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Why does cryptocurrency sub hate Algorand?General (self.algorand)

submitted by nickaboome

Genuine question.

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[–]Certain_Cranberry_77 82 points83 points  (1 child)

Because they all lost money on it.

[–]skewbed 2 points3 points  (0 children)

I’m pretty sure the team lost a lot of money too. They took many months to pay me prizes for a hackathon they ran.

[–]dirtbagmagee 83 points84 points  (5 children)

I may be wrong but I think it was the darling of CC when it debuted and then with its performance during the bear market, the hack of myalgo, and a general dislike of the CEO it’s where it is now.

It’s all cyclical though, ADA was hated less than a year ago and now people often site it as a staple in their portfolio.

[–]UnreliablePotato 10 points11 points  (0 children)

Yeah, they really liked it while it was going up in price.

[–]LWKD 5 points6 points  (0 children)

This is all true, together u could say; price action.

As long as people are down a lot they will never like it.

[–]Eww_vegans 3 points4 points  (1 child)

"Nike"... That's why

[–]ludicro 2 points3 points  (0 children)

That was the funniest shit ever.

[–]Hilldog2020 0 points1 point  (0 children)

what caused ada to be viewed as so ...portfolio stable

[–]AssistTraditional480 20 points21 points  (8 children)

Cryptocurrency is a cult: people choose their god and the dogmatic package that comes with, then they go on to recruit more lost souls. For this crusade to work they have to obey the rules: repeat the narrative blindly, virtue signal, and destroy the competing religions. This is all quite entertaining from the outside.

[–]giggles91 2 points3 points  (0 children)

Many people do. Many people don't. But I think that most of the people that do are just trying to not admit that they may have made an error, e.g. investing money that they shouldn't have or not really thinking about the risks involved beforehand.

[–]Foreign_Brilliant403 1 point2 points  (4 children)

You do realize the stock market is the same concept. The more people that buy the higher it goes. The more people that sale the lower it goes. One familiar with business could call it supply and demand, but I like your analogy as well lol

[–]AssistTraditional480 0 points1 point  (3 children)

The amount of faith required in the stock market is reduced by an order of magnitude. Stock and funds rely on institutions and companies who are expected to produce value (goods and services, dividends, etc) and are regulated by laws that protect participants (well, sometimes). It is much less sensitive to prophecy and brainwashing tactics that you observe in crypto, even though scams and scandals still occur, and bubbles also pop every now and then. The main difference I'd say is that crypto is a zero sum game, where if you're lucky enough to get rich with tokens, it will always be at the expense of others who have bought at the wrong time and lost everything. This is even everyone's admitted "exit strategy": find some new blood while they're in profit and dump hard.

[–]Foreign_Brilliant403 0 points1 point  (2 children)

The stock market is a device for transferring money from the impatient to the patient. This is a quote by Warren Buffett that stands true in any investment regardless of risk or regulations. We rely on the foundation to create value. I do agree crypto ia a lot more sensitive to rumors, but you have to remember the cult stocks like Apple and Tesla whose valuations are ridiculous and way above book value, but the cult still buys and the rumor mill still goes on about how they’ll hit a ridiculous number. Crypto is immature while stocks aren’t but the similarities and the markets are built on the same concepts

[–]AssistTraditional480 0 points1 point  (1 child)

Apple and Tesla have a track record of shipping products that people buy and use. Not debating the accuracy of their current valuations but it would take an apocalypse to take them to zero. Not the case with crypto foundations and their tokens, as evidenced countless times.

[–]Foreign_Brilliant403 0 points1 point  (0 children)

Most crypto will never hit zero because of lost seed phrases etc. for example algofi still has a couple million TVL and it’s been shut down for a while now. Apple and Tesla were once immature penny stocks with nothing to offer but the POTENTIAL of hitting it big. It’s the cycle of business. We are in the beginning cycle of cryptos now. A lot of speculation rules the market as with penny stocks. This market will not start maturing for a while. After all meme coins run most the transactions while coins with actual utility get hardly any price action. Compare crypto to a penny stock and not a blue chip of course but still same concept of how markets react.

[–][deleted] 0 points1 point  (1 child)

Eh, I keep equal money in the stock market and crypto in BTC, ETH and SOL.

I'm betting on crime being the primary use of cryptocurrency. It's pretty damn useful for that.

[–]AssistTraditional480 0 points1 point  (0 children)

At least you're being realistic and honest about the actual use case, congratulations!

[–]KingGroovvyyy 57 points58 points  (7 children)

Because of the price, that’s literally it

[–]Easik 5 points6 points  (0 children)

Agreed. The opportunity cost has been absolutely horrible. I also think the CEO is terrible, so I can't DCA into it without losing sleep.

[–][deleted]  (1 child)

[removed]

    [–]algorand-ModTeam[M] 2 points3 points  (0 children)

    Please be respectful to your fellow community members.

    I'm not going to allow personal attacks against the CEO of Foundation.

    [–]itsallinthebag 1 point2 points  (0 children)

    I haven’t seen much of this “algo hate” on CC but maybe I’m under a rock. Either way, in the first article I read when the btc ETF went through, the banker guy being quoted mentioned algo in the top 5 next cryptos to get a spot etf. That was surprising and hopeful and could definitely bring price movement

    [–]4everCoding 1 point2 points  (2 children)

    Well… not really.

    As a dev I hate it because it’s not EVM compatible. Tools are lacking. Lacks user base to prop the mechanism. I was an early algorand holder and what I also didn’t like was how they went back on their staking mechanisms.

    I was an early dev contributor of algorand working with it in early 2021. Made contributions to the test suites for development. Fast forward to today the tooling is lackluster.

    But people will say price because that’s just the effect. The above I stated are the cause.

    [–]No_Algae_5909 1 point2 points  (0 children)

    They have improved since. Have you tried it out? Algokit?

    [–]bcisk0 1 point2 points  (0 children)

    Just curious. Have you tried AlgoKit? Python support is coming in March too.

    [–]Olddirty420 24 points25 points  (3 children)

    Probably because it was shilled extremely on cryptocurrency last bull and has underperformed price wise. Cryptocurrency subreddit is basically wall street bets for crypto. I cannot wait till the market matures so much stupid shit going on in this space. Algorand has Blockchain fucking dialed in and it's crickets. Big companies are still too scared of Blockchain or we'd be at the top. If algorand can stay relevant till 2030 we should see some action. We need Silvio to come out swinging in Barcelona this summer. Dudes getting old and needs to go hard this year

    [–]CrabbitJambo 3 points4 points  (2 children)

    I’m bullish on Algorand, always have been and have always ignored the noise re the Foundation. I’ve been here a long time as well and being honest, I’d always said I’ll judge once all coins are in circulation etc. I also don’t pay much attention to what’s going on around us, which has probably been a pretty healthy thing to do!

    My only concerns are Silvio’s age and his comments he made about price a few years ago! I don’t remember them verbatim however said something along the lines of it being irrelevant and that the price action would be in the ASA’s, which many would outperform Algorand! He’s not wrong but my ears pricked up when he said this and made me doubt where I thought we might reach!

    Price had also never honestly been a concern until recently. It’s not even where we end up by the peak of the bull, but where we end up with the next bear! Part of me wishes they hadn’t deviated from the original timeframe for distribution pushing it back to 2030!

    [–]YellowBook 0 points1 point  (0 children)

    How old is Satoshi? If ALGO is properly decentralised, we shouldn't need to worry about Silvio's age.

    [–]LeonFeloni 0 points1 point  (0 children)

    Price-action would be even worse if they'd followed the original distribution. A big issue with Algorand is that we have a lot of algos in circulation and not enough use and adoption of it. 22% or so of all circulating algos are in Governance (and the majority is just sitting around adding nothing of value).

    If we'd already had all algos in circulation, we'd have even more algos sitting around with no uses.

    I continue to argue that governance still needs a balancing act of risk v reward. Preferably a slashing penalty for failing to keep commitment imo.

    [–]thereisnoinbetweens 24 points25 points  (11 children)

    I personally don't believe management is doing a terrible job. They are going after big company's / corporation's / governments and banks over retail. They are continuously advancing and innovating the blockchain. Algorand was previously up almost 100% in 3 months , and people are still complaining. There is a difference from investing and gambling, the cc sub are majority degens , a branch from wall street bets as somebody else mentioned. A lot of people don't bother to read white papers , they watch a "crypto influencer" and buy or sell on their advice. So some have bought at the top , and seen a big paper loss to date. That's why they slander Algorand , if they made money on Algorand it would be the opposite. Inverse cc , and you will do better than most. Have some of the foundations investments gone bad ..yes. Thats business , it doesn't always pan out perfectly. You learn , and move on. I will continue to accumulate Algorand for the foreseeable future , the future is bright.

    [–][deleted]  (8 children)

    [removed]

      [–]RedditCouldntFixUser 1 point2 points  (0 children)

      Not sure why you are being downvoted, those are fair points that probably explains at least some of the hate.

      [–][deleted]  (6 children)

      [deleted]

        [–][deleted]  (4 children)

        [removed]

          [–]algorand-ModTeam[M] -1 points0 points  (1 child)

          See Rule #3. Please provide a credible source when posting FUD.

          To say 'the chain is failing' when it's in fact one of the few chains that has never had downtime is FUD.

          To say it's a 'desolate' wasteland when there is recognition from the UN for the world-changing infrastructure built on Algorand is FUD.

          Attacking the CEO of Foundation or the Foundation for the manner in which they tweet is a personal attack and has no place here. Keep it civil, or don't participate.

          [–]ludicro 2 points3 points  (0 children)

          I am expecting the mod team to post the same warning to the user thereisnoinbetweens for blatant personal attacks against me as well, in the spirit of keeping it civil.

          [–][deleted]  (1 child)

          [removed]

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            [–]Overall-Extension608 1 point2 points  (0 children)

            Bag boys bag boys. What cha gonna do? What cha gonna do when they bring your food?

            [–]themrgq 0 points1 point  (1 child)

            They are not degens at all. I'm a degen. That sub is a bunch of people that either know very little about crypto or read a lot about crypto but never use it beyond buying the L1.

            [–]CCNightcore 0 points1 point  (0 children)

            This is what it is. They speculated on price in a downtrend and would have had the same losses holding many other coins. If they used the ecosystem they could've made money.

            [–]SpaceMurse 31 points32 points  (2 children)

            Cause they anus

            [–]lippoper 15 points16 points  (0 children)

            They hate us cause they anus!

            [–]pwinne 1 point2 points  (0 children)

            I like Anus

            [–]dhallengren 24 points25 points  (1 child)

            It's underperforming. We love to talk about the tech but right now it just doesn't really matter in terms of price. Rand labs dumped it, myalgo got exploited, the tokenomics have been awful. It could still boom but when everything around it is performing much better it starts to look like a worse investment.

            [–]NorskKiwi 2 points3 points  (0 children)

            This is the answer.

            [–]lxdr 7 points8 points  (0 children)

            Algorand works amazingly well but it's been a repeated victim of poor management and external circumstances.

            That and cc introduced a centralized shitcoin that encouraged regulars to enage in weekly pile-ons and circlejerks for said shitcoin.

            [–]domesticglobetrotter 2 points3 points  (0 children)

            Cause they all lost alot of money on it is my guess. I mean, i lost alot of money on algorand but i still like algorand. But deff salty about it as well

            [–]RedditCouldntFixUser 3 points4 points  (0 children)

            Many, many years ago /r/cc was really pushing ALGO hard, it couldn't do anything wrong, it is fast, it is cheap, back then you could earn rewards pretty much "real-time", (I even remember a site that would auto-claim for you in the most efficient way).

            A lot of people bought ... and I think they got burned. The price dumped more than other cryptos ... so now they hate it.

            That's the problem with /r/cc, it is an echo chamber of whoever shouts the loudest.

            Right now, I think the current flavour is BTC, ETH and SOL, but next week it could be something else.

            Things will get worse and worse over the next few months and we enter the bull market properly.

            People will go out of their way to push their narratives and hate on whatever token is not in their bag.

            [–]Killintym 11 points12 points  (3 children)

            They eat pieces of shit like Algorand for breakfast!

            [–]No_Yogurtcloset6692 8 points9 points  (1 child)

            They eat pieces of shit for breakfast?

            [–]Killintym 8 points9 points  (0 children)

            [–]1984rip 2 points3 points  (0 children)

            I'll see u in the parking lot.

            [–]HvRv 6 points7 points  (0 children)

            Because people who like stuff are not on toxic Reddit channels

            [–]YellowBook 6 points7 points  (0 children)

            ALGO definitely lagging so far, but you need decent quality laggers to recycle profit into.

            The MyAlgo hack caused a lot of bad sentiment, but it wasn’t really the fault of Algorand itself. Accelerated vesting has finished, so tokenomics for this cycle at least have that issue taken away. ALGO beneath $0.20 is an absolute steal.

            [–]phexi111 2 points3 points  (0 children)

            most of their users (not all of them) only care about current price aftion, shill their coins and are frustrated as hell about every single little dip. in 2021 ALGO was one of the most hyped coins there... and that sentiment quickly changed with the price action

            [–]Riley_Nobdy 2 points3 points  (0 children)

            If you want the truth, its the arrogance of the user community and the inability to consider any other opinion or insight.

            Anything at all posted thats based in reality and does NOT agree with the user base devolves into a downvote fest.

            The Also community is a echo chamber that wont take a critical look at its issues.

            [–]TroutFishingInCanada 4 points5 points  (0 children)

            Because everybody hates everything.

            [–]dzoni893 1 point2 points  (0 children)

            They hate 95% of the coins since they always buy the tops and sell the bottoms and eventually convert all to BTC

            [–]TotalPast3156 1 point2 points  (0 children)

            HBAR

            [–]cardanianofthegalaxy 1 point2 points  (1 child)

            When it reclaims $1 they'll love it again.

            [–]YellowBook 1 point2 points  (0 children)

            So true, when it’s above $1 retail will be queuing up to buy it, but below $0.20 nobody’s interested. By that stage, it would already have gone up 5x, so no wonder these people get rekt as they become exit liquidity for people who are brave enough to buy at the bottom.

            [–]orindragonfly 1 point2 points  (1 child)

            I believe you have that backwards, it’s more like Algorand dumped Rand Labs because they were really a piece of shit, their MyAlgo wallet got hacked and they just ignored everything and took no responsibility, Rand Labs leaving was the best thing that could have happened to Algorand, I say good riddance to those scoundrels.

            [–]hypercosm_dot_net 0 points1 point  (0 children)

            They're not out of the ecosystem though. Co-Founder of RandLabs works on C3 Protocol

            https://www.reddit.com/r/AlgorandOfficial/comments/s7xuzy/michel_dahdah_cofounder_of_c3_protocol_and_rand/

            [–]Pristine_Archer6556 1 point2 points  (0 children)

            The price!

            No one outside of the ALGO cult gives a fuck about the tech, Foundation, Silvio, etc. Crypto is a currency. If it’s not making money when everything around it is, then it’s irrelevant.

            The fact that ALGO leaders don’t care about the coin price is the death spiral.

            [–]dracoolya 1 point2 points  (1 child)

            They hate almost anything that's not BTC or is a threat to BTC.

            [–]thereisnoinbetweens 0 points1 point  (0 children)

            Very true , cult mentality at its finest.

            [–][deleted]  (2 children)

            [removed]

              [–]algorand-ModTeam[M] -1 points0 points  (1 child)

              Keep the discussion Algorand related/ no FUD

              See sidebar

              [–]Background-Ad-2102 -1 points0 points  (0 children)

              Because they have paper hands

              [–]Lastkidpicked94 0 points1 point  (0 children)

              Don’t like the lady ceo

              [–]FTX-SBF 0 points1 point  (0 children)

              There are better projects

              [–]Random5483 0 points1 point  (0 children)

              Hated? I don't think so.

              Hated due to its lack of price movement? I don't think so. Take SOL as an example. It has done very well recently, but still gets hated (due to cited stability and centralization reasons usually).

              ALGO is not the darling of r/CryptoCurrency like it was a couple of years ago. But I don't see it being hated. It is an older project and some look for the newer projects that fit the current narratives. I personally am bullish on ALGO and hold a small bag. But I also am aware that ALGO is a risky (by risky I mean not BTC or ETH) and long-term play.

              Finally, price action does influence how people view projects. ALGO was hammered in the bear market and has not seen the type of recovery other cryptos have seen. This is not necessarily a bad thing. It could just be that ALGO will moon next. Or it could be that ALGO will lag top performers this cycle. Frankly, I don't know. But a lot of crypto investing is making educated gambles on projects you like. I like ALGO. So I gamble a small bag on it as I think its tech has potential. But I don't gamble a large bag as my risk tolerance is low.

              [–]F0rtysxity -1 points0 points  (0 children)

              Why do you think cryptocurrency sub hate Algorand? Genuine question.

              [–][deleted]  (1 child)

              [removed]

                [–]algorand-ModTeam[M] 1 point2 points  (0 children)

                See Rule #3. Please provide a credible source when posting FUD.

                Single word comments are trolling.

                [–]SourcerorSoupreme 0 points1 point  (0 children)

                I mean that sub hates and love all cryptos.

                [–]Crisci4269 0 points1 point  (0 children)

                I still hold it in my portfolio along with ADA staked

                [–]themrgq 0 points1 point  (0 children)

                They don't hate it. They used to love it so a bunch of them owned and it and obviously it tanked and has never recovered.

                [–]Demeter_Family_Farm 0 points1 point  (0 children)

                It is an obvious scam to take money from morons.

                [–]wreckfromtech 0 points1 point  (0 children)

                People worried about losing money in crypto shouldn’t be participating in speculative investing. Ignore them and always do your own research.

                [–]HannyBo9 0 points1 point  (1 child)

                Inflation

                [–]Grunblau 0 points1 point  (0 children)

                Should point out it is 80% distributed.

                [–]Dom252525 0 points1 point  (0 children)

                Give it a few months. They will love it again. Then hate it and then love it again.

                [–]TotalEconomicEngine 0 points1 point  (0 children)

                I believe if you look up the YouTube channel investanswers he did an entire show on Algo with pure data and it was bad. I think it was posted in the last year.

                [–]TonyStarch28 0 points1 point  (0 children)

                Algo used to be the darling of the CC Reddit. I think people have just lost faith in it ever achieving what they thought it would.

                [–]therealestx 0 points1 point  (0 children)

                They hate everything. That is not Bitcoin and ethereum.

                [–]MuscleOverMotor 0 points1 point  (0 children)

                It's a threat to their trash coins, but you can't make money with it because the price doesn't move.

                [–]Mundane-Plan-4179 0 points1 point  (0 children)

                They hate anything that isn’t Bitcoin and Ethereum.

                [–][deleted]  (1 child)

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                  [–]Underwater_Grilling 0 points1 point  (0 children)

                  It has a ceo

                  [–]Unhappy-Speaker315 0 points1 point  (0 children)

                  Sadly I think a lot of these comments ring true, a lot of people are managing the losses and will sell up soon And price will just keep crabbing

                  [–]IndubitablePrognosis 0 points1 point  (0 children)

                  Almost every crypto fan gets excited about their novel technology, because it overcomes flaws in older systems (typically, speed/throughput).

                  EVERY new crypto claims "Eureka! We've DONE IT! Algorand's website literally claims to have solved the trilemma.

                  Then, when it's pointed out that there is a "flaw", they say "yes but we're working on it". They don't understand that any vulnerability is fatal;  Their "solution" ends up compromising some other aspect of the trilemma.

                  The other problem is that of competitors. There are faster blockchains, and there will always be new, better options. So what are the use cases for which this crypto is UNIQUELY suited? Algorand's own website says it best:

                  https://algorandtechnologies.com/ecosystem/use-cases

                  (No need to click; it's nothing. Their website links to this page for "use cases" )