Solana (SOL) has a lot of red flags according to an expert investor
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Answer Solana (SOL) has a lot of red flags according to an expert investor
Justin Bones, CIO and co-founder of leading VC fund Cyber Capital, told reasons to avoid SOL as a long-term investment opportunity.
As for the reasons, which he considers are disadvantages that make him avoid investing in the digital currency SOL, they are as follows:
- central.
- Manipulation of SOL supplies.
- Bad team behaviour.
The co-founder of the “Cyber Capital” fund indicated that the Solana project is the only one that has stopped seven times in the past months.
This is what we have already mentioned in previous articles on Arab Bitcoin, where Solana’s blockchain suffered several interruptions in 2021-2022, forcing her team to restart the blockchain to restore the transaction confirmation process.
Read:Tether’s circulating supply of USDT drops by $7 billion in a week
The same speaker also touched on the statement of the Solana team, which he described as false, regarding the actual circulating offer of the digital currency SOL.
He also told Pons about Solana’s wallet containing 13 million SOL that was disclosed by a third party.
He also added that Solana’s statements about the high throughput of its network are untruthful (according to Solana’s team, the number of transactions is more than 400,000 transactions per second), which is far from true, according to Pons.
Mr. Bones also criticized Solana’s authentication system and told it was vulnerable to a 51% attack.
Last but not least, Mr. Bones claimed that the newly announced Solana smartphone is just an attempt by Solana’s team to spin and cash.
Solana’s response:
@0xMert_, the developer of Solana, who is a former engineer at Coinbase and Blackberry, stated that all the accusations made by Mr. Bones had already been debunked.
For example, all downtimes have been associated with IDoS attacks by botnets, while all downtimes can also be found for networks other than Solana.
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