Founder & CIO of @CyberCapital Europe’s Oldest Cryptocurrency Fund, full-time crypto researcher since 2014. My words are my own & are not investment advice.
The Netherlands
Joined January 2018
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Justin Bons retweeted
facts > fud.
solana mainnet is public and permissionless, secured by ~1.3k+ independent validators across ~40 countries.
nakamoto coefficient ≈20 (apr 16, 2025) so it’d take 20 colluding validators to censor the chain, same decentralization logic that keeps btc and eth safe.
with ~70% of sol staked and growing client diversity, the “centralized switch” narrative just doesn’t match the data
Justin is correct. $SOL shows decentralization through validator scale, open participation, and verifiable consensus.
Thousands of independently operated validators secure the network under a permissionless model, forming the foundation for credible neutrality.
The follow-up is also true, designing a chain that sustains maximum decentralization long term is a balancing act.
Too much validator load creates centralization through cost; too little creates it through weak incentives.
$SOL operates close to that equilibrium, proving decentralization is not static but engineered through trade-offs that actually work.
Justin Bons retweeted
As for me i will say that BTC started it, ETH expanded it, SOL perfected it.
All three are decentralized, but only one is built for the speed the future demands
Justin Bons retweeted
Worth noting: Solana's validator reduction from 2,500 to 900 was strategic, not failure.
Foundation cut subsidies to reduce dependency. Removed sandwich attackers and low-quality operators. Network congestion improved, not worse.
Still 900+ independent validators globally
Justin Bons retweeted
I appreciate Justin. From being a major Solana critic to this. I hope haters will reconsider and see it's the best blockchain.
Stop lying about Solana!
SOL is a public & permissionless blockchain with a high validator count & Nakamoto Coefficient
Making censorship or theft impossible for the same reasons BTC & ETH are secure: Decentralization!
So stop spreading ignorance & educate yourself instead! 🎓
Justin Bons retweeted
You said nothing but pure truth: a blockchain that can’t scale is just a monument to idealism, not a tool for liberation. If crypto is to fulfill its promise: freedom, access, empowerment, it must reach the many, not the few. $BTC and $ETH may have lit the spark, but it’s chains like SOL, SUI, and NEAR that are building the roads for the future. Let the skeptics scoff, history favors those who build for everyone.
Justin Bons retweeted
This is the conversation most people in crypto still avoid
Scalability is never optional, it’s survival
Justin Bons retweeted
Solana's token burn has collapsed 97% over the past 7 months, offsetting a mere 1% of tokens being issued, down from 33% at highs earlier this year🧵
Justin Bons retweeted
no lies here
only facts
$SOL, SUI & NEAR are for the real revolution!
This tweet.
A blockchain is not cypherpunk if it does not scale
Crypto is pointless if it cannot be used by the masses!
BTC & ETH only play pretend, while scalable chains like SOL, SUI & NEAR will change the world
Make fun & feel superior all you want; as freedom & truth are on our side!
Justin Bons retweeted
No lies detected
Crypto is absurd; the top 3 chains are nonsense, that is, if we are honest with ourselves:
BTC has no capacity, programmability & no long-term security or scarcity!
ETH also pivoted to reject utility, only to become a worse version of BTC...
All while XRP remains centralized!
Is TPS a Scam? Try #3! x.com/i/spaces/1yoKMPqWdjYxQ
Is competing for the most transactions-per-second (TPS) all-important? Or is it a scammy vanity metric?
Tune in to Episode 31 of the Crypto Quorum, co-hosted by @zano_project and sponsored by @EdgeWallet!
It's going to be a spicy one 🌶️
x.com/i/spaces/1djxXWZwmgVJZ
We are hiring! At @cybercapital!
The oldest liquid token fund in the world, based in Amsterdam
We currently have 3 roles open: Support, Marketing, & Assistant
Please reach out, especially if you have a passion for our unique vision on crypto, as that means we need you now! 🔥
Justin Bons retweeted
They told us scaling kills decentralization but in truth it is the only way to keep it alive.
Justin Bons retweeted
Again, to be clear, I'm very much not endorsing Justin's conclusions here. I explicitly state this in my tweet. 😅
For what it's worth, the section at the end where he talks about IOHK "abandoning" Cardano were not in the draft he sent me, and I missed that, as I skimmed it to make sure the details we had talked about still matched what he had shared with me, and I didn't notice or anticipate the additions. This is a failure on my part, and I apologize for not being more skeptical before my retweet. It is beyond obvious that IOG has not abandoned Cardano; the attempt to spin Leios as a grassroots initiative because of community involvement is false; IOG is bringing in outside contributors, which is a hugely positive thing, but they're throwing enormous resources of their own at getting it done too.
I'm disappointed that Justin included sections he didn't have me review, but it's also on me for not thoroughly reviewing, and I apologize.
What I WAS trying to endorse was his methodology of reaching out before hand to get facts correct, and being responsive to several refutations I had of points he was trying to make.
I helped him compute the correct TPS; I debunked an argument he had about transactions being "dropped" when the mempool got full. I pushed back about some claims about it being "trivial" to attack Cardano. I shared some conclusion about Leios, shared the plan for iterative delivery to ensure we deliver in a reasonable timeline.
His thread, if he had posted his thoughts without reaching out to me, would have followed his same pattern of inaccuracy followed by retraction that has angered so many people.
I live by a few simple principles, and one of them is to reward the behaviors you want to see in the world, so I thanked him for this!
Similarly, the kernel of some of the criticism he puts forward is valuable to me:
24 TPS is insufficient, and that's why we're pouring so many resources into Leios. And my familiarity with this project is why I know that Justin's conclusion is wrong.
There is a history of these things taking a long time (which is, from me, not an assignment of blame, this stuff is fucking hard), and those long delivery cycles *do* pose challenges, whether they are fully justifiable or not. That's why we're being reactive, flexible, and creative with out solutions to ensure we get there faster.
If there are two worlds, one where people lie about Cardano to reach bad conclusions, and one where people get the facts (generally) right, but reach the wrong conclusions, I'd much prefer to live in the latter.
That's all I was trying to do, is climb the hill towards a truthier society.
. @Justin_Bons reached out to me ahead of this thread to ensure the underlying facts were correct. I corrected several things in his analysis to the best of my understanding, but nothing that ultimately undermined his core point.
I really appreciated this, and is a strong signal to me that he's arguing in good faith here. In the past, this lack of due diligence has made me feel otherwise about Justin's motives, but whether he's always been misunderstood, or he's turning a new leaf, it's very very welcome.
Obviously I disagree with the overall conclusion/outlook he presents; I have more optimism that there is plenty of global economic activity that will value decentralization over a few seconds of finality, or a few extra thousand TPS at the margin.
I'm also more optimistic than him about the time-horizons on which these things matter. Building for the next century means that a few years of delivery troubles are worth not compromising on our principles.
Intelligent, good faith people can disagree; If you're going to disagree with Justin, please at least recognize the efforts he's going through to engage with the topic and treat him respectfully.
Finally, I *do* think there's a kernel of good criticism here. 23 TPS *is* fundamentally below where we need to be. We can either plug our ears because someone says something we disagree with, or try to understand the root cause of some criticism and use that to improve ourselves.
We have historically made a lot of promises as an ecosystem, always locked behind 3 year road maps, and we need to push hard to tear down these inefficiencies or Justin's warning will become a self fulfilling prophecy.
This is part of what Sundae Labs is working so hard to do behind the scenes: we're contributing to Leios, Amaru, Acropolis, and more, pushing our team to the limit, because we want to meaningfully contribute to the pace of that change, all without compromising on the values that brought us here.
It's *really* fucking hard, and success is not guaranteed. And I'm choosing to receive well intentioned criticism like this as fuel for that fire.