I'm starting to hate "emergency powers" for a while, due to the abusive use these so-called emergency powers have inflicted on us over two years of a fake pandemic. Decentralized blockchain technology is the light at the end of the centralized shit tunnel we're trying to get out of.
Bitcoin was created as a lifeboat on an ocean of centralized entities rushing in harnessing more and more control over us, our personal lives and funds, and data.
Altcoins are supposed to be cryptocurrency projects that are "solving shit" Bitcoin can't do, stuff like scaling into payments, DeFi, app development,s and so on, and to some extent projects like Ethereum, Hive, and a bunch of others are doing.
However, there are a bunch of alternative cryptocurrency projects like Luna and Solana for example which are nothing but a "digital reflection" of the real-world centralized entities.
It kind of all started with Luna, continued with Celsius, Blockfi and crypto.com and now we have Solana which is falling into the trap of false decentralization.
Paralyzed by the fear of falling into the same abyss Luna did, Solend is deploying "emergency powers" to take over a whale's account with emergency powers to eliminate the chance of forced liquidation.
Oh man... Solana just proved "how decentralized" it is.
The screenshot above shows what's in the fat belly of that whale that Solend is planning on taking over, through emergency powers. You know what, Solana...? FUCK YOU!
Yeah, FUCK YOU TOO, LUNA!
These types of garbage projects which have amassed INSANE market valuation and are, or at least were considered top crypto projects, are indeed just a bunch of crypto crap. You can't take over someone's funds so that YOU CAN DICTATE the liquidation and call yourself decentralized at the same time.
Even Dogecoin is "more decentralized" than that. Not to mention Hive... Man, I get so triggered when I see how undervalued Hive is and how overly hyped these crappy projects are. It's such a shame...
Not to mention Solana had to be "reset" so many times. That's not decentralized blockchain technology, cuz when you can reset something it means some entity has access to reset that particular system. You can't reset Bitcoin, you probably can't do that with Hive either...
What do you think of the latest Solana branded circus show, in this bubbling DeFi mess we're currently in?
Thanks for your attention,
Adrian
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I am still thinking that Solana is not as decentralized as they say it is, and it's losing its "marketing potential" as a new benchmark for the Ethereum killers
It can either be decentralized or not.
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You said it all, what can I tell you? I agree with you…
I don’t trust on any of these “decentralized” blockchains because they are not and I saw it long time ago before all these disasters happened.
BITCOIN is the one and only pure decentralized blockchains, however still there are people who think that it’s not because the “unfair” distribution with the most tokens on whales hands…
BTC Whales can only impact price but not the functioning of the blockchain. Instead, all these blockchains which governance are relying on the amount of stake are really risking the proper functioning of their ecosystem at will.
SOL is the last example.
I agree entirely.
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Yeah this is a whole lot of shit that’s for sure! I know most of these places are centralized shit coins but I didn’t realize how bad and how pathetic people are until these times. Paper hands and paper minds for sure.
Hive is definitely great but one thing we have to be cautious of is HBD and the savings. If the largest accounts decided to withdraw their HBD and do a hive conversion at these prices it could cause some serious issues I think. Converting 500k HBD to around 1.3 million hive is pretty substantial and if they just dump that all on the market that would cause some havoc. I don’t know what the resolution to that risk is but not the Solana method that’s for sure.
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It takes 3.5 days to convert from what I know. We can't call HBD a stablecoin yet.
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Yeah the industry is continually exposing how it is not decentralized very much.
Bitcoin and Hive seem to be the ones where it applies.
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The decentralized projects use the money to put it in other Defi projects or ask for loans and now, that bitcoin is correcting the price, they are using the money of their clients to avoid being liquidated, they are embarrassing
Solana is complete shit. This is just another demonstration of how centralized it is. Fuck them.
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From a purely technical point of view, the blockchain is fast and user-friendly.
But from a permissionless money point of view, Solana is centralised garbage that may as well be a database.
Permissionless tech WILL win out in the end.
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