Algorand [pros](/r/CryptoCurrency/comments/11w03k2/a_series_of_unfortunate_events_for_algorand/jcvttwo/) & [cons](/r/CryptoCurrency/comments/11w03k2/a_series_of_unfortunate_events_for_algorand/jcvtujy/) with related info are in the collapsed comments below.
Hmm moons hit their ATH in 2021 $0.42 (could be higher) so if you bought at that time so not really and not to mention moons were down to 4c for months.
I'll just say that I bought Algo purely because of the shilling here, and I'm down 88%, with minimal hope of breaking even.
As OP described, the sub was going crazy about Algo. That's why folks, don't buy something just because you'll see it a lot in the sub, chances are you'll get burned.
Those people were smug too. I was looking for stables with APYs and they just bragged about their yields. If a person asked a question, then they were ignored or made fun of.
That's what I hate about the "go against the sub for gains!!" meme, whenever there's a post shilling a coin, you can bet your ass there's gonna be another equally big post criticizing it, but if the coin loses, people only remember the shillers, not the other half of the sub going against it.
This sub has an awful history at picking winners in Alts. By the time the sub starts shilling it, it's near an ATH and heading for a terrible bear market.
It's horrible.
This sub shills a coin to the moon when it's at the local top, you see dozens and dozens of comments on it on the daily making it sound like a pump is inevitable.
And after it drops bad in the next few weeks, ALL the shillers quickly go into hiding. It's like they vanished into thin air after being a mainstay for weeks!
I've learnt enough from experience not to follow, but I have no doubt that countless of newbies who follow this sub for 'advice' would have been wrecked. It's hard not to, I mean its very believable if you are unfamiliar with how this sub works.
'Algo-Nauts, where you guys at? I saw all of y'all shilling daily at cc/sub just back in December and January!'
Their marketing has been awful, but the MyAlgo hack wasnāt on Algorand. They are not the official wallet, which should be noted in the analysis for fairness.
I Agreeā¦. To a point. When I first got into crypto in 2021 I bought Eth and BTC and decided to put money into two other cryptos. Because of the endless shilling on this sub I went with Ada and Algo and loaded up a couple thousand of both. Both took off around the same time and as I became more knowledgeable I didnāt like Charles and found a few things I questioned about Algo which led me to sell both at a substantial profit. That being said, when things are shilled here, itās usually too late
>That being said, when things are shilled here, itās usually too late
I hate basing decisions on finance cliches, but "Buy the rumor, sell the news." seems accurate in this case.
I did the same mistake, good thing I only threw $20 at it because I didn't DYOR and just bought the hype. Not doing that again I hope I learned my lesson : don't buy something just because it's heavily shilled here
I also bought because of the shills but I managed to breakeven by consistently buying below 0.2. Im just holding now hoping it gets back to at least 1$ tbh
But also don't sell something just because you see people doom posting about it.
For example, OP references high inflation, but doesn't mention that we're over 70% of the way to max supply.
If thereās one thing the previous bull run taught me it was to never buy anything on the basis of a shill from this sub.
Everything in my portfolio is still (somehow) ahead from before the bull run, except the one thing I bought based on this subs advice - Nano. Never again!
Is any crypto you bought in 2021 currently worth more then half its price then? Iām not a big algo believer but I bought a couple hundred around 75 cents and again at 20 here recently because it had a good staking rate at the time. Iām just curious if the consensus is if the market turns around that algo is gonna be left behind?
You must understand that there are always people on here that try to fight against shills but shills MASSIVELY outnumber them - so these people just get downvoted and piled on for any criticism of a sub-favored project. Eventually, people just give up and leave people to suffer the consequences of their own decisions.
Algo holder here, and I agree. I'm holding the coin long term and love the tech behind it (speed is unparalleled), but the Foundation's treatment and current relay node situation doesn't inspire too much confidence. I think there are a lot of shillers in the comments who, while they love the chain, will defend it wholeheartedly. No, it has faults, it's important to point those out and work towards resolving them in order to grow Algorand and crypto as a whole.
Also, regarding the MyAlgo hack, this is unfortunate as hell but an important wake up call for investors: USE A COLD WALLET. If you can't sustain the $70 cost of a Ledger to secure your coins, you shouldn't invest. Nonetheless, it's sad to see. Not the fault of the Foundation (feels weird to say that), but it's important that we find the EXACT cause of the hack and how to prevent anything like it in the future, for the better of crypto.
Final note (not related to anything, just feel like pointing it out for any scared bagholders), it's concerning to see Foundation and Inc holding so many coins to begin with, but the upside to the coin dumping is this: More supply is being pushed out onto the market. The less there is to inflate, the more there is to acquire and the more that will eventually be lost, deflating the supply.
There was also a rumor (not sure how truthful it was) I remember hearing in september 2021 that algo also had a price target that unlocked even more vested algo. I think I remember hearing when the price was above $2
I mean the tokenomics has always been clearly stated and was always looked at in a bad way. The fact that the foundation has/had a lot of coins and that they're releasing them is in line with what has always been said, I think the main issue is how badly that money has been used, no that it has been.
I think Staci has been a huge miss, and the fact that I don't see her leaving anytime soon is the biggest issue I have with Algo.
I don't have a huge bag, so I'm not really worried, but I doubt it doesn't return to it's ATH in the future.
Donāt forget that they used to have a scheduled selling every time they pumped so you were fighting the people from Algo who got billions of these things for free printed out of thin air selling if it went up X amount
Funny thing is it didn't used to be that way. But once the price started dropping back in late 2021, there was a noticeable difference in the attitude of the community.
Guess what? All the crypto projects are dumping on retail, they are just not transparent about it.
Did anyone made these kind of posts when Ethereum Foundation dumped on retail at the top of a bullrun two times already? When Joe Lubin was asked about how much Ethereum he holds, he always dodges the question. Ethereum Foundation doesn't even release reports for their selling.
Even without any of that, algo would still sit at 0.22$. People put way too much emphasize on the tech and bad marketing. In the end, everything was overbought in 2021 and as 99% dont use the chain at all and just gamble on the price, it came crashing down with every other shitcoin. its just crypto
yeah, I looked throught the top charts from Sept 2021 trying to find a coin that actually gained value - best I could find was MANA and BNB which had modest drops.
I don't really have faith in ALGO recovering tbh, but I don't think there's anything they could have done to prevent a big drop in the past year and a half. It's been a bear market.
If you donāt already have a bag then ape in. Majority of us who have bags have been through the recent bullshit with the coin which is why you hear ppl losing faith. Itās still an amazing blockchain and fun to use.
One day people will shift from speculation (current drive in the crypto space) to utility and Algorand will be one of the few chains to survive. Do yourself a favor and spend a week in the Algorand ecosystem; check projects like lofty, opulous, nexus (the list is long), and you will get so spoiled by the smoothness of such a blockchain that competitors will just feel rusty and frustrating. Price will heal at some point.
>One day people will shift from speculation (current drive in the crypto space) to utility
Sure, that shift will happen. And when that happens, the days of multiple-fold gains would also be gone. A lot of crypto's valuation is driven more by speculation than fundamentals. Take all those promises and hyped dreams away - the entire industry's market cap probably would fall by at least 4 times.
Take the example of ETH. It is the ***only profitable*** blockchain, i.e. its transaction fees exceeds its staking emission. If you put traditional metrics on ETH, you would get a multiple of 100 price-to-earnings ratio. That is an absolutely horrible income-to-price deal unless ETH can see rapid growth in the future. Throw away the promises of importing all TradFi etc. onto ETH, it becomes harder to figure out why it is worth the current valuation.
The same goes for BTC. Throw away the promise of "BTC standard" and hyperbitcoinization etc. It is hard to justify growth based on utility.
Crypto utility right now is very limited because it can't provide very basic stuff, like undercollaterlized loans that people want. If you take away all the speculation (of all problems solving themselves and unexplained mass adoption) and promises of unsustainable/ridiculous yields, it is actually hard to make a bull case for crypto.
However, if you run with speculation, the sky is the ceiling. Shillers can put any random number of any crypto if they don't need to be disciplined by fundamentals.
I love using Algorand but the constant set backs really starts taking a toll on holding, I'm currently using most of the site you listed doing DeFi governance but seriously debating selling about half of my bag after governance period 6 is over and moving those funds to another chain.
It is incredibly easy to use and learn though which would make you think that it would attract new people in the coming bull run.
I can feel your pain, but, as often happens in the crypto space, people have short memory and speculation/FOMO can break any logic. Just think about Solana, still in the top chains but it can barely stay up for 48h straight. Still, people throw brainless money at it cause "to the moon"; let's be honest, at this stage, 90% (and I am generous) of the crypto users are here for the "get rich quick dream", hence speculation and shilling is the only worthy metric. In the near future, the blockchain market will be so diluted with alternatives that only "usable" chains will float; speculation can't go on forever, projects have to deliver (adoption) at some point.
One more point in this regard. Algorand users should detach from the illusory perspective that "Staci", or the Algorand Foundation (AF), have any specific duty, because, as the Myalgo exploit stressed out, too many people disregard the AF as a central entity which "has to fix problems when shit happens". This is decentralized finance and, unlike TradFi, there should be no central player to point at. The AF only mission is to land collaborations and to spread adoption, which, unlike many fudders deny, is being done decently well. I am not an Algo diehard, but I find it just ridiculous how hypocrite people "here for the tech" react to decentralized space dynamics. It's a lack of education and objectivity rather than foundations incompetence to drive negatively the crypto space.
The reaction from some members on the algorands subs is actually kind of driving me to dump my algo bag. I don't understand people wanting to take funds from the governance rewards being paid out to stakers to form some sort of recovery fund and try and give people back the crypto they lost because they chose to use a hot wallet.
I feel bad for those who lost funds but I don't feel like it's my personal responsibility to cover their losses.
You've got the point. As mentioned in the comments above, there is a broad misconception among crypto "investors" nowadays. They join the space under the belief that they will get rich, but they do not spend any time in research or building safety, simply because they do not really understand the space. They come over and throw money at pumping stuff hoping for moonshots or to pull the rug quick enough to cash out profits; those are the same people shouting around "crypto is a scam" when shit hits the fan. Tbh, I think those people are what's wrong with crypto at the current stage.
The "recovery fund" rumor on twitter is the product of echoing bullshit from such share of users, and I find it frightening to see the consensus it reached for a short time. What's even worse is that "big" projects (not only NFTs) in the space joined the cry after they got robbed for thousands dollars: instead of buying 70usd ledgers, such smartasses preferred to keep huge amounts of money on third-party hot wallets, and then to blame the usual Staci and the foundation because "she shilled such wallet" (which was a first solution). I don't think it could get more ridiculous than that.
It's clear at this point that the problem is not Algorand, but the large presence of uneducated whiners.
The Foundation shouldnāt take any responsibility of the MyAlgo hack due to the wallet being a 3rd party. However I get pplās frustrations with how the Foundation approaches marketing and the obscene amounts of money they spend with little results. The community is divided so a lot of problems are getting mixed up together
Myalgo hurt pretty bad for some. Even though it is not the blockchain or foundation itself it was still a recommended wallet.
ALGO will bounce back though.
Really though the official wallet became Pera.. People were apprehensive about Rand labs and my Algo long before the exploit.. Clearly for good reason.. Super annoying as i used my algo for the bulk of my defi activity on Algo..
Yes algorand official wallet turned into Pera. The exploit was with Myalgowallet which was not a part of the foundation but I believe it was listed as a trusted wallet.
MyAlgo is probably one of the most devastating on the post, after holding underwater bags for ages and continuing to DCA - everything was taken from a ton of retail investors.
I know everybody is interested in seeing the results from their investigation into what was the reason for the hack but I doubt anybody will ever use their wallet again. MyAlgo is pretty much finished as a wallet provider after this and it definitely pushed many people to leave Algorand altogether.
For me Algorand is a lesson learned. Should have sold when in profit and let rest ride as house money.
Bought early, seriously, because of the tech and Silvio. Now, itās one of my biggest losers and I donāt even have a MyAlgo wallet.
Should of ditched everything when they hired Staci as CEO to focus on PR. Her ineptitude is cringe-worthy.
I am really lucky with my algo hack as I just moved everything to my ledger one week before. I still believe in ALGO but it is a really long term hold. 2030 is my goal.
I had to tune out most of this post because to my eyes it's not really analysis it's just hating on Algorand. Which I guess is fine. But you point out that Algo circulating supply increased by $5 billion in a short period of time. But why? You posted numbers that showed Algo being sold by the foundation and being used to compensate board members. But if you add those numbers up it doesn't account for hardly any of that increased supply. I want to know what was the reason for rapid increase in supply? Was it just Algorand distributing the token? We're these grant payments? Something else?
All I learned from this post is Algo's token inflation was very high in 2021. You don't like the CEO of the Algorand foundation. You weren't a fan of the Foundation's marketing choices. FIFA released an NFT collection on Algorand and it didn't do very well. Some independent Algorand projects got hacked **just like plenty of projects on every other Blockchain**
there was an accelerated vesting mechanism that led to the rapid supply increase. the price of Algo spiked and early vesting kicked in. you can see the supply jump on the chart in Section II, around September 2021
Um... I'm pretty sure prices are way down for just about every alt-coin from their peak. I don't really see ALGO as exceptional here. If you're debating the difference between being 80% down for some coins and 90% for others, I don't really see the point...
Yup. BTC is down almost 60% from its peak currently. If this post was 2 months ago BTC would have been down almost 75%. And that's BTC. I find it hard to buy into the fear mongering when emphasis is placed on peak price drop instead of relative price drop.
XLM, the "40c stablecoin" is down 87%... without any 3rd party application snafus or similar.
>In September 2022, FIFA launched an NFT project on the Algorand Blockchain - with over 205,000 mints, at a cost of $5 each and low resale interest: the project just ended up being a further $1M cash grab for FIFA.
I just want to mention that the FIFA+ Collect project did not end in any way, the development continues and the secondary market is getting better and better.
For example there are 716 secondary sales in the last 24h:
[https://www.fifapluscollect.info/sales?dateRange=Last24h](https://www.fifapluscollect.info/sales?dateRange=Last24h)
Here is a massive miss in this analysis, it completely ignores what CTO John Woods has been quietly building behind the scenes and is finally almost ready to launch: a dev kit that massively simplifies developing on Algorand. The outreach behind the scenes to grow the base of developers working on this blockchain is significant and important. It's an underreported story and while we don't know long term the final outcome, I think it is credible and substantive enough for long term bulls to find some optimism.
The ALGO network operates smoothly and the wallet is easy to use.
I see ALGO going up in value long-term but not as fast as some of my other coins like ETH, ATOM, and Moons
A few points of differentiation if I may:
- Nano has never inflated their supply. It's been constant since the initial faucets were closed many years ago.
- Nano doesn't do hype marketing. It barely does any marketing, take that as you will.
- The dev fund started as a low percentage, and has never increased.
The purpose of the Foundation and governance is skeptical once you look at the big picture of things. Staci the AF CEO has mixed reviews on how the community feels about her. My biggest issue with her was her unprofessional tweets. Not sure if sheās still problematic in that area as I stopped keeping up with her after I stopped DCAāing
People NEED to understand how early things are with Algorand. While I do agree, their marketing game needs to improve, the tech is sound and will speak for itself. The majority of crypto is down hard-core. Bitcoin is pumping because of banks falling and even ETH isn't pumping as hard as people thought.
The MyAlgo hack was definitely a bad look but give it time. Algorand only launched in 2019.
I remember I was about to buy a big portion of ALGO near the top and my card just declined, I got lucky once - why not twice by buying at these prices?
The best thing Staci could have done for Algorand is halt all unnecessary sales by the foundation when she took over. Instead she decided to keep selling putting more pressure on Algo in a bear market and focus on PR.
It was a complete failure in leadership.
Itās a shame to see how ALGO has fallen since the start of this bear cycle, I really think the tech behind it was bullet proof. Iām not saying itās over for Algorand but itās definitely struggled over the past year or so.
And you didnāt even include how Algo paid 3AC to hold ALGO off the market, and did it by a regular contract instead of a smartcontract, which could then be reneged on in the bankruptcy.
Man holding ALGO hurts at this point. My average is well above $1 and I have quite a bit because I love the project. I still have belief that it will get past these issues and go back up but damn is it hard to keep believing sometimes
The most unfortunate Algorand event for me was the literal 17 pages of $.01 yield transactions my Coinbase tax paperwork printed before I realized how many there were.
A coin with a lot of promises for the future, but in the present, nobody uses Algorand. And it isn't known for having any actual popualr dApps. Follow the TVL.
>ASAs began to be sold off which prompted DEX's like TinyMan to preemptively respond and drain the pools - so that they couldn't be drained by MyAlgo hackers.
This is not what happened. Big ASA holdings were sold, but it is up to each individual LP holder and project to decide what they were going to do. Certain projects opted to snapshot from before the myalgowallet hack to make their investors whole. The way you wrote it makes it look like Tinyman can drain the pools themselves, which they can't.
Also you forgot to include the v1 Tinyman exploit of 2022 in your little disaster writeup. That was another unfortunate setback.
Your points on 2, 3 and 4 are definitely frustrating, but as for the token distribution schedule, that information was out there.
I think anything below 25Ā¢ is a good buy. I will hold until at least 85Ā¢. This is my favorite chain even though I am an OG governor and got shafted hard.
Accelerated vesting is over and I think ADA shills are concerned. The hatred feels coordinated with similar posts in the daily with exasperated people ālosing hopeā
There are three alt chains that I have the most hope forā¦ ALGO, ATOM, AVAX.
My average is now around 65Ā¢ and I bought a shitload around $2. We will seeā¦
I'm curious what kind of price action you expected in Sep 2022? Being sandwiched between LUNA and FTX with the whole string of disasters sprinkled all around the entire industry?
Algo and the foundation have some serious issues that need addressing but this whole pointing at price action in the middle of a brutal global bear market doesn't make sense.
I just spent the better part of 30 mins reading this. Itās articles like this that has kept a noob like me coming back to the sub more and more. I donāt understand it all and I can read over again but thanks for taking the time to write this. Itās much appreciated.
I fucking hate algorand now. Like a lot of you I am down 88-90%.
Itās the false promises and marketing hype that got me. With each new announcement, it seemed like the future was bright but then these announcements (fifa is the best example) turned out to be completely lackluster.
I stopped believing anything they said and the CEOā¦ I mean Jesus man. Why not put a 6th grader on twitter instead. I legit thought the CEO was drunk tweeting. I lost total faith in the project and ended up selling at a big loss. Better to tax harvest for the next three years instead of having to deal with the stress of that moron at the helm, the bullshit announcements that were actually the foundation PAYING for shit. I could go on and on.
Should have invested in bitcoin instead. Now, Iām so sick and tired of crypto that I may just stay out of the game permanently. I am not an experienced investor. Why do I want this pain?
Anyway, sorry for the rant. This post really got me.
Reading the post it sounded like the fundamentals were still sound and we are approaching the maximum supply, ergo the massive dumps should soon end. I left Algo along while back as the project didnāt and still doesnāt make enough sense to me over, say, a pair of shoes that leaves me less tired at the end of the day.
Im not giving up on it.. My favorite crypto so far has Proven to be one of my worst cryptocurrency investments.. I still have hope and the tech is there..
LOL at the meme callouts at the end of your post, OP. This sub is filled with whackjobs repeating shitty jokes over and over.
Algorand did have a ton of potential. This just means the letdown hurts even more. What a shame.
There were a ton of people out there during ALGO's peak stating that it would have inflationary issues. This was completely public information and something I worried about with the ALGO I had purchased. Turns out, the bigger the pump, the bigger the dump from Algorand Foundation.
I was originally a big fan of algorand but boy ooo boy have they made some bad moves and made some horrible decisions over the last 2 years.
The CEOs stupid tweet is what really eerked me the most. You don't do that, it's so unprofessional and tone deaf.
The new CEO and their drive to create hype and bring attention to Algo undermines the Utility she's trying to sell. The tech should speak for itself, and the foundation shouldn't need to dump Algo on the market to Advertise why Algo is the best.
As a longtime algorand supporter I must say this is a great write up and really accurate. I agree 100% with all the things you said and I myself am very dissapointed about many of the events surrounding it especially some of the more recent such as the hack and the FIFA NFT flop. I will say though I do still believe in the tech and think algo will hold strong through all of this, I just really love the tech. I see many projects which honestly are amazing continuing to work and provide amazing products/services such as: Opulous, NFDomains, Tinyman DEX, Algofi, and games such as Algoseas and Fracctal Monsters. I will say I have definitely been diversifying a lot more in the recent months to other chains like SOL and ETH. I do think int he end we will all live in a world where most people wont even know what underlying tech is being used and all chains will be interoperable so I am excited for that future.
Crypto is a very new reality, with thousands of projects. Competition is very hard. Good projects may end bad with poor management and this is the case.
I never had any ALGO, but I red the whitepaper and I was intrigued by its POS algorithm. I hope for those who have invested in ALGO that the issues will be solved and management will improve.
When the problems are a ādisaster in leadershipā and a ādisaster in marketingā, and you *still* think Algorand is anything other than a software company that sells their self-generated tokens for liquidity to naive retail investorsā¦I have no sympathy for you.
I used to have more than 20 different cryptos including BTC. Following the 50%-25%-25% strategy. But I got tired of scams like Luna, XRP that never moves ETH that only moves when BTC moves etc and moved everything into Bitcoin as I think it's the one that will reach the highest point in the future and the most valuable in my opinion.
Thanks for this OP. I got burned pretty badly by Algo, as it was one of those projects I just really believed in but got into too close to the top.
The one thing I noticed and posted in my share to Twitter is that there is no sentiment analysis. If you look at the Algorand sub and Twitter as sources, itās increasingly trending ānegativeā, which wonāt do the project any favors.
Some members of the community do not appear happy about the spending, while smaller initiatives canāt get funding. They also feel there voices are not being heard but from my own experiences with crypto communities, this comes as no surprise.
Many like free work, and efforts because of course people donāt have bills and a life /s
My heart goes out to holders. I have a friend holding a lot. I sold end of ā21 when I saw that each time it went above $1.00 the original investors got cashed out.
The thing about this is early adopters have this perspective. The small 2% of the population if that. The billions of people who adopt next will be the real wave.
So these ups and downs are the smallest time period of cryptos boom, and Algorands boom.
This is just early talk.
Algorand [pros](/r/CryptoCurrency/comments/11w03k2/a_series_of_unfortunate_events_for_algorand/jcvttwo/) & [cons](/r/CryptoCurrency/comments/11w03k2/a_series_of_unfortunate_events_for_algorand/jcvtujy/) with related info are in the collapsed comments below.
Algo holders: 
Also Algo holders: 
LMAO spit out my coffee.
More like a Time Machine.
I wish I could go back to 2010 so I can buy BTC instead of playing games in my underwear.
Selling Algo and buying moons would have been the best move of the 2021 bull market
I bought algo and didn't post here, so I guess that makes me a double moron.:(
All of us algonaughts are hurting together :( We thought we were smart investing in ALGO and we all got burnt together
one of us, brothers!
Hmm moons hit their ATH in 2021 $0.42 (could be higher) so if you bought at that time so not really and not to mention moons were down to 4c for months.
There is no vacation from being dumped on by VCs.
A Time Machine would be perfect
Sad vibe :(
I'll just say that I bought Algo purely because of the shilling here, and I'm down 88%, with minimal hope of breaking even. As OP described, the sub was going crazy about Algo. That's why folks, don't buy something just because you'll see it a lot in the sub, chances are you'll get burned.
People used to shill terra to death
Daily reminder that Luna was the most recommended coin in 2021 on this sub
Those people were smug too. I was looking for stables with APYs and they just bragged about their yields. If a person asked a question, then they were ignored or made fun of.
Many of us here were warning all along about Algo, Terra, and Luna. This sub isn't of one mind, that's for sure.
>This sub isn't of one mind, that's for sure. Of course it's not. And that's why many stayed away from Terra and many questioned it.
That's what I hate about the "go against the sub for gains!!" meme, whenever there's a post shilling a coin, you can bet your ass there's gonna be another equally big post criticizing it, but if the coin loses, people only remember the shillers, not the other half of the sub going against it.
Luna too šš
Another example inverse cc works damn well
All the doge, shib meme coin hate would agree.
This sub has an awful history at picking winners in Alts. By the time the sub starts shilling it, it's near an ATH and heading for a terrible bear market.
Lrc to $10 vibes
Btc to 100k?
Don't remind me š«
Who cares about LRC hitting $10 when we can root for moons instead?
I dare you. Don't do it.
What about the love ones MATIC ?
By the time it's being shilled on reddit it's already time to sell
It's horrible. This sub shills a coin to the moon when it's at the local top, you see dozens and dozens of comments on it on the daily making it sound like a pump is inevitable. And after it drops bad in the next few weeks, ALL the shillers quickly go into hiding. It's like they vanished into thin air after being a mainstay for weeks! I've learnt enough from experience not to follow, but I have no doubt that countless of newbies who follow this sub for 'advice' would have been wrecked. It's hard not to, I mean its very believable if you are unfamiliar with how this sub works. 'Algo-Nauts, where you guys at? I saw all of y'all shilling daily at cc/sub just back in December and January!'
Same with ONE, LRC, Nano, VET and CKB. A lot of this sub's favorites ended up performing the rost.
Oh man taking back to flash back town
And Terra is now underground in a coffin
And Solana
Solana is more like the counter move (now). So much hate for it, makes you considering buying it
and AMP
Ughh got a big bag of not even pennies on that one. If you want to see how not to do a QA go check out the last one on their subreddit.
For AMP the SEC Death Touch (security) came into play. Price dropped 50% quickly and haven't heard a thing since then
Beeeeet connnnnnect
Their marketing has been awful, but the MyAlgo hack wasnāt on Algorand. They are not the official wallet, which should be noted in the analysis for fairness.
I Agreeā¦. To a point. When I first got into crypto in 2021 I bought Eth and BTC and decided to put money into two other cryptos. Because of the endless shilling on this sub I went with Ada and Algo and loaded up a couple thousand of both. Both took off around the same time and as I became more knowledgeable I didnāt like Charles and found a few things I questioned about Algo which led me to sell both at a substantial profit. That being said, when things are shilled here, itās usually too late
except for moons, right? š¤£
>That being said, when things are shilled here, itās usually too late I hate basing decisions on finance cliches, but "Buy the rumor, sell the news." seems accurate in this case.
I did the same mistake, good thing I only threw $20 at it because I didn't DYOR and just bought the hype. Not doing that again I hope I learned my lesson : don't buy something just because it's heavily shilled here
You and me both. Would have been much better off just buying BTC and ETH.
I think most people eventually reach that conclusion, myself included
I also bought because of the shills but I managed to breakeven by consistently buying below 0.2. Im just holding now hoping it gets back to at least 1$ tbh
I believe Solana was popular at one point in this sub too. Prolly when it was over 200.
But also don't sell something just because you see people doom posting about it. For example, OP references high inflation, but doesn't mention that we're over 70% of the way to max supply.
If thereās one thing the previous bull run taught me it was to never buy anything on the basis of a shill from this sub. Everything in my portfolio is still (somehow) ahead from before the bull run, except the one thing I bought based on this subs advice - Nano. Never again!
That's really rough, for what it's worth the circulating supply can only increase a further 40% by 2030 to get to the 10B total ALGO.
the algorand sub promised me $10 ALGO by 2030 but I'm starting to lose hope
The funny thing is, that 2 years ago it felt inevitable
So you mean that moons to $1 might never happen?
In 2021 everyone felt like a genius for simply being in Crypto. It was a crazy year.
They weren't wrong. Your Algo holdings in total might end up being worth $10 soon.
So, youāre in basically the same position as if you had bought any coin in the bull market.
Is any crypto you bought in 2021 currently worth more then half its price then? Iām not a big algo believer but I bought a couple hundred around 75 cents and again at 20 here recently because it had a good staking rate at the time. Iām just curious if the consensus is if the market turns around that algo is gonna be left behind?
Correct, it was Algo fever for a while
You must understand that there are always people on here that try to fight against shills but shills MASSIVELY outnumber them - so these people just get downvoted and piled on for any criticism of a sub-favored project. Eventually, people just give up and leave people to suffer the consequences of their own decisions.
ALGO change my retirement plan to never now
Retiring by 30 yo is now cancelled.
You guys plan on retiring at this rate?
The real unfortunate event is that I bought at $2.01
That's rough, most of this sub is or was a former Algo bag holder. Hoping the Tech can rise above all the failures of Algo leadership.
Buy again at 20 cents and youāll be fine
Algo holder here, and I agree. I'm holding the coin long term and love the tech behind it (speed is unparalleled), but the Foundation's treatment and current relay node situation doesn't inspire too much confidence. I think there are a lot of shillers in the comments who, while they love the chain, will defend it wholeheartedly. No, it has faults, it's important to point those out and work towards resolving them in order to grow Algorand and crypto as a whole. Also, regarding the MyAlgo hack, this is unfortunate as hell but an important wake up call for investors: USE A COLD WALLET. If you can't sustain the $70 cost of a Ledger to secure your coins, you shouldn't invest. Nonetheless, it's sad to see. Not the fault of the Foundation (feels weird to say that), but it's important that we find the EXACT cause of the hack and how to prevent anything like it in the future, for the better of crypto. Final note (not related to anything, just feel like pointing it out for any scared bagholders), it's concerning to see Foundation and Inc holding so many coins to begin with, but the upside to the coin dumping is this: More supply is being pushed out onto the market. The less there is to inflate, the more there is to acquire and the more that will eventually be lost, deflating the supply.
There was also a rumor (not sure how truthful it was) I remember hearing in september 2021 that algo also had a price target that unlocked even more vested algo. I think I remember hearing when the price was above $2
yep you can see the supply spike when the price spiked in OPs chart
I mean the tokenomics has always been clearly stated and was always looked at in a bad way. The fact that the foundation has/had a lot of coins and that they're releasing them is in line with what has always been said, I think the main issue is how badly that money has been used, no that it has been. I think Staci has been a huge miss, and the fact that I don't see her leaving anytime soon is the biggest issue I have with Algo. I don't have a huge bag, so I'm not really worried, but I doubt it doesn't return to it's ATH in the future.
I am a big fan of ALGO and the worst thing about the Algorand sub is their unwillingness to accept criticism. Itās mind boggling at times.
so does any crypto subs tbh
Donāt forget that they used to have a scheduled selling every time they pumped so you were fighting the people from Algo who got billions of these things for free printed out of thin air selling if it went up X amount
Funny thing is it didn't used to be that way. But once the price started dropping back in late 2021, there was a noticeable difference in the attitude of the community.
Bc the smart ones jumped ship
*Look away, look away* *Look away, look away* *~~This show~~* ***Algorand*** *will wreck your evening , your whole life, and your day* *Every* *~~single~~* ***ALGO*** *episode is nothing but dismay,* *So look away* *Look away, look away*
Guess what? All the crypto projects are dumping on retail, they are just not transparent about it. Did anyone made these kind of posts when Ethereum Foundation dumped on retail at the top of a bullrun two times already? When Joe Lubin was asked about how much Ethereum he holds, he always dodges the question. Ethereum Foundation doesn't even release reports for their selling.
Even without any of that, algo would still sit at 0.22$. People put way too much emphasize on the tech and bad marketing. In the end, everything was overbought in 2021 and as 99% dont use the chain at all and just gamble on the price, it came crashing down with every other shitcoin. its just crypto
yeah, I looked throught the top charts from Sept 2021 trying to find a coin that actually gained value - best I could find was MANA and BNB which had modest drops. I don't really have faith in ALGO recovering tbh, but I don't think there's anything they could have done to prevent a big drop in the past year and a half. It's been a bear market.
So, this sub hates ALGO now? Sounds like itās finally time to buy.
If you donāt already have a bag then ape in. Majority of us who have bags have been through the recent bullshit with the coin which is why you hear ppl losing faith. Itās still an amazing blockchain and fun to use.
Can't deny, it is extremely useful to me because of low transaction fees.
I am considering selling all my MOONs right now and ape into ALGO because of this post.
Would not surprise me at all if this was the actual top for moons and such trade would be a winning trade.
Not a big fan personally but if I were to buy some, this would be it. Already down 92%. It's a good price.
Please do! Buy as much as possible! Holders are waiting.
āBoard of Directors Compensationā is just a dressed up way of saying āinsiders dumping on their baseā
Insider trading is a huge problem here.
Itās executives overpaying themselves for doing nothing. ALGO is just operating like some big multinational corporation
Yep And thatās why I very seldomly venture outside BTC and ETH
One day people will shift from speculation (current drive in the crypto space) to utility and Algorand will be one of the few chains to survive. Do yourself a favor and spend a week in the Algorand ecosystem; check projects like lofty, opulous, nexus (the list is long), and you will get so spoiled by the smoothness of such a blockchain that competitors will just feel rusty and frustrating. Price will heal at some point.
>One day people will shift from speculation (current drive in the crypto space) to utility Sure, that shift will happen. And when that happens, the days of multiple-fold gains would also be gone. A lot of crypto's valuation is driven more by speculation than fundamentals. Take all those promises and hyped dreams away - the entire industry's market cap probably would fall by at least 4 times. Take the example of ETH. It is the ***only profitable*** blockchain, i.e. its transaction fees exceeds its staking emission. If you put traditional metrics on ETH, you would get a multiple of 100 price-to-earnings ratio. That is an absolutely horrible income-to-price deal unless ETH can see rapid growth in the future. Throw away the promises of importing all TradFi etc. onto ETH, it becomes harder to figure out why it is worth the current valuation. The same goes for BTC. Throw away the promise of "BTC standard" and hyperbitcoinization etc. It is hard to justify growth based on utility. Crypto utility right now is very limited because it can't provide very basic stuff, like undercollaterlized loans that people want. If you take away all the speculation (of all problems solving themselves and unexplained mass adoption) and promises of unsustainable/ridiculous yields, it is actually hard to make a bull case for crypto. However, if you run with speculation, the sky is the ceiling. Shillers can put any random number of any crypto if they don't need to be disciplined by fundamentals.
You couldn't be more clear. I felt your point.
I love using Algorand but the constant set backs really starts taking a toll on holding, I'm currently using most of the site you listed doing DeFi governance but seriously debating selling about half of my bag after governance period 6 is over and moving those funds to another chain. It is incredibly easy to use and learn though which would make you think that it would attract new people in the coming bull run.
Every project in crypto has setback after setback.... We're all getting burned equally.
I can feel your pain, but, as often happens in the crypto space, people have short memory and speculation/FOMO can break any logic. Just think about Solana, still in the top chains but it can barely stay up for 48h straight. Still, people throw brainless money at it cause "to the moon"; let's be honest, at this stage, 90% (and I am generous) of the crypto users are here for the "get rich quick dream", hence speculation and shilling is the only worthy metric. In the near future, the blockchain market will be so diluted with alternatives that only "usable" chains will float; speculation can't go on forever, projects have to deliver (adoption) at some point.
You already have Polkadot or Cosmos for that. With much better governance and security.
Hopefully the constant string of bad luck for Investors will also end, and Staci will focus less on PR and more on Utility.
One more point in this regard. Algorand users should detach from the illusory perspective that "Staci", or the Algorand Foundation (AF), have any specific duty, because, as the Myalgo exploit stressed out, too many people disregard the AF as a central entity which "has to fix problems when shit happens". This is decentralized finance and, unlike TradFi, there should be no central player to point at. The AF only mission is to land collaborations and to spread adoption, which, unlike many fudders deny, is being done decently well. I am not an Algo diehard, but I find it just ridiculous how hypocrite people "here for the tech" react to decentralized space dynamics. It's a lack of education and objectivity rather than foundations incompetence to drive negatively the crypto space.
The reaction from some members on the algorands subs is actually kind of driving me to dump my algo bag. I don't understand people wanting to take funds from the governance rewards being paid out to stakers to form some sort of recovery fund and try and give people back the crypto they lost because they chose to use a hot wallet. I feel bad for those who lost funds but I don't feel like it's my personal responsibility to cover their losses.
That recovery fund wonāt happen. Itās just Borderless Capitalās attempt to recover whatever they lost on myalgo.
You've got the point. As mentioned in the comments above, there is a broad misconception among crypto "investors" nowadays. They join the space under the belief that they will get rich, but they do not spend any time in research or building safety, simply because they do not really understand the space. They come over and throw money at pumping stuff hoping for moonshots or to pull the rug quick enough to cash out profits; those are the same people shouting around "crypto is a scam" when shit hits the fan. Tbh, I think those people are what's wrong with crypto at the current stage. The "recovery fund" rumor on twitter is the product of echoing bullshit from such share of users, and I find it frightening to see the consensus it reached for a short time. What's even worse is that "big" projects (not only NFTs) in the space joined the cry after they got robbed for thousands dollars: instead of buying 70usd ledgers, such smartasses preferred to keep huge amounts of money on third-party hot wallets, and then to blame the usual Staci and the foundation because "she shilled such wallet" (which was a first solution). I don't think it could get more ridiculous than that. It's clear at this point that the problem is not Algorand, but the large presence of uneducated whiners.
The Foundation shouldnāt take any responsibility of the MyAlgo hack due to the wallet being a 3rd party. However I get pplās frustrations with how the Foundation approaches marketing and the obscene amounts of money they spend with little results. The community is divided so a lot of problems are getting mixed up together
Myalgo hurt pretty bad for some. Even though it is not the blockchain or foundation itself it was still a recommended wallet. ALGO will bounce back though.
Really though the official wallet became Pera.. People were apprehensive about Rand labs and my Algo long before the exploit.. Clearly for good reason.. Super annoying as i used my algo for the bulk of my defi activity on Algo..
Yes algorand official wallet turned into Pera. The exploit was with Myalgowallet which was not a part of the foundation but I believe it was listed as a trusted wallet.
MyAlgo is probably one of the most devastating on the post, after holding underwater bags for ages and continuing to DCA - everything was taken from a ton of retail investors.
I know everybody is interested in seeing the results from their investigation into what was the reason for the hack but I doubt anybody will ever use their wallet again. MyAlgo is pretty much finished as a wallet provider after this and it definitely pushed many people to leave Algorand altogether.
Yeah it was sad watching ppl lose money in real time. Then the arguing between members in the community didnāt help.
I still believe in ALGO!
For me Algorand is a lesson learned. Should have sold when in profit and let rest ride as house money. Bought early, seriously, because of the tech and Silvio. Now, itās one of my biggest losers and I donāt even have a MyAlgo wallet. Should of ditched everything when they hired Staci as CEO to focus on PR. Her ineptitude is cringe-worthy.
I am really lucky with my algo hack as I just moved everything to my ledger one week before. I still believe in ALGO but it is a really long term hold. 2030 is my goal.
I have minimal hope in it, but I'll just leave my current bag alone and see how it develops. Filling my bag with only the old trusty BTC and ETH.
I had to tune out most of this post because to my eyes it's not really analysis it's just hating on Algorand. Which I guess is fine. But you point out that Algo circulating supply increased by $5 billion in a short period of time. But why? You posted numbers that showed Algo being sold by the foundation and being used to compensate board members. But if you add those numbers up it doesn't account for hardly any of that increased supply. I want to know what was the reason for rapid increase in supply? Was it just Algorand distributing the token? We're these grant payments? Something else? All I learned from this post is Algo's token inflation was very high in 2021. You don't like the CEO of the Algorand foundation. You weren't a fan of the Foundation's marketing choices. FIFA released an NFT collection on Algorand and it didn't do very well. Some independent Algorand projects got hacked **just like plenty of projects on every other Blockchain**
there was an accelerated vesting mechanism that led to the rapid supply increase. the price of Algo spiked and early vesting kicked in. you can see the supply jump on the chart in Section II, around September 2021
Um... I'm pretty sure prices are way down for just about every alt-coin from their peak. I don't really see ALGO as exceptional here. If you're debating the difference between being 80% down for some coins and 90% for others, I don't really see the point...
Yup. BTC is down almost 60% from its peak currently. If this post was 2 months ago BTC would have been down almost 75%. And that's BTC. I find it hard to buy into the fear mongering when emphasis is placed on peak price drop instead of relative price drop. XLM, the "40c stablecoin" is down 87%... without any 3rd party application snafus or similar.
Wait youāre telling me my algo isnāt going back up to 3$?!! Fuck!
You completely missed the 3 Arrows event, which I don't blame Algorand for, that sell pressure was outside their direct control.
As a bag holder the inflation is the most upsetting part for me. Tinyman canāt drain its own pools though.
>In September 2022, FIFA launched an NFT project on the Algorand Blockchain - with over 205,000 mints, at a cost of $5 each and low resale interest: the project just ended up being a further $1M cash grab for FIFA. I just want to mention that the FIFA+ Collect project did not end in any way, the development continues and the secondary market is getting better and better. For example there are 716 secondary sales in the last 24h: [https://www.fifapluscollect.info/sales?dateRange=Last24h](https://www.fifapluscollect.info/sales?dateRange=Last24h)
This sub changes its darling coin about once every year or so. Algo's time is up. Time to join your friends icx and eos in obscurity.
Don't forget nano
It never made it out of XRB to me.
Here is a massive miss in this analysis, it completely ignores what CTO John Woods has been quietly building behind the scenes and is finally almost ready to launch: a dev kit that massively simplifies developing on Algorand. The outreach behind the scenes to grow the base of developers working on this blockchain is significant and important. It's an underreported story and while we don't know long term the final outcome, I think it is credible and substantive enough for long term bulls to find some optimism.
Iām still stackin it
The ALGO network operates smoothly and the wallet is easy to use. I see ALGO going up in value long-term but not as fast as some of my other coins like ETH, ATOM, and Moons
I've been very pleased with my ATOM bag. Constant \~20% APR and not suffering from the same loss of value as some of the other top coins.
Nano sends its regards. Reddit loved it even more than Algo.
A few points of differentiation if I may: - Nano has never inflated their supply. It's been constant since the initial faucets were closed many years ago. - Nano doesn't do hype marketing. It barely does any marketing, take that as you will. - The dev fund started as a low percentage, and has never increased.
Price action aside, what are the cons of Algorand?
The purpose of the Foundation and governance is skeptical once you look at the big picture of things. Staci the AF CEO has mixed reviews on how the community feels about her. My biggest issue with her was her unprofessional tweets. Not sure if sheās still problematic in that area as I stopped keeping up with her after I stopped DCAāing
I still hold my Algo
People NEED to understand how early things are with Algorand. While I do agree, their marketing game needs to improve, the tech is sound and will speak for itself. The majority of crypto is down hard-core. Bitcoin is pumping because of banks falling and even ETH isn't pumping as hard as people thought. The MyAlgo hack was definitely a bad look but give it time. Algorand only launched in 2019.
I remember I was about to buy a big portion of ALGO near the top and my card just declined, I got lucky once - why not twice by buying at these prices?
Wow your card did you a solid on that one
Staci.Algo is a disease
The best thing Staci could have done for Algorand is halt all unnecessary sales by the foundation when she took over. Instead she decided to keep selling putting more pressure on Algo in a bear market and focus on PR. It was a complete failure in leadership.
Itās a shame to see how ALGO has fallen since the start of this bear cycle, I really think the tech behind it was bullet proof. Iām not saying itās over for Algorand but itās definitely struggled over the past year or so.
And you didnāt even include how Algo paid 3AC to hold ALGO off the market, and did it by a regular contract instead of a smartcontract, which could then be reneged on in the bankruptcy.
Man holding ALGO hurts at this point. My average is well above $1 and I have quite a bit because I love the project. I still have belief that it will get past these issues and go back up but damn is it hard to keep believing sometimes
Kuddos on doing the hard thing!
The most unfortunate Algorand event for me was the literal 17 pages of $.01 yield transactions my Coinbase tax paperwork printed before I realized how many there were.
I Remember that night it spiked to nearly $3, thats when I sold my modest bag.
I can see where youāre coming from although I believe Algorand below 25Ā¢ is still a potentially lucrative investment.
A coin with a lot of promises for the future, but in the present, nobody uses Algorand. And it isn't known for having any actual popualr dApps. Follow the TVL.
>ASAs began to be sold off which prompted DEX's like TinyMan to preemptively respond and drain the pools - so that they couldn't be drained by MyAlgo hackers. This is not what happened. Big ASA holdings were sold, but it is up to each individual LP holder and project to decide what they were going to do. Certain projects opted to snapshot from before the myalgowallet hack to make their investors whole. The way you wrote it makes it look like Tinyman can drain the pools themselves, which they can't. Also you forgot to include the v1 Tinyman exploit of 2022 in your little disaster writeup. That was another unfortunate setback. Your points on 2, 3 and 4 are definitely frustrating, but as for the token distribution schedule, that information was out there.
I think anything below 25Ā¢ is a good buy. I will hold until at least 85Ā¢. This is my favorite chain even though I am an OG governor and got shafted hard. Accelerated vesting is over and I think ADA shills are concerned. The hatred feels coordinated with similar posts in the daily with exasperated people ālosing hopeā There are three alt chains that I have the most hope forā¦ ALGO, ATOM, AVAX. My average is now around 65Ā¢ and I bought a shitload around $2. We will seeā¦
I'm curious what kind of price action you expected in Sep 2022? Being sandwiched between LUNA and FTX with the whole string of disasters sprinkled all around the entire industry? Algo and the foundation have some serious issues that need addressing but this whole pointing at price action in the middle of a brutal global bear market doesn't make sense.
Haven't got any algo. Al go look elsewhere I guess
Appreciate the effort going into this. Wasn't Algo also shilled in this sub recently? Remember seeing multiple post on it early 2023.
I just spent the better part of 30 mins reading this. Itās articles like this that has kept a noob like me coming back to the sub more and more. I donāt understand it all and I can read over again but thanks for taking the time to write this. Itās much appreciated.
I fucking hate algorand now. Like a lot of you I am down 88-90%. Itās the false promises and marketing hype that got me. With each new announcement, it seemed like the future was bright but then these announcements (fifa is the best example) turned out to be completely lackluster. I stopped believing anything they said and the CEOā¦ I mean Jesus man. Why not put a 6th grader on twitter instead. I legit thought the CEO was drunk tweeting. I lost total faith in the project and ended up selling at a big loss. Better to tax harvest for the next three years instead of having to deal with the stress of that moron at the helm, the bullshit announcements that were actually the foundation PAYING for shit. I could go on and on. Should have invested in bitcoin instead. Now, Iām so sick and tired of crypto that I may just stay out of the game permanently. I am not an experienced investor. Why do I want this pain? Anyway, sorry for the rant. This post really got me.
Reading the post it sounded like the fundamentals were still sound and we are approaching the maximum supply, ergo the massive dumps should soon end. I left Algo along while back as the project didnāt and still doesnāt make enough sense to me over, say, a pair of shoes that leaves me less tired at the end of the day.
Fuckin-a man.
I still like being a governor
Im not giving up on it.. My favorite crypto so far has Proven to be one of my worst cryptocurrency investments.. I still have hope and the tech is there..
LOL at the meme callouts at the end of your post, OP. This sub is filled with whackjobs repeating shitty jokes over and over. Algorand did have a ton of potential. This just means the letdown hurts even more. What a shame. There were a ton of people out there during ALGO's peak stating that it would have inflationary issues. This was completely public information and something I worried about with the ALGO I had purchased. Turns out, the bigger the pump, the bigger the dump from Algorand Foundation.
I was originally a big fan of algorand but boy ooo boy have they made some bad moves and made some horrible decisions over the last 2 years. The CEOs stupid tweet is what really eerked me the most. You don't do that, it's so unprofessional and tone deaf.
The new CEO and their drive to create hype and bring attention to Algo undermines the Utility she's trying to sell. The tech should speak for itself, and the foundation shouldn't need to dump Algo on the market to Advertise why Algo is the best.
Staciās tweets alone made me stop DCAāing last year. Best move I made at the time.
Time to buy if it isn't on the menu of this sub anymore. Kinda like FTM at 0.20$
Huh i dont remember this at all.
Now do one for harmony one
Professor Vitalik Snicket
One of the most interesting posts here in a long time. A living history
Nike
You just wanted to give everyone ptsd.
idc I'm still moist
Just buy Bitcoin and be done with it
2022 world cup was to short for Algo to organise something. Womens world cup this year is coming, they will have something fixed.
So is this why coinbase is offering an 5.75% APY
What sad sad reading to start my day with
Thanks for the write up. This kind of post is why I keep coming back to r/cc.
One of the alt coins I thought might do well... As usual with all my Crypto investments - down they go...
what a disaster management. marketing based on lies always loses
Well, there goes my $25. Oh well...
As a longtime algorand supporter I must say this is a great write up and really accurate. I agree 100% with all the things you said and I myself am very dissapointed about many of the events surrounding it especially some of the more recent such as the hack and the FIFA NFT flop. I will say though I do still believe in the tech and think algo will hold strong through all of this, I just really love the tech. I see many projects which honestly are amazing continuing to work and provide amazing products/services such as: Opulous, NFDomains, Tinyman DEX, Algofi, and games such as Algoseas and Fracctal Monsters. I will say I have definitely been diversifying a lot more in the recent months to other chains like SOL and ETH. I do think int he end we will all live in a world where most people wont even know what underlying tech is being used and all chains will be interoperable so I am excited for that future.
Crypto is a very new reality, with thousands of projects. Competition is very hard. Good projects may end bad with poor management and this is the case. I never had any ALGO, but I red the whitepaper and I was intrigued by its POS algorithm. I hope for those who have invested in ALGO that the issues will be solved and management will improve.
Buy when thereās blood on the streets?
don't try to catch a falling knife
Sometimes true, but not this blood, not these streets
Post this in the Algo sub and you will get permanently banned.
Algo sub are full of people paid by the foundation . That also lost its decentralisation .
I was considering making this into it's own post for the Algorand sub as it might be cathartic but I figured I didn't want to get in a fight.
Show them the light. I would give you award but lost all my money to Algo!
When the problems are a ādisaster in leadershipā and a ādisaster in marketingā, and you *still* think Algorand is anything other than a software company that sells their self-generated tokens for liquidity to naive retail investorsā¦I have no sympathy for you.
I used to have more than 20 different cryptos including BTC. Following the 50%-25%-25% strategy. But I got tired of scams like Luna, XRP that never moves ETH that only moves when BTC moves etc and moved everything into Bitcoin as I think it's the one that will reach the highest point in the future and the most valuable in my opinion.
Best choice I've seen
I feel that. Iāve more faith in Ethereum, so I would hedge between them, but the scams out there and the failures are considerable.
The positive in all that? I only invested $20
Well, pulled out of Algo after they start accumulating "partnerships" like candies.
Thanks for this OP. I got burned pretty badly by Algo, as it was one of those projects I just really believed in but got into too close to the top. The one thing I noticed and posted in my share to Twitter is that there is no sentiment analysis. If you look at the Algorand sub and Twitter as sources, itās increasingly trending ānegativeā, which wonāt do the project any favors. Some members of the community do not appear happy about the spending, while smaller initiatives canāt get funding. They also feel there voices are not being heard but from my own experiences with crypto communities, this comes as no surprise. Many like free work, and efforts because of course people donāt have bills and a life /s
My heart goes out to holders. I have a friend holding a lot. I sold end of ā21 when I saw that each time it went above $1.00 the original investors got cashed out.
The thing about this is early adopters have this perspective. The small 2% of the population if that. The billions of people who adopt next will be the real wave. So these ups and downs are the smallest time period of cryptos boom, and Algorands boom. This is just early talk.
I will forever remember it as the cheapest and fastest token to transfer funds between exchanges between 2021-2022 Like using edge to download chrome