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Bitcoin

Why the Solana Cryptocurrency Is Surging (fastcompany.com) 55

Posted by BeauHD from the what's-going-on dept.
An anonymous reader shares a report from Fast Company, written by Michael Grothaus: One of the biggest movers on the cryptocurrency market in the past 24 hours is Solana. As of the time of this writing, Solana is up almost 20% over the past day, according to Coinbase. In the past week, it's up over 58%, and in the past month, it's up 275%. As for the past year, Solana has surged over 2,348%.

What is Solana? Solana is a decentralized blockchain platform. It facilitates the transactions of the SOL coin as well as digital assets like non-fungible tokens (NFTs). Is Solana a bitcoin competitor? Sure, because it's another cryptocurrency. But it's more apt to liken Solana to Ethereum since both are blockchain platforms that handle smart contracts.

Why is Solana surging? This is always a hard question to answer. Though Solana is holding some kind of mysterious "Ignition" event today. Nasdaq speculates that Solana might announce that it will "burn" tokens. That's when a certain number of coins are removed from supply, making the remaining ones more scarce and thus more valuable. Alternately, Solana could be set to announce new smart contract features.
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Why the Solana Cryptocurrency Is Surging More

Why the Solana Cryptocurrency Is Surging

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  • Seriously...? (Score:5, Insightful)

    by tonymercmobily ( 658708 ) on Tuesday August 31, 2021 @08:09PM (#61750251) Homepage Journal

    This is pure PR for yet another semi-unknown cryptocurrency

    • I was about to say that. Now I don't need to. Thanks. and yeah it's fucking pathetic.

    • Re: (Score:2)

      by fermion ( 181285 )
      Todayâ(TM)s classic Doonesbury is Mike trying to maximize the value of IPO by engaging in a propaganda campaign to convince investors how hot the company is.

    • Re: (Score:2)

      by nyet ( 19118 )

      Why is it that not a single /. poster seems to know how any modern technologies work? It used to be /. was a place for the proficient and technically inclined. Now it's a place for retards.

  • If you hear hooves its probably horses, not zebras (Score:5, Insightful)

    by rmdingler ( 1955220 ) on Tuesday August 31, 2021 @08:25PM (#61750293) Journal

    Crypto is pump and dump, pure and simple. Get in before PT Barnum's target market, you're golden. After? You're the mark.

    • If you bought Bitcoin at 1 cents and sold at 10 cents, you're golden and the buyer was the mark.

      If you bought Bitcoin at 10 cents and sold at 1 dollar, you're golden and the buyer was the mark.

      If you bought Bitcoin at 1 dollars and sold at 10 dollars, you're golden and the buyer was the mark.

      If you bought Bitcoin at 10 dollars and sold at 100 dollars, you're golden and the buyer was the mark.

      If you bought Bitcoin at 100 dollars and sold at 1000 dollars, you're golden and the buyer was the mark.

      If you bought

  • And that same someone is going to take a big dump on y'all tomorrow.

  • Or maybe it's because it's being reported on slashdot (and everywhere else for PR). Although the slashdot effect is history.

  • BeauHD Owns Salonis Coinz? (Score:5)

    by jdmark ( 928972 ) on Tuesday August 31, 2021 @09:12PM (#61750377)
    Of probably 20 years of reading Slashdot I've made less than 5 comments total, without a doubt. Probably more like 3. I've also watched Slashdot change hands a total of three or four times. I've literally read Slashdot every single day for almost two decades. I'm not kidding. The third or fourth owners of this publication, the current ones, decided to write an article or at least link to an article, and I'm familiar with embedded advertisements pretending to be news articles like this one. So my question is to who ever owns this facade publication called "Slashdot" (remember it's changed hands three times), how much of that fucking shitcoin that you are attempting to pump do you fucking idiots own? You are obviously attempting to manipulate the price of your shitty blockchain protocol fork.

    • shitcoin

      Thank you for my new Word of The Day

    • Agreed. /. is CONSTANTLY shilling the latest shitcoin.

      They joke of "editors" aren't fooling anyone.

    • So my question is to who ever owns this facade publication called "Slashdot" (remember it's changed hands three times), how much of that fucking shitcoin that you are attempting to pump do you fucking idiots own?

      Yeah, no kidding

      Slashdot has obviously gone crypto-happy with all the *coin stories, and it's plainly obvious they have a vested interest just from that, and the permanent CryptoTab Browser ad [ibb.co] at the top of the main page.

      Additionally, they seem to be rejecting any stories about Bitcoin which might possibly have any negative connotation to them (2 of mine have been so far...).

      • On the bright side, Bitcoin has been sliding pretty steadily for a few days now. I'd love to see it do a nose dive and watch Slashdot implode in flurry of "who's manipulating Bitcoin" stories. That might just drive the rest of us techies off the site for good.

    • Re: (Score:2)

      by nyet ( 19118 )

      > blockchain protocol fork.

      Do you even know what a blockchain fork is?

    • Brilliant analysis, could you expand and put it in for slashdot to use as an article.

  • I notice that Cardano has also been surging at about the same rate as Solana. I wonder if the two projects' cooperation agreement has anything to do with it.

    https://cryptoslate.com/hoskin... [cryptoslate.com]

    https://coingape.com/cardano-a... [coingape.com]

    Supposedly, they are both "Etherium-killers", yet Etherium is also surging. It's a strange market, that's for sure. I started playing with cryptos a while ago, and I've taken my initial investment off the board many times over at this point. I'm playing with house money now, so I don'

    • Re: (Score:2)

      by nyet ( 19118 )

      Why are you playing with any of these currencies w/o understanding how any of the protocols work?

      • Why are you playing with any of these currencies w/o understanding how any of the protocols work?

        For the same reason I bet on a horserace without being a jockey and on a football game without playing defensive tackle.

        I bought some on a whim a long time ago, made a packet, and now just play the trends once in a while to see what happens.

        • I too jumped in with some money I could afford to lose. Like going into a casino with a set amount of money that you don't absolutely need. Out of the "altcoins," I think that $SOL and $ADA are two worth watching. Due to the applications their ecosystem makes possible. A lot of that is still a work in progress, but they are more than just "pump and dump" speculation the more you research them.

          The one I'm personally most excited about is Helium (https://www.helium.com/). It's blockchain is currently used for

  • They're not even trying to hide it (Score:4, Funny)

    by SubmergedInTech ( 7710960 ) on Tuesday August 31, 2021 @10:32PM (#61750573)

    What does anyone expect from a coin which says you're going to be SOL if you buy it...

  • Alternatively and far more likely... (Score:3)

    by Luckyo ( 1726890 ) on Tuesday August 31, 2021 @10:52PM (#61750613)

    There's a pump and dump in pump phase ongoing for that specific crypto.

  • Stupid is as stupid does my momma always used to say.

  • After loosing all my Coinye coins, cryptocurrency doesn't interest me anymore.

  • So people who understand blockchain based systems will not bother with it as it's a (particularly now) obvious mistake to make. That's why Bitcoin deliberately doesn't have smart contracts.

    Other than that, this is extremely likely to be yet another scam. Either a deliberate one by the creators, or the creators/users will be scammed because they did something stupid or both.

    Even if they did everything perfectly well, it still faces the same problems as any crypto currency has. If you can get money by having

    • Re: (Score:2)

      by nyet ( 19118 )

      > Bitcoin deliberately doesn't have smart contracts.

      Are you in the habit of posting sentences that are literally gibberish in the hopes that somebody with think you're smart?

  • Jesus /. is full of morons (Score:3)

    by nyet ( 19118 ) on Wednesday September 01, 2021 @03:27AM (#61751117) Homepage

    Not a single post mentioning the transaction throughput of these modern consensus mechanisms when compared to BTC/ETH?

    You guys are idiots.

    • The discussion of "why is this surging", money this, money that does not belong on slashdot. Slashdot is about technology. The article reads like some financial pump-shit
      So what is solana? Its a smart contract cryptocurrency / blockchain based on rust as language and solana is one of the fastest ATM. block times of around half a second and 50k or more transactions per second. Whats the catch ? ATM theres not much you can really do with it, the ecosystem looks like its full of dreams but not many finished a
  • This whole article looks like cheap pump effort. I hope the whole crypto space crashes and burns soon. I only worry for all the poor people that will lose their money in the event. The whole space looks like a huge pyramid scheme where intrinsically worthless things that are artificially made scarce get sold to people that have the FOMO shivvers.

  • Only crazy people concern themselves with changes that abruptly.

    And the only things that go beyond that, are bots.

  • I should start a cryptocurrency called Quack. At least you know it's fake when you buy it. But then, some idiot would still buy it.

    • Isn't that what DOGE is essentially? Hell, there's probably dozens of them out there by now that are just that. Meant to be a joke, and somehow people still buy them.

  • This is all completely fantasy on my part, but insider traders might know more.

    If Facebook launches Novi without Diem they are going to need both a stablecoin and a large capacity low fee blockchain which uses it. USDC on Solana is one such combination. If you're a gambling man throwing some money into all the governance/fee coins for low fee USDC networks could pay off. Or maybe you'd be holding the bag for me, possible too.

  • Tomorrow, it will be a different cryptocurrency. Just another fad within a fad.
  • I just can't believe this overwhelming negativity towards new technologies that are quite frankly shaking up the foundations of finances and decentralized technologies in a tech blog such as Slashdot. Even worse, people are talking their asses off without even a cursory reading or any basis to criticize the actual project, but instead criticize with blanket statements that could be copy pasted to anything, from tech stocks to baseball cards.
  • When I come across new hyped up tech, I tried to build something with it -- that usually tells me if it's a bunch of hype or something more. With most crypto projects, I find that is _very_ difficult to actually build anything. On many, I have to click through several layers of 'Get Started', 'Learn More', etc. buttons to even get to any technical info. I was interested in Livepeer, a kind of "Uber for video transcoding". But after hours of trying, discovered the requirements for being a transcoding node w

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