Rant: Why I’m done with SOL, and why you should pull out too.

Typed on mobile.

Somewhere in this sub I read about DCA’ing top ten coins outperformed trying to find the next moonshot over the long term. SOL was a top ten coin at some point in time . So I decided time to expand my portfolio and buy some SOL.

At first it was quite nice, the concentrated liquidity pools (Whirlpools) on the Orca DEX was really nice and I was making sweet returns (provided I monitored the price range closely)

Then came many network issues (down times). Orca didn’t work because the SOL network was down. My whirlpool fell below my liquidity range due to the price drop and I lost because I couldn’t pull out my liquidity.

Not learning my lesson, I continued on until yesterday.

Then came yesterday’s hack. Hot wallets being drained, no one knows what’s happening.

I log in into my Solflair wallet – nothing. F*** looks like I got hacked. I decide to check out the Blockchain explorer, enter my wallet address and I get “error not found”. OMW did this hacker hack me so hard my wallet is off the network???

I double checked my wallet addresses and I tried opened my different devices and browsers (using my seed phrase). Still nothing. My SOL (and liquidity pools) were gone!

Like any investor I made peace with this and move on with my day. After all SOL was simply one coin in a balanced portfolio.

Last night I thought let me report my wallet as being affected by the hack in case there are compensation schemes. But first I’ll double check my wallets.

And my word. All my SOL, all my liquidity pools, all there like magic. I’m grateful, I swapped into ETH. But I’m also done with SOL

So if your still into SOL as an investor ask yourself:

– How can this crapchain can be restarted by Dev’s on demand?

– Why does crap chain has multiple downtime a year?

– Why the hell can your coins not be seen the morning of the hack? Is the network so overwhelmed that you can’t even see coins in the Blockchain explorer? (I thought SOL was supposed to be super fast?)

– why the hell must we defend poor service? Other Blockchains offer speed, reliability and Defi too.

I’m grateful I finally pulled out with no losses. And I hope you manage to pull out too. SOL has a long way to go before it reaches the reliability and uptime of other Blockchains.

Thank you for reading.

TL; Dr : I’ve pulled out of SOL.

Network downtime losses me money. Inability to track my coins during hacks/network overloads on the block explorer shatters my confidence in the network.

You should pull out too

View Source

28 thoughts on “Rant: Why I’m done with SOL, and why you should pull out too.”

  1. Regarding your point #3 “No coin’s in the morning, back in the evening”. Apparently WhiteHat hackers were DDoSing the blockchain in order to slow down the BlackHat hackers from draining every wallet in sight. I have no conformation of this but have seen it mentioned a couple of time in other threads.

    Reply
  2. As an outsider to the sol ecosystem I can say it’s been looking very unappealing over the last few months? Why sol over other to tier layer ones?

    Reply
  3. To be fair, this hack was not directly the networks fault.

    Having an explorer that you need a phd to use is the networks fault.

    In the scheme of things a ~$10 million hack for a top ten crypto is a small hack. Regardless, this is not a chain that I am interested in. You listed a multitude of problems with it

    Reply
  4. buying near all time highs and selling near lows with no narrative or investment thesis behind the original purchase decision other than “it became a top 10 coin”. I don’t care what coin this is, this post is noise not signal.

    Reply
  5. I stopped investing in SOL the first time they MANUALLY stopped the blockchain. Just not what crypto is about. People control the network, not corporations.

    Reply
  6. Did you know that SOL and its main wallets are closed source? and no one can check or verify any thing like all major blockchains.

    didnt that raise any flag for you?

    Reply
  7. So you didn’t know how to use a blockchain explorer, how is that Solana’s fault?

    So you didn’t properly secure your coins using a hardware wallet, how is that Solana’s fault?

    So you have poor investment strategies and lost money, how is that Solana’s fault?

    Reply
  8. Well, yesterday some nodes where getting ddos to slow down the drain of other peoples wallets.

    I guess that’s why you couldn’t see your liquidity.

    I think this shows that the suite of development tools still needs to be built out correctly.
    A lot of people use Sentry for reporting in the dev world, it was a costly but easy mistake.

    This isn’t Solana’s fault.
    You don’t blame your OS for a third party program being written poorly.

    Reply
  9. Everyone talks about not letting things sit on exchanges and yet I’ve never been hacked on an exchange. Can’t justify all these random wallets.

    Reply
  10. This post illuminates the braindead hivemind of this subreddit. This subreddit despises SOL and a new post saying some variation of ‘SOL bad’ gets upvoted to the top of the sub as if OP is saying something so enlightening and noteworthy. People love a good circle jerk though so it does make sense, guess I am asking for too much.

    It’s like going to Trump subreddit and saying ‘Biden sucks here’s why:’, it’s completely dead and boring content. Though it is more egregious on a subreddit(this one) that says it is for ‘news, analysis, and discussion’ lmfao.

    Reply

Leave a Comment