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The Solana outage we experienced yesterday was severe, and it's worth noting that SOL is still in beta. I don't want to make excuses, but I've been thinking about this all day, and I came up with an analogy that might help explain the situation.

Think of SOL as a restaurant that offers the best food, the best prices, the best decor, no lines, instant service, and the best user experience. It's the most popular restaurant in town, and as a result, it has a high number of daily users.

In fact, SOL has even more daily users than Ethereum, which is the largest blockchain network out there. Over the past 30 days, ETH has had 6.23 million unique users, while SOL has had 7.05 million.

If you think about it, the number of users is crucial to any business, whether it's a mall, a store, a restaurant, or even an airline. And the same goes for a blockchain network.

I'm excited about the next few years and hope that SOL can address its issues and move out of beta. But it's worth keeping in mind that even if you have an F1 racing car that is 10,000 times faster than the competition, there will still be crashes. 

PS My MATIC to SOL Pair Trade is still up nearly 5% over the last 3 days which is astounding given the outage. SOL is brushing it off like usual.

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Anonymous

I just hope people follow James on the fact that Solana is a very small portion of his crypto bag. Personally I have about 5% and will not let it get much higher than that. I recall a few people in the IA community having large portions of their bag in SOL. Hopefully this has changed.

Anonymous

Will be cutting down bag when I can break even on my DCA. I'm WAY too heavy in a broken beta chain.

Anonymous

Doesn't each unique Eth user spend a lot more than sol user do?

Anonymous

Nice 🙂 I have a lot of conviction for SOL because I tried using the other chains and they are too frustrating!

Anonymous

I sold at 19 at a big loss as SOL was going down after FTX. I had visions of LUNA where I did nothing and did not want the same thing to happen. I'm ok with that decision and think it was prudent based on all that was going on at the time. Now, I want to get back in to hopefully recoup my loss but keep waiting for 19 or lower to not lose more money. It's an everyday question for me now whether to bite the bullet and buy back at 23 or wait hopefully for some lower lows.

Anonymous

Perhaps pick a target, calculate your potential gains relative to entry prices, and then see what makes sense. I find this helpful. Risk/reward.

Anonymous

James I made a note of the Pair Matic/SOL at the time to see if I would be able to understand it. My calcs in Euro give me 3.5% down. So if I had swapped my Matic for SOL I woukd now be loosing. Or am I wrong?

Anonymous

James, I believe it would benefit the community if you articulated what it would take to change your stance/opinion on SOL. What would be the last straw?

Anonymous

That's true, but swapping at a loss might seem wrong, but it's something I'm learning to do. If I swap from Microstrategy to Bitcoin and then bitcoin drops I close it at a loss of say 5%. I then know Microstrategy will recover more when bitcoin finally goes up so then I make say 20%. Its really hard to do, but when done right it works. Fastest horse and all that 👍

Anonymous

More precise: drop in adoption, which is going RAMPANT as we speak.