 30 7 points8 points9 points 8 hours ago (0 children) Taking money from your pocket and putting it into their pocket. * permalink * embed * save * parent * report * give award * reply [-]Brandeaux7Platinum | QC: CC 73 | r/WSB 22 7 points8 points9 points 8 hours ago (0 children) Lmao so much for the big shill here * permalink * embed * save * report * give award * reply [-]Reythia 6 points7 points8 points 6 hours ago (1 child) They should just let the liquidation happen on chain. This sort of action is far more damaging than a price hit in a bear market or yet another outage for Solana. Oh but wait, that would mean Solend Lab holding bad debt... better organise a "vote" to screw someone else over instead. * permalink * embed * save * report * give award * reply load more comments (1 reply) [-]Ima_WreckyouPlatinum | QC: BTC 168, CC 65, LN 32 | ADA 15 | Linux 296 16 points17 points18 points 7 hours ago (6 children) Just in case this isn't obvious, but this is what Bitcoin maxis mean when they say PoS is as bad or even worse than the current fiat system * permalink * embed * save * report * give award * reply [-]mamabearx0x0Bronze | r/WSB 12 11 points12 points13 points 7 hours ago (1 child) I guess that's why many governments are trying to force PoS while hiding behind the guise of the energy debate. * permalink * embed * save * parent * report * give award * reply [-]FuckFashModsTin 2 points3 points4 points 4 hours ago (0 children) Also that it produces billions of tons of greenhouse gasses lol * permalink * embed * save * parent * report * give award * reply [-]closest-num-2-0Bronze | PCmasterrace 10 4 points5 points6 points 6 hours ago (1 child) I'm not a btc maxi but I don't own any PoS coins. Only PoW. Good coins are far and few between. * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) load more comments (2 replies) [-]One-Appearance2098Tin | GMEJungle 16 | Superstonk 68 5 points6 points7 points 8 hours ago (0 children) If "funds" can be seized it's not decentralized. * permalink * embed * save * report * give award * reply [-]dirpydipBronze | 6 months old 6 points7 points8 points 4 hours ago (1 child) They purposely restricted voting time and passed threshold at 1% and had a whale immediately pass it... this is fucking robbery. source 1 source 2 * permalink * embed * save * report * give award * reply load more comments (1 reply) [-]TripleRewardSilver | QC: CC 56, Kucoin 36, ETH 26 | NEO 111 | ExchSubs 48 39 points40 points41 points 10 hours ago (4 children) Why is sol priced above 0$? * permalink * embed * save * report * give award * reply [-]Wise-Grapefruit-1443shockingly weak aluminum 15 points16 points17 points 9 hours ago (2 children) For the same reasons that safemoon, ICP, and even Luna 2.0 have any value, I guess * permalink * embed * save * parent * report * give award * reply load more comments (2 replies) load more comments (1 reply) [-]paradoxallyBronze | CRO 8 | Apple 30 3 points4 points5 points 8 hours ago (0 children) Every centralized cryptocurrency will eventually fail. You cannot trust something that has a single point of failure, be it human (a leader or founder) or technological. Decentralization is not a core principal, it is a necessity. We already have the rest of the financial world if you love centralization. * permalink * embed * save * report * give award * reply [-]Pershing48Tin 4 points5 points6 points 6 hours ago (1 child) Meesa propose that the Senate immediately grant Emergency powers to the Supreme Chancellor * permalink * embed * save * report * give award * reply load more comments (1 reply) [-]Less-EmotionPlatinum | QC: CC 704, BTC 284 | r/CMS 12 | TraderSubs 63 9 points10 points11 points 8 hours ago (1 child) Imagine owning crypto and this can happen to you. And they call the banks evil and authoritarian. * permalink * embed * save * report * give award * reply [-]birdbraintTin 10 points11 points12 points 7 hours ago (0 children) Unsurprisingly, a democracy where one dollar = one vote is worse than a flawed democracy like the US. * permalink * embed * save * parent * report * give award * reply [-]account4cryptopostinPlatinum | QC: CC 85, BTC 28 | MiningSubs 10 16 points17 points18 points 10 hours ago (0 children) Solanas purpose is to make money for its founders and VCs. * permalink * embed * save * report * give award * reply [-]__kinsleyTin 4 points5 points6 points 9 hours ago (0 children) Main purpose of crypto is to remove the middle man, why would anyone lend out their coins for a few % in the name of APY. Take your profits by hodling and not staking. Not your keys, not your coin * permalink * embed * save * report * give award * reply [-]thebawllerTin | BCH critic 2 points3 points4 points 5 hours ago (3 children) Bitcoin still doesn't have any of these problems * permalink * embed * save * report * give award * reply load more comments (3 replies) [-]KilzzoneXDFree Crypto for Scammers 14 points15 points16 points 8 hours ago (3 children) Sol is like a joke at this point * permalink * embed * save * report * give award * reply [-]newbonsitePlatinum | QC: CC 733 9 points10 points11 points 7 hours ago (2 children) It has gone past a joke now it's just humiliating to the crypto space ... * permalink * embed * save * parent * report * give award * reply [-]KilzzoneXDFree Crypto for Scammers 8 points9 points10 points 7 hours ago (1 child) Yea its a bad look * permalink * embed * save * parent * report * give award * reply load more comments (1 reply) [-]arbalest_22Tin 4 points5 points6 points 8 hours ago (3 children) But they are putting it up for a democratic vote. Isn't democracy beautiful? * permalink * embed * save * report * give award * reply load more comments (3 replies) [-]kissthesky303Silver | QC: CC 25 | r/SSB 117 21 points22 points23 points 11 hours ago (8 children) Solana just needs to evolve or die. There is no way it will do any good if it remains like it is... * permalink * embed * save * report * give award * reply [-]IthinkwereparkedmanPlatinum | QC: CC 360 32 points33 points34 points 11 hours ago (7 children) Why even let a project that started off with the wrong intentions (centralisation) evolve? It should be killed off. They made a load of money off retail last year, it offers nothing new to the space and just brings negative headlines all the time. Takes attention and market cap away from projects with the correct intentions. I would love to meet the retail investor who puts money into this. I can't help but feel it's just VC's left propping it up. * permalink * embed * save * parent * report * give award * reply [-]xinsanespoonxThe future is decentralized 10 points11 points12 points 11 hours ago (5 children) Its just VC's making in money. This is what a bear markets for though the crap chains and projects will go to zero and those that are actually good will survive. I wonder if Solana will be able to keep the correct time up until the point if goes offline . * permalink * embed * save * parent * report * give award * reply [-]JaykazenTin 4 points5 points6 points 10 hours ago (4 children) Only time I buy sol is to send from dex to cex. Sell USDT on dex, buy sol. Send sol to cex, sell immediately. Much cheaper than sending USDT as e-20. Other than that, never held Sol. * permalink * embed * save * parent * report * give award * reply [-]JaimeJabsBronze 6 points7 points8 points 10 hours ago (3 children) Stellar does a bang up job on that. Never held a bag of it, but its right useful when you wanna do a small transfer. * permalink * embed * save * parent * report * give award * reply continue this thread load more comments (1 reply) [-]kertenkTin 2 points3 points4 points 9 hours ago (0 children) Centralized , always problem. * permalink * embed * save * report * give award * reply [-]yxgahdTin 2 points3 points4 points 8 hours ago (0 children) Decentralization is of a scale and 99% of these projects rest on the side of centralization. * permalink * embed * save * report * give award * reply [-]iMHackeRPiratEPlatinum | QC: ETH 24 | MiningSubs 27 2 points3 points4 points 8 hours ago (0 children) so what's the point of decentralization * permalink * embed * save * report * give award * reply [-]Infinite-NoodleTin 2 points3 points4 points 7 hours ago (0 children) this defeats the point of cryptos. theyre supposed to be decentralized so they can't do this. guess I'm never buying into this one * permalink * embed * save * report * give award * reply [-]joseaner07Bronze | CRO 28 | ExchSubs 29 2 points3 points4 points 7 hours ago (1 child) If this fuckers can do that I think I will take my loss and sell all my solana. This is not what decentralized looks like. Network is kind of trash too with all the crashes it has anyways * permalink * embed * save * report * give award * reply load more comments (1 reply) [-]I_Bin_Painting 2 points3 points4 points 6 hours ago (0 children) Fundus not safu * permalink * embed * save * report * give award * reply [-]4rindamBronze 2 points3 points4 points 5 hours ago (0 children) I am glad of this bear run. So many lies coming forward. So many influencers being busted and losing their net-worth. Shitboy lost millions in Celsius fiasco. * permalink * embed * save * report * give award * reply [-]ceelogreenicanthTin | Politics 13 2 points3 points4 points 4 hours ago (0 children) Doing this will till have 90% of the same effect though. You can't tell the market that they don't really own their financial vehicle and expect people to not panic and scatter. * permalink * embed * save * report * give award * reply [-]dajohns1420Platinum | QC: CC 50, Kucoin 43, BCH 18 | ExchSubs 43 2 points3 points4 points 4 hours ago (0 children) Why would they allow margin positions their network can't handle? They could have easily had a cap and increased it if liquidity eventually came. * permalink * embed * save * report * give award * reply [+]EchoMental3478 11 points12 points13 points 10 hours ago (17 children) People need should follow the solend team on twitter to get a better understanding: it's mainly the problem of solend, not solana. They allowed this to happen and now fearing their protocol can't handle it. Nobody from the solana team or the solana devs have anything to do with this proposal to seize the acount of this whale. To suggest this proves solana is centralized is simply false. The solend team is proposing this and they are the ones who "fucked up". Would people suggest ethereum is centralized because one protocol is proposing to seize funds of an user? * permalink * embed * save * report * give award * reply [-]hungryforitalianfoodSilver | QC: CC 92, r/CCs. 29 | VET 548 12 points13 points14 points 9 hours ago (0 children) Yeah I'm not a Solana fan but these people have no idea what they're reading. * permalink * embed * save * parent * report * give award * reply load more comments (16 replies) [-]--leockl--Tin | 6 months old 11 points12 points13 points 10 hours ago (0 children) Solana reputation lost. * permalink * embed * save * report * give award * reply [-]symmetric69Bronze 5 points6 points7 points 10 hours ago (0 children) The "decentralized protocol" proposing a seizure of user's funds? Are you a "fact-checker" in training for The Sun or smth, or just a clown? * permalink * embed * save * report * give award * reply load more comments (610 replies) * about * blog * about * advertising * careers * help * site rules * Reddit help center * reddiquette * mod guidelines * contact us * apps & tools * Reddit for iPhone * Reddit for Android * mobile website * <3 * reddit premium * reddit coins Use of this site constitutes acceptance of our User Agreement and Privacy Policy. (c) 2022 reddit inc. All rights reserved. REDDIT and the ALIEN Logo are registered trademarks of reddit inc. Advertise - business / finance [pixel] p Rendered by PID 28498 on reddit-service-r2-loggedout-64b8b7bfcf-f5w5t at 2022-06-19 23:01:08.305916+00:00 running 056b10d country code: US.