/biz/ - Business & Finance

>>55229163
Its actually amazing how badly they fucked this up.

>>55229163
I got so fucking lucky when I dumped mine. It seems like every single thing they do is a massive fuck up and I somehow saw the writing on the wall.

>>55230397
No joke, out of all the chains I tried, this is the one that just works seamlessly for the end user, it could have been the one chosen coin to bridge the gap between normies and crypto, any moderately competent team could have taken this to the top 10 and at least 100 billion market cap.
I couldn't have fucked up this badly if I tried lmao. My only hope is that Silvio/Algorand Inc. forks the chains and re-launches it with a fair token distribution and no foundation. In the meanwhile, I'm out. Cut my losses at $0.18. If you're still bagholding, I feel bad for you.

>>55229163
Algo is dead
Use it to tax harvest

>>55229163

it's likely a scam chain. :(

>>55229163
Academic boomer does vaxx passport coin. Crypto is by principle opposed to this kind of shit and will fail except if it's a totally kiked like xrp/hbar or baseded like link.

>>55230489
>No joke, out of all the chains I tried, this is the one that just works seamlessly for the end user

It may work well... however building a basic blockchain is open source on github.

>>55229163
Algorand has a fairly clever randomized POS consensus mechanism, I grant, but Silvio Micali failed to consider economic facts, which lead to him instituting this insane distribution schedule. Consequently, ALGO has had more inflation than an emerging market currency.
>but Algorand is a great consensus mechanism
Perhaps it is, but people are not buying "a great consensus" algorithm; the consensus algorithm facilitates the functioning of the currency and if it doesn't work as a currency, the quality of the consensus mechanism is irrelevant.

>>55229163
I’m happy the SEC is suing those fucking scammers. What they did is 10x worse than XRP. Luckily, all the money they stole from retail will be confiscated.

>>55230554
It’s a premine where insiders got 80% of the supply and retail is used for exit liquidity. Classic textbook scam. These people are criminals and belong in jail.

>>55230601
It's a nice technology, but ALGO will die because of this. Thinking that ALGO will succeed because randomized POS is nice is like saying that the Jiaozi should be worth more than all other paper currencies because it was the first paper currency. The technology is easy enough to copy. But ALGO, as in: the token, as opposed to the technology, is a shitcoin because of its premine/distribution schedule, as you said.

Gensler needs to be sued if this fails.

>>55230660

> It's a nice technology

It's no better or worse than BNB.

Algorand is a fine lesson to those who believe "muh tech" is the key to making money in this space.

The cruel reality is that MARKETING is by far and away the most important thing for ANY particular crypto to succeed. See what happened to Pepe vs Wojak tokens. Pepe exploded while Wojak, whom many people can say is (almost) as popular of a meme as Pepe, completely flopped due to shitty marketing.

Marketing + community is critical. Algorand is a sad story of good tech that happened to become a sinking ship due to shitty ass marketing:

> Muh inflationary tokenomics
> Muh governance
> Muh "buy the hype sell the news" fifa worldcup marketing
> Muh Yieldly

>>55230929

> The cruel reality is that MARKETING is by far and away the most important thing for ANY particular crypto to succeed.

No, it's more than just marketing. When it comes to software, use case, reliability, front end & back end design in several aspects of user preference. (aesthetics, performance, functionality, cost, population acceptance)

Solana was backed by FTX
BNB is backed by Binance

All major central exchanges back Bitcoin and ETH.

What backs Algo? Nothing. It's just pre-minted tokens being dumped on an exchange.

For all you know... Central exchanges bought millions of tokens from Algo for a fraction of the cost.

Same goes for this Pepe Eth token on binance. Binance likely bought their tokens for way less than what the price was at, maybe like 1/10 of the price at the time of purchase.

>>55229163
99.99% of altcoins are elaborate scams, Algorand is probably in the same league as IOTA in terms of scammyness

>>55229163
>he married altcoin bags
many such cases

>>55230524
>like link.
the WEF Globohomo coin?

>>55230866
No, it is actually better because of the (fast) transaction finality. There are no failed transactions on Algorand and no bs like MEV/sandwich attacks that you see on EVM chains. The PoS mechanism also works without the need to lock up a fixed amount of tokens or delegation.
But agree this technology should be easy to copy and fork and ultimately doesn't amount to much value if the team behind the coin isn't putting in the work to create network effects.

m.i.t. is known for being a decent place with bright people.
but like all things in this world.
the opposite is true.

they are a bunch of scum fucks.
always have been.

aaron swartz

i know a women that m.i.t. attacked for almost 30 years to take all of her properties.
she lives in the court system. still to this day.
her entire life is m.i.t. and court cases.
thats all.
then i figured it.
its. all. they. do.

i've seen m.i.t. kikes literally go to 500k+ homes.
then measure each railing and cause people to foreclose on their homes over a 4.2'' gap in a railing.
they are that gay.

i have seen an old woman lose 60k+
over a fucking $20 home depot repair.

i've seen female "veterans"
simply no pay rent. at all. through covid.
then sue the landlord.
because there was "mold" on the window sill in the apartment.
which was fixed with some chemicals
and a washcloth. in 2 minutes.
and is still fine.

this "veteran" bitch literally would not clean her own apartment and would attack the landlord about it.

i lived in that apartment after the veteran bitch left, and there was 0 wrong with.
everything worked just fine.

It's funny, I've made a lot of money on Algorand but not using the actual coin. Stablecoin lending is beating out my HYSA and tbills by a large margin on average.
>>55230929
is unfortunately right, Algorand blows almost every l1 out of the water when it comes to the actual underlying tech, but is marketed like a wet napkin and thus unless something changes is pretty doomed. Plus the tokenomics are a little retarded. Regular drops of tens of millions of algo for the foreseeable future makes it dump every 3 months.

>>55230423
I thought I was smart for selling at $2.40
but I didn't sell my whole stack. I rebought at 1.60. 1.40. $1. .5 .14. what. the. fuck silvio.

>>55230554
all he had to do was keep the natural 4% or 2% yield whatever it was, easy peasy. governece fucked it.
>>55230601
I'm thinking you're right. I think silvio got hijacked by investors
>>55231839
when will the dumping pain end? I heard 2030.. is that true?
I'm a dev and I started looking into algo but the lack of existing ecosystem doesn't inspire me to be 1 of the first. I would rather go learn ICP or some other more experimental chain like mina or saito.
silvio's autism shines in his old papers. he is OG of cryptography. when I read about state proofs and other innovations, it's exciting
all this cool tech and no one using it.

Everyone I knew that liked it enjoyed passive staking just watching numbers go up lol.
All of them dropped it once Governance came out and they had to think
It was the true midwit coin

I signed up for governance but the process of me pulling out my ledger and plugging in the DeFi platform to read the proposals and vote is far to labor demanding for the amount of pay I would receive.
Basically, I’m not voting because it’s worthless. Fuck this tranny coin.
-25% on the monthly btw

>>55231875
>when will the dumping pain end? I heard 2030.. is that true?
I believe that's the current plan, yeah.
>I'm a dev and I started looking into algo but the lack of existing ecosystem doesn't inspire me to be 1 of the first. I would rather go learn ICP or some other more experimental chain like mina or saito.
silvio's autism shines in his old papers. he is OG of cryptography. when I read about state proofs and other innovations, it's exciting
all this cool tech and no one using it.
There are some interesting things having been built/are building on it. Algofi and folks are pretty good and useable as-is. Lofty is very interesting although is fairly token-not-needed. Vendible is promising although it's cross chain although I believe mainly on Algorand. But the funny thing is, none of these really require you to have more than like, 1 algo in your wallet for transaction fees to use. There is almost no reason to use the actual token algorand.

>>55231259
Couldn't that just run as a sidechain to Bitcoin or something?

>>55231933
they were smart
>>55231940
yeah I remember a couple key gov votes came up on /biz/ we thought we were winning then whales crushed it
>>55231953
is algo too good -- too efficient?
The UX for speed is actually p. nice

>>55231875
>governece fucked it.
A tale as old as time, isn't it?

I'm gonna slurp, fuck this clown world

>>55232016
You’re just slurping the infinite VC supply lmao, might as well light your money on fire or throw it down the toilet.

People are here to make money. Tech doesn't matter. When it's been 14 years and people are still trying to figure out what the tech is needed for, it's not needed. Algo's nice to use but that's because it's centralized. The whole point of this space is decentralization, therefore its tech is dogshit.

It is a literal scam. 72%+ of the supply vested and NOTHING to show for it. Almost all gains have been sucked away by dilution. No users. Small ecosystem with no liquidity. The Algofi team has even abandoned ship, devs are not eager to have their income depend on a dead chain. TPS is the same as 3 years ago.

The money was laundered with partnerships like drone racing and went straight to their pockets. Marketing means nothing when you gave the tokens away for cheap or free to your friends and VCs who do nothing but dump.

>>55231557

I'm guessing M.I.T. is a honey pot for those who score high with mathematical tests and also show creativity.

It would only make sense.

>>55229163
there is no level of autism on this world that could save you from the downfall ALGO will have soon

>>55229163
i just bought a shitload more this past week

>>55229163

>>55229163
Redpill me on algorand. Should I buy a stack? Seems very oversold atm

>>55234534
Why buy now? Just wait until the end of June when everyone dumps their governance bags after getting their rewards

as mentioned before, this coin is only good for a tax purposes.
when you need to find a way to write off some tax, dump your algo and be done with it for good.

>>55231973
it's very strange. glows a little :(
>>55232893
>money was laundered via partnerships
I'd love to know that was the truth, then the bullshit could be purged.
>>55234534
honestly I would buy $10k right now if you don't mind holding for a few years BUT the action is abysmal and it could go down another 90%. who knows.
Silvio is an Italian genius - you can find his name on the early cryptography papers talking about Zero Knowledge Proofs - being able able to mathematically prove things without needing to know details. Good for privacy and cross-chain things which Algorand is doing with state proofs - can prove with MathMagic*TM that certain transactions were made or certain balances are there. Potentially huge interopability - BridgeNoteeded, bc you acn do onchain analysis..

>>55236083
>I'd love to know that was the truth, then the bullshit could be purged.
Either they laundered money or they managed to waste almost every single dollar in the most efficiently incompetent and spectacular fashion, because there's nothing to show for 4 years of spending

>>55229163
I was really lucky. Bought over 5,000 ALGO in early 2021 for around 30 cents. Sold half my stack in September '21, and the other half in January '22. Basically a 9X due to earnings and selling at good times. Had similar luck with GRT, NU, XTZ, and even BAT over roughly the same timeframe. Regrettably, I held onto some XTZ and BAT, but not enough to cry over. Virtually all crypto has been shit since the first quarter of 2022 by the way. It's definitely not just Algorand. Look at any chart. Welcome to hell. It's going to get much, much worse before it gets any better (and there is no guarantee that it will get better).

>>55236164
The more I think about it, it is very suspicious. I'm hoping an algo insider will say something. Buying ads for horse races or whatever is pointless. They should have been funding games on algorand, trading platforms, etc.
>>55236350
Yeah, I know the market's been to shit but algo has taken harsh dumps & not recovered when others have.

>>55236364
They had private early seed rounds as cheap as 5 cents. A very tiny portion of coins were allocated to the public. It was on the algorand foundation to do literally anything with their warchest, and they didn't. Then there was a program put forth by their VCs called accelerated vesting which ended up giving them all their coins faster than originally planned. Billions of tokens were released and all the heavy backers peaced the fuck out with nonstop dumping.

It's a full blown VC scam. Everything has been to their benefit while the community and chain are a ghost town with relatively no resources devoted to it.

>>55229163
If you sell it then it will just go way up later and you will hate yourself. Just don't look at it.

>>55229163
Umpumpable piece of shit.

>>55236449
>If you sell it then it will just go way up later
Please explain why the fuck this would ever go up? The foundation is dumping millions of algos every month and there is no new money coming in.

>>55236425

I remember when governance started, everyone on Reddit was bragging and making jokes about being a ‘Govna’

>>55237411
a solid sell signal in retrospect

>>55237670
:(

>>55229163
That's some fucken bullshit Pajeet. Get them templates to analyse assets for you or jump on Tokenmetrics AI-powered platform to show you trending assets for short-term or long-term investment. You cant keep getting fucken burnt.

>>55239094
kys

>>55229163
That's the more reason I diversify into some solid metaverse utility tokens like RIDE, ALICE and TLM. Metaverse is the next big thing in this market and I can't snooze on them.

>>55229163
> keeps 20% of the supply
> lifetime of free money from token dumps
Why would he not do it?

>>55231259
there is no mev because no economic incentives to try (no liquidity, no volume). the coin is not better than avax

>>55241809
Smart man, Algorand is actually a huge success for him. He used his resume to get midwits to buy into his cash grab and it worked

>>55229163
>passive staking.
Passive staking is still a huge thing. Just jump ship while you still have time. I'm earning up to 45 and 25% APY by AstraDao and Egld. Nobody gets rich by marrying a dead bag.

>>55229163
Governance has been the biggest botched attempt at… what was the goal even? Whatever it was they screwed up

>>55242033
>>55241809
it sure did :(
>>55242671
to screw us apparently

>>55232016
It only makes sense when you're slurping the right assets anon. Good thing I'm using the indices on an AI prognosis app to build my pf with alts like Tomi, Ltc and Syn for future gains.

It's just so fucking comfy bros, I love using Vestige, I love 3sec finality, I fucking love cheap gas. I just don't wanna have to leave, but fuck me is the prize making me want to.

>>55243530
>I love 3sec finality, I fucking love cheap gas
This isn't because of some amazing tech, but that relays are permissioned and heavily subsidized by the foundation. It's not sustainable at all, especially given the lack of usage with the ghost chain

>>55229163
it’s over

I WANT MY MOINEY BACK (ToT)

>>55230489
I sold a couple of weeks ago. Should've done it last year. Same as you I thought this could be one of the top coins, it should've been.

>>55245297
is it completely dead? bros I'm still bagholding
thinking of buying more later this year if we break 8c

>>55230524
but it solved the trilemma and was created by MIT and the Boston Fed or whatever

Wasn't Gary Gensler an advisor to the Algorand Foundation? Hodl Algochads! Our day is coming

>>55231156
pretty sure both Algo and Iota are actually being used by corporations for fintech purposes and the retail market is entirely auxiliary

Iota is being used to develop internet of things sensors for carbon credit decentralized/distributed measurement, reporting and verification sensors, for example. this is going to be a huge industry in 2 or 3 years, but obviously that doesn't drive token price for retail users.

i've always understood Algo's main application to be programmatic money, for use in derivatives markets by institutions and regulated entities. didn't they have ISDA and DTCC partnerships?

Algo is waaaay too mobbed up with the most powerful people in the world to go the way of the dinosaur. I remember i attended an Algo dev workshop/info session way back in the day, like 2021, and it was all ex Microsoft, ex Google, ex Oracle middle aged hyper autist spook types who probably all had security clearances.

all the tinyman, NFT marketplace, neon NFT bullshit is just marketing. i think their sustainability/inclusion stuff is mostly posturing as well, basically paying obeisance to the Blackrock DEI/ESG powers that be to show that they are capable of mouthing the words as they build the kinder gentler dystopia

this should be all you need to know to understand that Algorand isn't going anywhere:
https://www.circle.com/en/usdc-multichain/algorand
https://membership.isda.org/member-showcase/algorand/
https://algorand.com/resources/ecosystem-announcements/algorand-and-isda-asset-tokenization-and-programmatic-money

i actually don't hold any more myself but

>>55246176
You're spewing old, stale hopium that nobody believes anymore and will never go anywhere.

Algorand is used for logos at drone racing and chess competitions. All of its "adoption" has been total nothingburgers. Algorand always put on the facade that it's highly connected but it's just a bunch of out of touch boomers, and the tranny completely eroded any semblance of professionalism from their act.

They talk the talk and make empty promises. They've proved nothing after 4 years with a full runway, and now it's considerably shrunk, which means they'll be able to do even less than the nothing they were doing before.

>>55246176
Bro there are zero buyers of this coin in profit. Zero. Not a single one. Except the VCs that used lax regulations and a low interest rate environment to dump on retail for years. It's a scam with a bunch of midwit tech bait marketing.

Single digit cents boys
It’s over

>>55245410
Brother we probably break 8c in a couple weeks the way things are going. Why the fuck would you ever want to buy this again. It's never seeing 0.75 ever again.

>>55242033
Kek, the baggies here must be having a bad time. More reason why its important to take profits at the right time, well I could never be stuck with this since I use the TM grade on an AI prognosis app to identify entry and exit zones on different altcoins.

>>55229163
Dump the dead crypto and hop on the hype train, anon. Ride with the absolute chads by buying RNDR ORE and CORE

Just got liquidated

Very cool
Thanks algoshit

>>55236350
>Basically a 9X due to earnings and selling at good times
You're so lucky fren
>>55229163
>passive staking.
Smart move, my only consolation is the fact that something nice is coming in on Uniswap on Sylo-Wbtc LP

>>55246176
>Iota
IOTA is much worse than Algo.
They spent their first few years making up reasons to confiscate user funds and to reduce the supply and pump the price. For example, they'd say "sorry, there's a bug, please update your wallet in the next 4 weeks" and then just pull in all funds from users that didn't update.
In any other coin it would be a scandal for the team to even have the ability to do so, but IOTA carefully curated a culture in which "snapshots" came to be seen as a legitimate way to pull your funds to "protect" them (they also pruned the entire transaction history).
I'm convinced that this other oddity of IOTA where it was considered normal for your wallet balance to drop to 0 due to some "technical reason", was deliberately designed to support this scheme as well.
They seem to have stopped doing this some time ago, but it's much more of a scam at its core than any of the VC scams.

>>55243698
No you fucking moron, it's literally because of the tech. Read the consensus algorithm and run a devnet, or a fork. You can get the same througput that we have at the moment with three relays that are literally paid by fees.

Also, since relays don't partake in consensus they have no say on what tx they push, so it's a non issue that they're federated. This is the most low hanging dumb fuck fud on Algorand. If you think that's centralisation, wait until you read about the three ETH node operators, or the two BTC mining pools, or the fake Ada staking pools, or the MATIC multisig, or the BNB validators, or the atom ones. Algo's divorce between consensus and validation is so fucking smart that next bull everyone is gonna do something similar and call it innovative.

>>55230423
Thou most people didn't see this coming too fast, I suppose I was fortunate to have taken profits on some of my position partially due to the piece I found on tokenmetrics

>>55247477
holy shit the price is 10 fucking cents.
Bought some at 17 cents a month ago thinking it was the bottom.
Will buy more at 3 cents i guess.
Fuck my life

State of Reddit

worth buying in at 0.01 .. nah

>>55248042
can you expound on this more? I'd like to understand better.
>>55249544
ouch

>>55248042
All wrong.

The "tech" doesn't allow for low fees. It's because the relays are heavily subsidized already. The "tech" doesn't allow for 3 second blocks. If you know anything about networking or physics, you'd know that's nearly impossible to always achieve in a decentralized system. It's because the foundation has hand picked high performance relays.

It doesn't matter that they don't participate in consensus. They are required for the network to work. They are required for people to think algorand has "the best tech". They are required for low fees and guaranteeing fast blocks.

So Algorand is centralized (garbage tech) AND is irrelevant unlike all those chains you listed. It's sucks in every category, including the tech.