If you think that #solana #hack is weird you are probably new to #crypto

DeFi is young and has its problems, but some blockchain doesn't handle the concepts of web3 neither the function of a protocol.

Solana is one of them. A thread 🧵
We saw ourself that in the middle of a crysis Solana can manage to shut down the entire chain in a matter of seconds from a centralized "emergency button".

So as far as decentralization goes, we are not gone far, even with 2k validators.
Multiple shut down of the chain in the last months showed that the chain isn't ready to handle the transactions happening on chain + any other problem coming from a code perspective.
Talking about code. Smart contracts on Solana hasn't been the most solid, since it isn't the first time we had an hack on the chain, and this time the hack was quite impressive.
I'm not going into any detail here on the hack but you can read yourself one of the quadrillion threads about it wherever on Twitter.

One thing has to be said anyway

The Solana Foundation never said it had a finished and polished product, claiming since the start it was a beta
So, even if the ecosystem growed immensely last year, reaching FOMO heights that were unthinkable, and that could probably be the reason is not collapsing entirely from a price standpoint, every investor should have known the risks, and not much complains are due
Solana is great, fast, cheap, but is young, unprepared, underdeveloped.

How much time do that blockchain has to halt, been hacked, and have any other kind of problems before someone realize that using it is a bet, a bet that you should carefully consider?
At least as you should do with any other investment you make or product you use?

When you buy a PC you know what could happen, when you are saving your money into your bank account you know the risks you are taking.

This is the same
And here we reach the true point of the argument.

As far as I can tell, the only "not so decentralized" but still "decentralized" blockchain that is safe enought to use on the L1s spectrum is #ethereum.

And if everything goes right in a matter of years its tps could reach 100k
Its fees could be as low as those of the L1s that today tries to steal its userbase.

And the decentralization will be a safe guardian against centralized control, without taking in consideration the relative safety of the smart contracts themself.
The question I would like to make here is another one.

What are the blockchain you use most for DeFi? What would you choose between the following?
Well I know there are more, like cardano, Egld, dot, kusama, cosmos and so on

So you are free to reply with the chain you're using

In the meantime, stay safe out there frens

Cheers

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More from @ChainLogAnalyst

Aug 5
Surprisingly positive numbers on employment in America have been published.

The July unemployment rate drops to 3.5%, the lowest level since the beginning of 2020.

Non-farm payrolls (number of non-farm workers) are 528,000, more than double the expected value (250k). Image
Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Image
Read 4 tweets
Jul 28
#Crypto friends

Did you know that there are pairs that should be valued more?

To witness the power of the crypto industry and the money making trading strategies we should first know that using #Bitcoin as the medium of exchange to buy other coins or tokens is the best

Why? 👇
Take into account for a second future expectations and price targets.

Most people in the crypto industry think a 1m #Bitcoin is possible.

So let's take that as it is.

In this case, a 10% made on a #BTC pair is actually worth 50x more (taking a 20k btc or 40x with a 25k one)
Plus, using #Bitcoin as medium of exchange helps us to get an hedge in FIAT debasement.

Doesn't really matter in the short term if the price go down 70% from ATH.

We got many Xs everytime the market rallied again.

Inflation is a costant k in an equation where BTC is the result
Read 5 tweets
Jul 26
Ehi there #Crypto and #macro Twitter

Time for #market analysis #Number12!

"Quiet, before the storm"

I will explain here what happened since last week, and cover the broader #economy as it breaks

I will start from #onchain #BTC, going into #Technical Analysis + #macro🧵
First of all, if you want to have a deeper insight in what happened the week before, you should check my last #weekly #analysis

I'll put the link here for you:


But let's start digging into this week, should we?
Last week we experienced a rally in #crypto with #Eth leading the way with a speculative date on the merge happening on September 19th.

BTC managed to rally breaking the trendline at resistance and the realized price, but failed to maintain those as support ImageImageImage
Read 23 tweets
Jul 25
Tomorrow a new market analysis will be out, followed by updates on the new macro data. This week will be huge.

meanwhile today I'm watching at something no one is looking at.

#Whales are accumulating they say.

A short thread 🧵

#onchain #BTC #Bitcoin Image
So let's take in consideration for a minute the fact that we can divide the cohort and call them as we want.

@glassnode divide the 2 cohorts we are gonna talk about today like this:

#Whale (1,000-5,000 BTC)
#Humpback (>5,000 BTC)
Meanwhile here we are looking at:
#Whale (1,000-10,000 BTC)
#Humpback (>10,000 BTC). ImageImage
Read 8 tweets
Jul 21
#Tesla's #Bitcoin were sold OTC, were sold because they need their money back to hedge against their fear of recession and to appeal to investors in this period.

Do not be confused, that is strategy from a company. A bad one probably.

They invested what they couldn't afford to
lose, buying high and selling low.

They have their terms, obviously they have to mantain positive cash flow, and errors on the accounting and investing side are made more by centralized companies these days than "decentralized" ones.
When investing you shouldn't consider what other people are doing, but only what you should do based on your asset allocation, risk adjustment and investment strategies.

This is not a financial advice obviously

Anyway I don't think those #Bitcoin made any difference
Read 4 tweets
Jul 20
Today is an hot day, not only for temperatures, but also for economic data.

Follow me meanwhile I unroll all the new prints we had today

Super important thread on #inflation and the #housing #market

Lot of metrics to cover, get comfortable and get ready

🤓🧵 Image
#CPI prints:

#UK YoY
Actual
9.4%
Forecast
9.3%
Previous
9.1%

#UK MoM
Actual
0.8%
Forecast
0.7%
Previous
0.7%

#Canada YoY
Actual
8.1%
Forecast
8.4%
Previous
7.7%

#Canada MoM
Actual
0.7%
Forecast
0.9%
Previous
1.4%

Let's unpack it briefly
With a 9.4% UK finds itself on the firsts European (continent) Countries that are approaching double digits #inflation, and with the lack of haste in interventions on the #monetary #policies side, the #peak #inflation seems still far away. Let alone the MoM momentum, still high
Read 20 tweets

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