Crypto analyst Justin Bons, founder and CIO of European cryptocurrency fund Cyber Capital, says it’s wrong to blame Solana (SOL) for fraud and fraud splates on blockchain. Masu.
Bon said so in a Twitter post The Defending Sol is fighting the image crisis in the wake of the famous memecoin scam on its platform. The latest is the $4.5 billion Libra token scandal that entangles Argentine President Javier Mirei. Others linking to the first US family have suffered from insider trading accusations that have burned many users.
The CIO, a well-known Solana supporter, decided that blockchain advantage explained why scammers prefer it over others. To him, Sol’s current misery is similar to the Bitcoin (BTC) and Ethereum (ETH) blockchains facing glory times.
He wrote:
“The con artists and criminals are always looking for cutting edge because they are in this frontier where they can most extract, like the old west wild west. Does that make the frontier worse? Of course, BTC and ETH are Just as it wasn’t bad in its heyday, it’s not. Justin Bons
Solana’s loyal person must accept some degree of confusion and danger
Bonn further claimed that Sol was open and public and truly a distributed chain, preventing it from including glyfters within the ranks. Therefore, Sol users must make that concession for the freedom they enjoy. He called for that courage and challenged people who couldn’t leave it in their stomachs to leave for other centralized chains.
Again, he linked Solana’s struggle with early internet struggles. However, people have been able to see public adoption and consumer protection gather steam and shrink over time, improving the respect of the medium.
Despite acknowledging the creepy similarity between Sol and the early internet, Bons discovered a major difference. He explained that unlike the latter, the former consists of thousands of protocols that shake up for adoption and domination.
That powerful free market dynamic was purely positive as it encouraged innovation by exerting what he called “evolutionary pressure.” However, it meant accepting some degree of confusion and danger in return for freedom, as it exposed users to many “evils.”
Bons’ Solana Defense divides opinions
As expected, Bons’ analysis elicits mixed reactions, with some netizens agreeing with him, others pushing back his claims. Two users tweeting from the X handle @infrablix and @Study0718 It resonated with the similarities he now portrayed between code and the Internet.
Another user @hawktuaha saw the views of the other side, highlighting that Sol’s structure allows for simple exploitation and wonders how such a chain was good .
Still, like Cardanodave, some were totally satirical with him posting an analysis of the meme ridiculous bon. Roy Stomp was even more gentle, labeling the CIO with scams. Meanwhile, Xaspa Samurai calls him a jukebox, suggesting he is heading towards the wishes of venture capitalists and crypto companies he has in their pockets.
What can Solana do to exchange that image?
Some respondents also suggested ways that SoL could clean up that image. Tommy World Power, for example, advised that Solana could adopt a decentralized enforcement system to freeze the wrong wallet and reimburse the victims.
Meanwhile, Robert Sass criticized Sol for lacking the tools to arrest the obvious Ragpal. He offered to set a minimum limit on launching tokens that 99% of what was automatically created will be blocked.
Bons himself proposed reintroduction of large-scale initial coin provision (ICO) as the current regulatory environment is permitted. He said the ICO leveled out the arenas for VCS and retail investors.
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