What is wrong with Algorand? Since the start of 2023, Bitcoin is up 85% and Ethereum 57%, yet Algorand is 40% in the red

CointestMod · 2023-07-12T13:45:17+00:00

Cointest pros & cons with related info are in the collapsed comments below for the following topics: Algorand, Bitcoin, Ethereum.

pojut · 2023-07-12T13:13:47+00:00

Algorand was all over Reddit and other social media websites

Well there's your problem

richardto4321 · 2023-07-12T13:35:21+00:00

No one knows. Investing on ALTs is always a risk since they are mostly carried by hype.

Dull-Wear-3286 · 2023-07-12T13:16:10+00:00

I'll get downvoted to hell but It's a dead project, people are leaving ALGO's sinking ship.

blakkat17 · 2023-07-12T13:30:57+00:00

Who even knows. Crypto makes me feel stupid. Either way, I guess I'm still staking (Governance, which isn't as much fun as watching the staking rewards tick)

spongebud · 2023-07-12T13:26:07+00:00

Whats with r/cc obsession with algorand?

greenappletree · 2023-07-12T14:29:17+00:00

Algo is proof that tech is not enough, management, tokenomics , marketing etc is what drives prices in crypto- with that said it does really work well - spent a couple if week building a project with multiple transactions all was less than a couple of cents and crazy fast.

0ppaiMan · 2023-07-12T13:45:06+00:00

Just because BTC goes up doesn't necessarily mean that Algo has to also go up, external factors still play a huge role in price action

FOTW-Anton · 2023-07-12T14:41:53+00:00

It was never the same after the tinyman hack. People made their money and left. If the community doesn't die out, it could come back alive later just like some other 'dead' projects.

lehope · 2023-07-12T14:06:21+00:00

People sell, price goes down. This has nothing to do with the quality of the project. Less buyers than sellers or tokens released and price goes down. The same thing happens with icp, I like both projects, but investing in them was proved to be a disaster.

niwaniwan · 2023-07-12T13:58:01+00:00

I still have a decent bag of ALGO bought at way big prices than now, so i have no reason to sell so ima be bullish on it. Wdym i am stuck in sunk cost fallacy.

ZookeepergameLate724 · 2023-07-12T17:22:04+00:00

A big part of it is that Algorand does governance rewards and not staking. A lot of people don’t know they can still generate yield on their investment by enrolling in Algorand governance.

This was done to strengthen Algorand’s argument it is not a security, as Algorand is based on the US.

Algorand is also an Ethereum competitor from the ground up and doesn’t benefit like most other chains of being able to utilize Ethereum Virtual Machine. Dev’s can’t port code from Ethereum onto Algorand like they can to Cardano or Solana.

Applications must be re-coded into Pyteal language. Long term this is why Algorand is a unique threat to other blockchains, but also a short term obstacle to adoption.

lifenvelope · 2023-07-12T14:04:19+00:00

Vulture capital and hedgies rotating. So many options and new ones too to make money 100 times quicker than holding. Long time investors keep holding the bag, tale as old as time. They are now roating again bonds, commodities into equites/bitcoin. Probably will come back into Algo too at some point but not before the price gets real attractive again plus developement of protocol has to keeps up the good pace. Is itthough? (Probably is, it always felt like a project with substance but not informed enough these days)

margin_hedged · 2023-07-12T17:54:50+00:00

Remember when people said alts will bleed vs BTC? Pepridge farms remembers

coachhunter2 · 2023-07-12T13:41:49+00:00

It has actual utility so of course it does badly

DBRiMatt · 2023-07-12T13:21:32+00:00

I remember when I was up... but now my profits are ALGOne.

savage-dragon · 2023-07-12T14:48:51+00:00

Not just algorand. The same for cardano and SOL.

MrSpaceKook · 2023-07-12T13:24:01+00:00

Between hacks, high inflation, and the founders using it as a piggy bank, it's probably donezo.

schmatz17 · 2023-07-12T14:34:12+00:00

No idea, wondering if the project lost momentum. Im not selling mine since the bags almost gone

KaiSosceles · 2023-07-12T15:14:03+00:00

What does algorand do that BTC or Ethereum don’t do?

BitSoMi · 2023-07-12T15:15:30+00:00

No buyers, more sellers. And as everyone is in the red on algo, you can guess who is selling ,)

Omgbrainerror · 2023-07-12T15:53:14+00:00

Tokenomics are bad and inflation is insane.

Keep buying the dip of the dip of the dip.

So much copium in the comments.

hellosamaira · 2023-07-12T16:21:19+00:00

Super high inflation and the management led by bonkers CEO destroyed Algo. Nail in the coffin was my algo hack.

searchingtruth1 · 2023-07-12T16:28:23+00:00

CEO is a nutjob...start there.

Azphald · 2023-07-12T16:31:00+00:00

Foundation selling non stop for their salary, there is no other explanation, algo community one of the best

Elout · 2023-07-12T16:32:29+00:00

From what I understand, the foundation has been throwing big amounts of coins to partners and other parties as a form of payment. Those parties have been dumping the coins. It hasnt been well received but that hasnt changed much. As far as i know it happened multiple times this year already.

Disclaimer: not even close to an Algorand expert so I could be completely wrong. This information is based on just a couple of sources.

2023-07-12T16:40:14+00:00

This was always known. Poor tokenomics and high inflation. Same thing will happen to ada in a few years. Just wait and see

Pr0Meister · 2023-07-12T16:46:57+00:00

Ah, yes, another Algorand thread.

Inaeipathy · 2023-07-13T00:34:39+00:00

I think it might be because algorand has no use case

Jnintransit194 · 2023-07-12T15:14:38+00:00

ALGO foundation holds majority of circulating tokens, perpetually using retail holders as exit liquidity.

ineedmoney2023 · 2023-07-12T16:31:38+00:00

What does ALGO do better than anybody? What does ALGO do that others can't even do at all?

Hint: If there were answers to these questions, current price action wouldn't be happening.

You're basically asking why Ravencoin isn't pumping. Because nobody wants to buy it. Because there's no compelling case for it even existing.

BiznessCasual · 2023-07-12T17:15:34+00:00

SEC labeling it a security. The foundation was already doing a piss poor job attracting good projects and devs to the environment, but now, almost nobody will choose algorand to develop on because it very well may not be around in a few years.
Algofi, the defi golden child of the community, has gone under.
Algorand is, at its heart, an academic study project. Silvio is a career academic; he created Algorand as a real-life blockchain case study; he doesn't really care about token price.

Silver-Maximum9190 · 2023-07-12T13:21:13+00:00

I bought ALGO at $2 when cc was shilling it. Now ALGO is trading at $0.11 and cc is bashing it. Is this perfect buying opportunity now?

Parush9 · 2023-07-12T13:26:39+00:00

Algorand might just be another Alt that may not make come back during next run . Looking at past one year performance makes me sad that i didn’t sell rest of the bag during last peak .

jejejajajojo · 2023-07-12T14:26:02+00:00

many are saying : dont be the guy who was playing violin in titanic.

i guess they are right

skatistic · 2023-07-12T14:26:46+00:00

It's because of you. You caused the drop with your cursed investment. 7 years of bear market. That's the price.

YayayayayayayayX100 · 2023-07-12T14:33:16+00:00

Hate it or love it, there’s only room for a few L1s

365Dillweed365 · 2023-07-12T15:03:32+00:00

What about my Polkadot?

MannowLawn · 2023-07-12T15:20:37+00:00

Algo sol polkadot and whatnot, who cares after a bull. It’s not about the coin, take any shitcoin, it dies after a bullmarket.

4ucklehead · 2023-07-12T15:21:38+00:00

Prob mismanagement

I always thought it was cool tech and I had some myself

Also most alts are not matching BTC and ETH right now

mathiros · 2023-07-12T15:30:27+00:00

It lacks innovation over other more established L1s and L2s and is going the same way as other shitcoins.

Electrical-Lead5993 · 2023-07-12T15:46:26+00:00

What’s wrong with ALGO? I invested in ALGO, that’s it

leovin · 2023-07-12T15:49:36+00:00

Many really cool projects like IOTA came and went. Guess not many care about the tech of crypto

Senkoy · 2023-07-12T16:33:44+00:00

Algo is a great project. What's happened to it has made me lose faith in crypto. Next bull run I'm selling everything and never buying again.

noyrb1 · 2023-07-12T16:34:52+00:00

Most altcoins are like .com boom busts

Invest0rnoob1 · 2023-07-12T16:44:22+00:00

It was shilled on here, so obvious trash like Ben Clownin.

Raj_UK · 2023-07-12T16:55:17+00:00

Noone invests in ALGO

At best they speculate in it instead

Good luck getting back to break even

Hope you make it

gumbelslaint · 2023-07-12T17:12:40+00:00

Shitcoin?!

drche35 · 2023-07-12T17:13:54+00:00

Seems like everyone’s abandoning it

Impossible_Soup_1932 · 2023-07-12T17:16:56+00:00

It’s not some tokenomic / whales dumping issue? There must be something special going on that makes it perform so much worse than other alts, even the most useless ones

WeAreWater_TieDye · 2023-07-12T17:37:02+00:00

Cc hates algo... bullish!!!

Taram_Caldar · 2023-07-12T17:38:01+00:00

Zoom out and look at every other alt coin. Btc and eth are blue chips. And even eth has been bleeding into btc, alts always do except in the alt season bull run

VVaId0 · 2023-07-12T17:45:30+00:00

It's a security

Gamethesystem2 · 2023-07-12T17:59:42+00:00

You thought algo was blue chip and it’s not. There’s only BTC/ETH. Everyone else is an imposter and the quicker you realize that the better.

sumcollegekid · 2023-07-12T18:00:18+00:00

What is Algorand used for?????????????????

Consistent_Many_1858 · 2023-07-12T18:00:51+00:00

99.9999% of crypto coins and tokens are just dead weight. Apart from Bitcoin no other coin is safe. I don't have any Bitcoin by the way, I only have Eth.

Usual-Locksmith4657 · 2023-07-12T18:07:25+00:00

It’s a terrible investment that’s why

TCr0wn · 2023-07-12T18:08:29+00:00

Looks like it wants 5 cents tbh

OMG_WTF_ATH · 2023-07-12T18:10:02+00:00

It’s known to be a dead project from the start. If you’re in tech, you’d see all the red flag from the start. Classic vapor ware

Vivid-Protection5194 · 2023-07-12T18:13:49+00:00

🄵 for the bag holders of non-BTC/ETH

DoeyB · 2023-07-12T18:37:09+00:00

Because its literally a shitcoin that no one well ever use lol

Make money off it if you can and buy bitcoin

grandphuba · 2023-07-12T18:38:26+00:00

Full of shills in denial (tbf other projects are too but Algotards just seem to have an extra pinch of superiority complex) that would defend that project no matter what.

Algorand Foundation capitalized on this by doing shitty deals thinking the community would just bury their heads in the sand or heck even silence anyone that speaks out.

Oh and Algo Inc is busy just bringing TPS up up and up even when the network has no usage, instead of better decentralizating the whole network and creating tools for devs and users (that's the foundation's job anyway, right?), all while getting paid.

Gaoez01 · 2023-07-12T18:44:28+00:00

There are lots of things wrong with Algorand.

DrinkMoreCodeMore · 2023-07-12T19:10:35+00:00

Yieldly was a complete disaster.

I bounced from ALGO once that all went down.

5150sick · 2023-07-12T19:13:22+00:00

My guess is that the paid shills that were being paid to shill Algo all over the web at that time are now being paid to shill something else. I remember around the same time Digibyte & Nano were also being shilled hard everywhere. I haven't heard much about either of those tokens lately, either. I bet those are down this year as well. It's much easier to get trapped into becoming exit liquidity for a token when there is a large group effort behind the scenes to pay people to sing the praises of that token as often as possible. There are other reasons why BTC, BCH, LTC, and ETH are doing better than others. The ETF filings mention these coins in particular, and Gary Gensler didn't mention any of those tokens in the Coinbase "securities" violation. Solana got destroyed in late October/early November because of the FTX/SBF debacle, but since their chain is actually being used regularly as well as being inexpensive, the only way it could go is back up.

Slide-Impressive · 2023-07-12T19:42:46+00:00

You got dumped on bro. These things happen in crypto. Don't be married to any one part of your portfolio or you'll lose more money in the future.

Literally there's no other answer than whales dumping and other investors looking for better alternatives and selling their stakes.

DatTacocatdoe · 2023-07-12T19:48:53+00:00

It’s a shitcoin? All shitcoins are going to 0.

Der_Saian · 2023-07-12T19:56:48+00:00

You invested in some alt coin and became exit liquidity. that's what happened

MIP_PL · 2023-07-12T20:16:46+00:00

The market is trying to tell you something.

MadeMan-uk · 2023-07-12T20:21:22+00:00

I’ve not really heard of algorand enough to consider buying it?

Why would you use algorand over the biggest layer 1 which is ethereum.

Ethereum settles more value than all the other layer 1s combined so it doesn’t make sense to buy other layer 1s imo.

Plenty of other projects in new sectors to buy

djlywtf · 2023-07-12T20:23:58+00:00

because it has no use cases and it didn’t invent anything new. people see no point in using algorand or ICP or EOS etc if ethereum makes basically same thing but was first, has biggest ecosystem, and always brings new things in crypto.

elysiansaurus · 2023-07-12T20:27:10+00:00

I'm just glad I didn't invest in it when I planned to a few months back.

pnd83 · 2023-07-12T20:52:21+00:00

Algorand has a major dumpy VC problem. Anytime it gets a bit of traction...boom...giant red dildo.

Z3LS3 · 2023-07-12T21:01:15+00:00

Reminds me of My Cousin Vinny when Pesci tells Macchio

…He's going to show you the bricks. He'll show you they got straight sides. He'll show you how they got the right shape. He'll show them to you in a very special way, so that they appear to have everything a brick should have. But there's one thing he's not gonna show you….

WolfMack · 2023-07-12T21:21:38+00:00

That’s what happens to ghost chains

Cab000se · 2023-07-12T21:50:52+00:00

It's garbage, not needed, can do as l2 on btc.

vattenj · 2023-07-12T22:05:55+00:00

just another pump and dump coin

Mike941 · 2023-07-12T22:07:57+00:00

It's just a weird centralized EVM chain when you get down to it. Regular centralized EVM chains like BNB, Fantom, Cronos, Defichain, Thorchain, KCC, OKTchain etc. are a dime a dozen.

There's too much competition for it and it doesn't have anything special that benefits it. It has weird things that detract from it though which is probably why it's selling off.

2023-07-12T22:25:00+00:00

WEF puppets. There's 0 chance I invest in them even if I'm missing out on a million dollars.

libretumente · 2023-07-12T22:36:44+00:00

Shitcoins gonna shitcoin ¯\_(ツ)_/¯

Randomuser918 · 2023-07-12T23:08:47+00:00

Shit coins gonna shit.

daveyravey1990 · 2023-07-12T23:10:50+00:00

I think its just because unlike Solana, Polygon snd Arb, no-one is actually using the chain, it has no development, no users and no tvl... It's basically a dead duck, and now price is reflecting that. It'll run when the market rises all ships, but don't stay in it after the bullrun. And move to a faster horse like Solana when you can.

Creamysense · 2023-07-12T23:30:01+00:00

Ever heard of btc.D ?? Buying alts is never a good idea for at least two years after the top. Maybe if you ever opened a chart, you'd know that.

Rhelza · 2023-07-13T00:00:25+00:00

so you purchsed a coin 'cause it was on resdit ans the news? 😂😂😂😂

AJoyfulProcess · 2023-07-13T01:58:18+00:00

Looks like it's time to pawn my top hat and monocle and give up on my dream of being a Guv'nor

goin_strong1 · 2023-07-13T02:12:05+00:00

Maybe it's just crap.

gandrewstone · 2023-07-13T03:17:10+00:00

In short the core team designed a coin that dumps all over its holders for the benefit of the team and foundation. That's their philosophy and ethics.

Even if they eventually run out of coins, they are a fork away from creating more. Sure, this will be a contentious fork. But the original uninflated algo will have 0 devs and investment, even worse than ETC.

Ur_mothers_keeper · 2023-07-13T04:50:39+00:00

It's because algorand is a shitcoin.

I tried to warn you.

No-Reserve-2208 · 2023-07-13T06:34:09+00:00

Pump an dump garbage

Seriksy · 2023-07-13T06:49:22+00:00

Where do we start. They don't care about the price and are still paying VCs. They have terrible tokenomics, and the chain is super centralised. It doesn't care about retail either. Might be good after 2030, but there are better projects to invest in

time_on_target · 2023-07-13T08:36:38+00:00

How much economic activity occurs on Algorand? How many people genuinely use the chain? I'm guessing that the answer lies there.

pyc66 · 2023-07-13T10:13:09+00:00

Is there any similar project that was careful from the beginning not to be considered as a security? I think that's the elephant in the room and I think there will be a new project that has a great tech and has learned of ALGO's dilemma. Right now most known Alts are considered securities by the SEC but with the information given now, it should be possible to launch an alt that is not considered a security. This could be a thing in the next bull. Does anyone have an idea? Pretty sure I'm not the first one having this thought.

coupl4nd · 2023-07-13T12:30:19+00:00

Roberto9410 · 2023-07-12T13:27:30+00:00

Posts like this make me very bullish on ALGO. Vast majority of coins are in circulation with 3% or so inflation here on out, tech is better than ever, and some of the largest real world use cases in crypto are on Algorand - 2 of the top 13 in fact - lofty and Meld gold. To top it off the sentiment here is very anti ALGO, and inverse CC never seems to fail

Cryptocurrency	Price 1 January 2023	Price 12 July 2023	% difference
Bitcoin	$16625	$30742	+85%
Ethereum	$1201	$1886	+57%
Algorand	$0,1775	$0.1062	-40%

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