Investors did not want to join Sol in 2018-today he is annoyed by missed 3,250 times profit
- In 2018, an investor has left Solana because he doubted the claims and expertise of the team, and now regrets that he missed a 3,250-way growth.
- The network activity of Solana fluctuates, whereby the transaction fees have dropped to the lowest level since 2024, which reflects the changing market trends and the influence of the meme coins.
Early 2018 leaned A risk capital provider named Haseeb Qureshi the opportunity to participate in the Solana start capital round. At that time, the token price was only $ 0.04. Now this decision is pursuing him, because if he had invested, his return would have been 3,250 times as high.
For some, this may sound like a terrifying investment option. Imagine that you would have a fantastic chance that turns out to be one of the greatest cryptocurrencies of our time.
I passed on @solana‘s seed round in early 2018 at $0.04.
At current prices, that’s a 3,250x.
Solana was one of my first ever pitches as a junior VC, and back then I wrote memos for every deal I passed on (adorably naive and overconfident).
Re-reading this memo now is peak… https://t.co/1Pd6moQbRh pic.twitter.com/UAojvmkKAK
– Haseb ＞ | ＜ (@hosseeb) March 17, 2025
Doubts about proof-of-history and scalability
Haseeb said he was fascinated by the idea of the Proof-of-History (POH), a new mechanism in the core of the Solana network, when he read the white paper for the first time. But the more he dealt with the technical details, the more questions appeared.
“They are able to achieve 710,000 transactions per second.
In addition, he believed that the Solana White Paper did not contain sufficient information about the functioning of the consensus system. He claims that the project lacks clarity about how security and fault tolerance are handled in distributed systems, but that it focuses too much on technological optimizations such as the use of graphics processors and parallelization systems.
Consideration about the background of Solana’s team
Apart from the dubious technical claims, Haseeb also questions the background of the Solana team. Most of Qualcomm team members have experience with operating systems, embedded systems and GPU optimization. In his opinion, however, there is a lack of knowledge about distributed systems and cryptography:
“This reminds me of other projects such as Raiblocks/Nano, on which engineers also work with little specialist knowledge, but they do not understand the complexity of consensus in distributed systems.”
Haseeb finds the history of the team alarming, which focuses more on hardware development than on blockchain systems and cryptography.
From doubt about the multi-million chance
Solana has shown over time that his strategy is successful. This network with a rapidly spreading ecosystem is now one of the most important participants in the crypto sector. For some who believed from the beginning, he brings SOL-token, which they once neglected, today a hundred times in profit.
If he had only invested $ 1,000 in 2018, he would be worth $ 3.25 million today. But that’s just a number in his calculations, not a reality for him.
The use of Solana fluctuates with the Markttrends
On the other hand, CNF reported that the transaction fees of the Solana network have recently reached 53,800 Sol, the lowest amount since September 2024. This decline reflects the decline in users and the activity of the network.
Driven by Meme coins such as Trump and Melania, the network recorded up to 361,000 Sols in a week in January 2025. This shift in the pattern indicates that Solana is a technological success, but depends on market factors.
Lessons from inaccurate decisions
Investments are an area in which there are many difficult decisions. One of them was the departure from Solana for Haseeb. Although his decision was logical at the time in view of his analysis, the story shows that not everything can be predicted.
At the time of the creation of this report, SOL is traded at around $ 124.14, which corresponds to a correction of 3.77 % in the last 24 hours and a decrease of 35.87 % in the last 30 days.
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