Meme Insider
Hey there, crypto enthusiasts! If you’ve ever wondered about the wild rides of investing in blockchain projects, you’re in for a treat. On March 17, 2025, Haseeb Qureshi, a well-known figure in the crypto space and managing partner at Dragonfly Capital, shared a fascinating post on X that’s got everyone talking. It’s a candid look back at one of his biggest investment misses—passing on Solana’s seed round back in early 2018 when its token was just $0.04. Today, with Solana’s explosive growth, that decision represents a potential 3,250x return. Let’s dive into this story and unpack what it teaches us about crypto investing.
The Tweet That Sparked a Conversation
Haseeb’s post, which you can find here, isn’t just a confession—it’s a nostalgic trip down memory lane. He shared an unedited memo he wrote as a junior VC, rejecting Solana’s seed investment opportunity. At the time, the crypto world was buzzing with “Ethereum killers,” and Haseeb was skeptical about Solana’s consensus protocol, Proof of History (PoH), and its ability to scale. He attached a detailed critique in the form of a whitepaper summary, questioning whether Solana’s technology could truly compete with Ethereum’s dominance.
The post ties into Solana’s fifth anniversary celebration, which was buzzing on X on March 16, 2025. Solana, launched in 2020 by Solana Labs (founded by Anatoly Yakovenko and Raj Gokal), has grown into one of the top layer-1 blockchains, thanks to its high-speed transactions and innovative tech. Haseeb’s timing—posting on Solana’s birthday—adds a layer of irony and reflection, especially as he wishes the project a happy birthday with a 🎂 emoji.
Why This Miss Matters
So, why is this such a big deal? Back in 2018, Solana was a fledgling project with a token price of just $0.04 during its seed round. Fast forward to 2025, and Solana’s token has skyrocketed, making Haseeb’s decision look like a massive oversight. A 3,250x return means that an investment of, say, $10,000 back then could theoretically be worth over $32.5 million today. That’s the kind of growth that keeps investors up at night!
But here’s the kicker: Haseeb’s skepticism wasn’t entirely off-base at the time. His memo highlights concerns about Solana’s Proof of History, a unique consensus mechanism that combines with Proof of Stake (PoS) to process transactions incredibly fast—up to 65,000 transactions per second, according to Solana’s official site. He worried about its complexity, potential vulnerabilities, and whether it could handle real-world scaling. In 2018, Ethereum was the king of smart contracts, and many in the crypto space were skeptical of new blockchains promising to dethrone it.
What’s fascinating is how Solana proved those doubts wrong. Over the years, it’s become known for its speed, low costs, and ability to support decentralized apps (dApps), NFTs, and DeFi projects. Its resilience, even through early outages and market volatility (like the FTX crash in 2022), shows how blockchain tech can evolve beyond initial criticisms.
Lessons for Crypto Investors
Haseeb’s story isn’t just about regret—it’s a goldmine of lessons for anyone interested in crypto investing:
Timing and Vision Matter: Crypto markets are notoriously volatile. Solana’s growth wasn’t immediate, but its vision for a high-performance blockchain paid off. Investors need to balance skepticism with the ability to see long-term potential.
Tech Evolution Is Unpredictable: Haseeb’s memo reflects the crypto landscape of 2018, where Ethereum’s dominance made new projects like Solana seem risky. Today, Solana’s success shows how quickly technology can mature and change the game.
Admit Mistakes, Learn, and Adapt: Haseeb’s transparency is refreshing. By sharing this miss, he’s not just owning up—he’s inviting the community to learn from it. His follow-up replies, like owning SOL now and joking about time travel, show a seasoned investor’s growth.
In the replies to his post, users like Austin Federa from the Solana Foundation and others chimed in, adding humor and perspective. Austin asked about notes from their meeting, while others praised Haseeb’s honesty. It’s clear this story resonates, sparking both nostalgia and strategic thinking in the crypto community.
Solana’s Journey: A Quick Recap
For those new to Solana, it’s a layer-1 blockchain launched in 2020, designed to handle thousands of transactions per second with minimal fees. Its Proof of History mechanism, detailed in Anatoly Yakovenko’s 2017 whitepaper, uses a verifiable delay function to timestamp transactions, making it faster than many competitors. According to Wikipedia, Solana hit a market cap of over $74 billion in 2021, driven by NFT and DeFi hype, though it faced challenges like outages and the FTX fallout.
Haseeb’s miss ties into this journey perfectly. His early critique, while valid at the time, didn’t account for Solana’s ability to overcome technical hurdles and capture market interest. Now, as Solana celebrates five years, its growth validates the risk-taking spirit of blockchain innovation.
Why This Story Matters for You
Whether you’re a seasoned investor or just curious about crypto, Haseeb’s story is a reminder of the highs and lows of this space. It’s easy to look back and say, “I should’ve invested!” But crypto investing is as much about timing, research, and luck as it is about picking winners. Solana’s rise shows how a project can go from underdog to powerhouse, but it also underscores the importance of staying adaptable and learning from the past.
So, what’s your take? Have you ever passed on an opportunity that later exploded in value? Drop your thoughts in the comments—I’d love to hear from you! And if you’re intrigued by Solana’s journey, check out Solana’s official site for more on its tech and ecosystem.
Happy investing, and happy birthday, Solana! 🎂
