August 9, 2022

Is Solana Getting A Bump And Dump By Chamath Palihapitiya?

4 min read

Solana (SOL) was put in the spotlight after a clip from a huge tech financiers’ podcast, such as Chamath Palihapitiya, revealed them joking about buying SOL with discounts and their intents for its future. Many saw this as an open example of venture capitalists manipulating rates on the marketplace and additional harmful tasks.

The podcast ALL-IN is hosted by Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg. The questionable clip is from episode number 50 where they sat to talk about “Crypto investing deep dive, Facebook’s whistleblower fallout, Chappelle’s new unique & & more”, as the title checks out.

Chamath informs Calacanis jokingly “That’s where you’re concealing all that Solana, under your eyes. You much better clear that Solana position, what’s your lock-up, 24 months? (…) He’s trying to offer it to me on text messages. We’re negotiation discount rates”. The discussion follows up like so:

Sacks: Hey, you’re f ****** the entire thing up! I’m hodling

Palihapitiya: You think I ‘d buy numerous countless dollars of anything without a discount? Everything is a discount rate.

Calacanis: Everything is discounted. You wan na clear that position in an LLC?

Sacks: Are you saying I got a billion dollars of Solana?

Palihapitiya: No, bro, I’m stating that I have one, I purchased it at a discount.

Sacks: But you’re hodling, correct?

Palihapitiya: ish

Sacks: Yeah, me too.

As Chamath Palihapitiya joked about getting discount rates to buy Solana, Twitter users got enraged over the concept of offering the abundant even more privilege -with discount rates to discard on retail- inside the crypto environment.

Related Reading|Is Chamath Behind The Controversial BitClout?

The episode was published over a week ago however got all the attention after Chamath Palihapitiya exposed his co-leading position in Syndica, an infrastructure designer company, with an $8 million Seed Round. They are concentrating on constructing a “scalable designer facilities” for Solana: Web 3.0’s cloud infrastructure.

Now users declare that Venture Capitalists are the ones manipulating the rate of tokens on the marketplace, hence pumping and disposing: making a lot of revenue, then sinking the value.

Just vulture capitalist ruin the task and empoverish all the other investors on their way out. If that’s what ends up occurring I don’t think we should normalize that as ok due to the fact that it’s what all VCs do, cus it’s not.

Twitter user – – @antique_land Is Solana Losing Popularity Over Small Investors? There were even more ideas from users who can not see”any path to decentralization for SOL”. The general worry is that the project is decentralized however the SOL business is not, eventually depending on a centralized network where the rich have the larger part of the stake and the power to turn it over.

Related Reading|Why Bitcoin, Ethereum, And Solana Are Posting Major Gains In The Market

They honestly laugh about disposing on video. They understand it’s not here for the long run, which it’s a shiny central VC chain to market offer into at the top of the bull. No country will build on it. It’s a glorified central network with slick marketing and heavy influence.

(……)

Solana is objectively an insider’s VC coin. VCs cash in profits. It’s actually their job. When over half the supply is expertly obligated to sell, the rate doesn’t prosper long term.

– – Twitter user @WildWarriorsNFT

Other users claimed the published clip was taken out of context to develop FUD (meaning: worry, unpredictability, and doubt) around Solana. Its fans have been calling it the best option in the crypto market and are enthusiastic about its quick blockchain, considering it a strong Ethereum rival.

Calacanis raised the concern on what would be the very best time for clearing a position on assets they invested in early, “What’s enough? 100X? 500X? You got ta at some point bank a win.”, to which the other financiers reacted:

Palihapitiya: I believe you have to put things in a bucket of: is it an investment or is it something that represents a concept that you love so much. If it’s the latter, you must never ever offer, if it’s the previous, yeah, you need to handle risking.

Sacks: Or rather is it a trade or is it something you want to own?

However would the common user invest in the future of something that depends upon the rich deciding whether they have enough sentimental connection over it?

Solana
SOL rallying at $247 in the day-to-day chart|SOLUSD on TradingView