5Mon·

What is Solana?

Hello to the crypto experts my name is Levi I am 15 years old and have been investing since September 2023. Since I would say that I am quite advanced for my age, I would like to broaden my horizons in the field of crypto! Since I already have a plan of $BTC (-0.1%) I now wanted to try my hand at $SOL (+0.38%) to try it. I would be very happy if a few people with knowledge, an opinion about Solana could be found in the comments and explain it to me. Ps: of course I've already googled and had a rough look at the project, but maybe more opinions will help! Yours sincerely, Das Bürschchen

10 Comments

Stefan21@stefan_21

5Mon

Solana is a centralized shitcoin that aims to compete with Ethereum. Due to its centralization, Solana is faster and cheaper than Ethereum.
A large part of the supply was mined and the Solana Foundation and VCs used it to line their pockets in advance. Solana is not decentralized, is inflationary or not limited like Bitcoin and is not resistant to censorship.
The price is repeatedly driven up by certain narratives such as NFTs or "the Ethereum killer" etc.
With Solana, you can speculate in the short to medium term to make fiat profits - in the long term, I would recommend that you continue to look at Bitcoin :)

Grüße✌️

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GeldGenie@GeldGenie

5Mon

@stefan_21 Then the IOTA proj. is also a shitcoin for you, although the practical applicability in the future is very promising? 🫣

And: Au with BTC it's all about fiat profits 🤷‍♂️ Simply because it's always always always always priced with it ^^

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Felix@Harald187

5Mon

@stefan_21 Finally someone who understands! Thank you!!!!!

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Stefan21@stefan_21

5Mon

@GeldGenie How did you come up with IOTA? :D
Quite a lot of altcoins have "promising applicability in the future". That's the narrative that keeps them alive. But none of these projects are what they promise. None of these projects are decentralized. IOTA will never be able to assert itself for micropayments between end devices due to its lack of decentralization -> also because it is simply bad money.
This job will be taken over by the Bitcoin Lightning Network :)

So yes, IOTA is also a shitcoin. You can store your purchasing power in Bitcoin in the long term. You can speculate with altcoins in the short term - but nothing more, as most of them will disappear in the long term. That's what I meant :)

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GeldGenie@GeldGenie

5Mon

@stefan_21 I think IOTA's vision is worth supporting - and absolutely practicable.

Every company, every venture is started with the future in mind. That's not reprehensible or wrong^^

Bitcoin stores purchasing power as long as the trust is there. Whether and for how long it can hold its own - nobody knows. But we hope so. So here, too, we hope for "applicability in the future" - because at the moment I can hardly/rarely pay for my coffee, my lunch or my rent with it ;-)

Thank you for the valuable exchange and your time! :-D

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Harald@Madhatter5566

5Mon

@stefan_21 You wanted to say that Solana, like bitcoin, started out mainly with one and thus Solana equals shitcoin Bitcoin? You did a fine job

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Stefan21@stefan_21

5Mon

@GeldGenie Money must be neutral. The world will not use a coin where a large part of the supply is in one company and dependent on that company. The IOTA Foundation can change rules in their favor, they could also react to government interference, etc. This is not good money and will never work.
Bitcoin is a trustless network. You don't have to trust a third party :) that's the big difference.
The Lightning Network is based on Bitcoin as the most secure computer network in the world and can also perform almost free micropayments. The use case for IOTA is therefore missing for me.

The fact that you can't pay much with Bitcoin yet is due to the fact that Bitcoin is not yet a means of payment.
The path to non-state money is:
store of value -> means of transaction -> unit of account
It doesn't work any other way :) if something has no value, there is no demand for it and people don't start demanding this good, e.g. for their services. If a good is used as a means of transaction to a sufficient extent, it becomes a unit of account over time.

Bitcoin is currently well on the way to becoming a recognized store of value - from there it will continue in a long-term process. Solana, IOTA and co. will never be able to reach this first step.

That's fine, you know I like talking about Bitcoin😂

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Harald@Madhatter5566

5Mon

@stefan_21 So Bitcoin is dead because one million Bitcoins are held centrally by one person. As always, you contradict yourself

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flowdidow@flowdidow

5Mon

@stefan_21 Amen! Bitcoin is and remains king. The rest is gambling and no longer recommended in the current bull market.

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Kai@Dividenden-Sammler

5Mon

@Testo-Investor @stefan_21 do you think you might be able to help me with this?

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