Posts about Algorand
Many of us invested in Algorand. I also bought some. In 2020/2021, the entire subreddit was insanely bullish on Algorand. It was also mentioned all over social media and on many news websites.
But to say that Algorand has been a terrible performer would be an understatement. Some facts:
Algo is almost 96% down from the November 2021 high
Algo is down over 96% from all time high June 2019
Algo is down about 99% against Bitcoin since June 2019 and keeps making new lows
Algo is down 97% against Ethereum since January 2020 and keeps making new lows
Algo is the second worst performing top 50 altcoin in the past 90 days. Bitcoin is up 28.5%, while Algo is down 34.2%.
So what can we learn from this to ensure that we do not repeat the same mistakes?
I'll share mine and then am looking forward to yours.
I will never again buy a cryptocurrency with poor tokenomics. Algo had over 500% inflation in 2021 while the staking rewards were nowhere near that. That is SO MUCH extra selling pressure. I now refuse to buy a project where staking does not cover inflation.
I will avoid cryptocurrencies that go for expensive yet meaningless partnerships. Algo got a Fifa World Cup partnership that was worth nothing. FTX and CDC did something similar by getting naming rights on stadiums (Miami Heat Basketball Team, Staples Center). This is paid for with users' money. So essentially current investors are the cash cow to draw in more idiots.
I will avoid projects that are heavily shilled here. Algo, LRC, ONE, LUNA, CRO, VET, CKB, Neo, and the list goes on. The inverse r/CryptoCurrency graveyard is heavily populated.* Quite a lot of this shilling was not natural.
*... but now everyone is bearish on Algo. What if it inverses to the bull side? 😂
Algorand just took another fall off the cliff with the rest of the crypto market, and broke it's all time low. The prior All Time Low was, $.1029 which occured during the March 13th 2020 Covid Crypto Crash.
https://finance.yahoo.com/quote/ALGO-USD/history?period1=1580515200&period2=1588809600&interval=1d&filter=history&frequency=1d&includeAdjustedClose=trueIn March 2020, the Algorand Circulating Supply was around ~700M. With a current circulating supply of over 7.2B, the supply has increased over 10X as the price has currently reached a new All Time Low. As every holder in Algorand is now at a loss.
Anyone thinking that Algorand has another 20x bull market up it's sleeve, should know a crypto with a supply that has increased over 10X is going to be harder to make big moves up. As the increase in supply will make it more difficult to have upwards momentum during a bull market.
https://i.redd.it/4hjgr3m1e45b1.pngTaking a look at what other crypto assets were doing on the March 13th 2020 Covid Crypto Crash.
BTC dropped to a low around: ~$4k
ETH dropped to a low around: ~$97
ADA dropped to a low around: ~$.02
Algo was at a low of around ~$.102
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https://i.redd.it/h1gzliqjf45b1.pngAlgorand now has a new low of ~$.0958 as all Algo holders are now underwater.
Gary Gensler, the chairman of the SEC, promoted Algorand in one of his speeches at MIT on April 2019. He said:
https://i.redd.it/rq63u02st06b1.pngGovernance is tough. You could create uber or lift on top of a blockchain technology today - well, maybe in 5 years you could, it would have the performance. Silvio Micali's Algorand, who is a turing award winner at MIT that I work with. Silvio has got a great technology that you can create uber on top of it".
There's likely more of these comments.
Now, Gary Gensler said that Binance US sells unregistered securities, including Algorand. So Gary Gensler said positive things about a security to a large crowd, a security owned by his former coworker that he worked with.
https://i.redd.it/5y9u9ltnu06b1.pngJeremy Hogan -the attorney famous for covering the SEC vs. Ripple case- quoted the law that was used to sue Kim Kardashian over the EthereumMax scam. This law is very relevant here:
https://i.redd.it/b8tbre4yv06b1.pngSo if Gensler was paid directly OR indirectly for this speech by a relevant party, he would definitely be able to get sued for shilling a security.
It would be poetic justice if he shot himself in the foot here and gets a taste of his own medicine.
Algorand was one of the most hyped projects here during the 2020/2021 bull market. It had an amazing rise from $0.096 in May 2020 to about $3 in November 2021. We were all like:
https://i.redd.it/t1ddsrjeyt1b1.pngSince then, however, Algorand has rolled over and performed much worse than most other alts. Let me summarize:
(1) Algorand just set a new bear market low
The price right now is $0.1548. This is 95% down from the November 2021 high and a price we have not seen since March 2020. A lot of other alts have not continued to make new lows but Algorand is one of the few projects that has done so. Other alts are also down a lot less.
https://i.redd.it/m81nanj7ut1b1.png(2) Algorand is the second worst performing asset over the past 90 days
While Bitcoin is up 8.8% in 90 days, Algorand is down 42.5%. Only Filecoin has performed worse over a 90 day period, but Filecoin is a terrible project with almost 100% inflation every year and it was marked as a security by the SEC.
Algo is second from the right...(3) Algorand/Bitcoin keeps making new lows
Algorand is 98% down relative to Bitcoin since its highest point. 98%! And 90% relative to the November 2021 peak. Its just nonstop bleeding.
https://i.redd.it/cxnyr0lvut1b1.png(4) The market cap just made a new bear market low
Even the market cap of Algo also just set a new bear market low. So even if you factor in the inflation of the token since all time high, the project is bleeding money.
https://i.redd.it/a1r0z9kuvt1b1.pngSo....
What is wrong with Algorand? Why is it performing this bad relative to other alts?
What does the future of Algorand hold? Is this a good moment to buy then and why (not)?
Perhaps, given that everyone here is bearish on Algo now, it is time for it to pump and inverse us?
Algorand will increase its TPS from 6,000 to 10,000 imminently, as soon as 3.16 hits mainnet
Source: https://twitter.com/JohnAlanWoods/status/1670788583362265088?s=20
One click nodes will also be out this month, which will be a game changer in regards to decentralisation
London Bridge to Eth is in final stage development and they’re researching on chain privacy which will one day be a big draw of institutional investment
We’re not far off all time low which has shown to be a significant level of support, ripple case should prove secondary sales are not securities any day now and blackrock are looking for a BTC ETF…. The stars are aligning folks, exciting times ahead!
Email < Gmail < FairInbox
typically, ppl do not publish their email address (gmail/dm) openly, as the incoming msgs would flood your inbox, rendering it almost useless
in a FairInbox, each msg comes with currency attached, making it a market driven inbox
just released: https://fairinbox.io
pls try!
send msgs to each other (using Algorand addresses) with coins attached
it uses Pera, which does *not work on mobile* (for webapps) ~ i have written them to solve this
I am doxxed:
grant receiver from the foundation: e.g. https://algoexplorer.io/tx/XBCARVWNPWKGHAFIN2ZOMNZJZAWLS5NNRWIMYZFHVBRWUNS7BK5A
speaker @ Decipher: https://youtu.be/NK_b5_ak9JY
another podcast: https://youtu.be/aHJuAPIYm4Q
src: https://github.com/1m1-github/FairInbox
theory white paper: https://github.com/1m1-github/FairMarket/blob/main/whitepaper/FairMarket.pdf
I also have a PR open that can super-power the AVM: https://github.com/algorandfoundation/specs/pull/79
**token: no token is traded for this dApp! (yet)**
I have put lots of effort into this ~ its a real world use case ~ in theory, everyone should publish their own Algorand address to be used with FairInbox ~ its an inbox that respects your time
mods: I sent you msgs asking to allow me to post this ~ pls do not take it down ~ else what is the point of me working and creating value if I cannot tell anyone about it
EDIT: try to send me a msg to 2I2IXTP67KSNJ5FQXHUJP5WZBX2JTFYEBVTBYFF3UUJ3SQKXSZ3QHZNNPY
generally / publish your own account address somewhere so people can send you msgs to your fairinbox.io
EDIT2: a demo: https://youtu.be/qu6TXRGHSr8
EDIT3: added a "(yet)" to the token ~ to not seem misleading ~ i have sofar never released a token for trading because i wanted to make it perfectly fair, which is only possible with a balancer.fi style treasury (i call it FairTreasury), which cannot exist on Algorand, unless the AVM is improved ~ perhaps i will go for a slightly less than perfect token trading launch, as all other projects have ~ reduce the burden of my perfectionism, so to speak