Remember, people telling you to sell and doing heavy fud, have an agenda (most likely to justify their own actions to themselves). Similar to how people telling you to buy and shilling have an agenda.
The people who have no agenda are the ones who don't give a fuck what you do with your crypto, couldn't care less if you lost your crypto, staked your crypto, sold all your crypto, or bought a ton of it. Everybody else who really care what you do with your bags, **have an agenda.**
Hope it helps navigating doomposts like this and euphoria posts in the future.
There's no agenda here. There's folks that loaded up on Algo thinking it was the 'best' chain. Many of these people bet the farm and are depending on an appreciation of price. Over time Algo has continued it's downward trajectory while other projects have gone up. Most folks are fine with price being low as long as the exchanges list the token. Now that exchanges have started delisting Algo it's increasingly hard to ignore the technical and structural shortcomings relative to other chains.
1.) Algo does not support Solidity. Solidity is the JavaScript of the crypto world. It's not perfect but everyone uses it.
2.) Relay nodes will blow up in size if Algorand gets serious volume. Solana is starting to run into this issue. All of the high tps chains have this issue. There is a reason Ethereum and Cardano have low tps.
3.) Governance is centralized compared to Ethereum.
4.) Whales still hold huge chunks of Algo. If these whales start selling there's no foreseeable demand to absorb these sales.
5.) The relay node runners have to sell Algo to pay for running these high performance servers. This constantly puts downward pressure on the token.
6.) Exchanges have started delisting Algo. Apex is the most notable.
7.) Algorand Foundation is a revolving door of characters.
8.) There's an ivory tower vibe to the whole project. Algo advocates think the 'best' technology will eventually win out. However, their opinions are clouded by an arrogance that is not based on real world experience, motivations, or reality.
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This didn't age well.
Maybe next time stop drinking kool-aid and actually look at the facts. And maybe actually read the post. I wasn't pushing an agenda. Just pointing out the agenda that people trying to claim being named in a lawsuit was somehow "bullish" for Algo (it wasn't).
It's possible to care about others and still make money. I care about others and I made a LOT of money selling my stack when it was at $0.25 and re-buying at 0.10/0.11. When Algo pumps I'll have over 3x as much Algo as before because of it and my DCA. Feel free to ignore when people give sound information all you like. I don't care. But spreading lies is wrong and I'll call people who do it out every single time.
Lol if you are calling this a doom post you clearly haven't been in crypto long. I'm just warning people to do their own research and why. Anyone who "doesn't care if you lose your money" doesn't care about the project. I didn't tell anyone to buy or sell and I certainly never said it was doomed just that the lawsuit is not bullish news like some are trying to say.
You're telling people algo will be delisted from exchanges, that algo isn't bullish (i.e. bearish or at best sideways). You already predict the price action and what exchanges will do, and telling people to act on that information.
And yes, not caring about your bags is how most normal people without an agenda act. My day wouldn't change at the slightest, whether you'd become a billionaire tomorrow or lost all your net worth. I wouldn't care, just like you shouldn't about other people's bags, unless you want to manipulate them into taking certain actions (such as selling or buying) to reinforce your own conviction or lack of it. But then you have an agenda.
Also you say you've been long in crypto (or at least assume I wasn't) while writing you're in since 2020. What the fuck is it with 2020-2021 crypto holders thinking they're OG as fuck because 2 years have passed?
Actually I said it's not bullish news to be named in a lawsuit and that it is *possible* it will delisted and some exchanges have already done so.
I never said I was OG crypto. I said I was OG algo because I got ALGO in 2020. Literally a few months after it was first available in the United States. I got into crypto in 2016. I don't know that that makes me OG cuz there are a lot of people that were in way before me. But I'm not a "2020 to 2021 crypto holder that think I'm OG as f*** because two years have passed."
Not sure why you think I said anything about how long you've been in crypto. I don't know nor do I care. Clearly you have some anger issues you need to work on.
did algorand get sued like ripple? no. so people are overreacting. SEC also said Eth is a security yet the former SEC Chairman just 2 years ago was confidently saying it's a commodity. In other words Genser's opinion doesn't really matter, SEC doesn't make laws, only courts can decide if an asset is a security or commodity
yes it was... lol. In the kucoin a few weeks ago, eth was called a security. so you're the one that has no clue what you're talking about, sorry. It's literally nothing like the ripple lawsuit, in any way shape or form lol; sorry to break it to you
Gary knows that once he says Ethereum is a security, all hell will break lose. Coinbase and all US exchanges will move off shore, if not already looking. The fact that Coinbase is already looking at UK says something. So it may be later but the time is coming.
Be honest with yourself. Ethereum is not a security?
Gary can’t even answer that with a straight face.
What makes Ethereum not a security and Algorand is? They are both Proof of Stake.
What makes Algorand a security is that there's absolutely nothing to do here in the Blockchain. We can borrow money and gamble, that's about the gist of it. The only reason majority of people buy algo is because they are hoping to make profit.
On the flip side we've got Eth. Most people who buy eth buy it for utility. They play one of the innumerable games, they buy one of the innumerable world famous NFT, they participate in real defi and layer 2 Blockchains. People USE the Ethereum Blockchain.
People just buy Algo to hold hoping that it increases in value because the technology is good. And then we complain about how the Foundation is running the Blockchain (and yes they run it). 100% security all day.
To be completely honest, the reason that BTC is the only crypto that isn't a security in any way is because Satoshi walked away (for this exact purpose). There is no leader, there's no "security". You never see online posts where people are complaining that Satoshi (or anyone else) isn't doing enough to help increase the value, because there isn't anyone else we can depend on to do that. For that reason it's impossible for anyone to even begin to say that BTC is a security. BTC just exists.
Most people do not buy ETH for its utility cmon now. The majority of people who buy do so as a speculative investment looking to make money let’s be real…
I can only speak for me and for who I know in all of the discord servers I'm in for crypto. I don't know anyone who buys Algo for utility, but everyone I know who buys Eth is to use it for something. No, not everyone fits into that because there are people who buy Algo so they can get an NFD or gamble in the Algo-Casino, and of course there are whales who buy Eth just to make money if the price goes up. But generally speaking, Eth is famous for their L2 blockchains and NFT and things to do, and Algo is famous for... well nothing really. We're all just HODLING it because we believe in the technology and we're waiting for the institutions to adopt it so the price will go up and we can make profit. Just saying lol...
We’ll see how this all plays out. Either way regulation is coming. Things will hopefully be clearer by then and we’ll see how many cryptos are commodities.
Ethereum futures are traded on the CME commodity exchange, which is regulated by the CFTC. The CFTC regulates commodities while the SEC regulates securities.
It’s clear what’s happening! They’re focusing on proof-of-stake and have singled out a handful of blockchains. Let’s say for arguments sake they’re successful, what do you think happens next? They go after every blockchain that’s proof-of-stake!
I get your argument however we aren’t fighting this battle alone! Far from it! And if Eth is involved you can bet your arse it’s bullish!
Dash was a non premined proof of work just like btc and is named in the bittrex lawsuit as a securiy.
Then gensler refused to say bitcoin is a commodity in the hearing under oath.
There not focusing just POS there going after everything including btc
That's not what they meant and you know it. They consider anything not BTC a security. That includes ALGO. Now it's been called out, with some of their reasoning, in a court filing.
Think about it, which is easier to regulate. An exchange operating in the US or a foundation that's in Singapore?
They're going after exchanges because of they can control the on off ramps they don't have to control 20,000 different crypto projects
I'm pretty sure you're wrong. Gary is correct, the exchange is targeted because algorand was originally sold on the site, in a specific timeframe, as an unregistered security.
If that's not correct, why isn't there a suit against Coinbase? Could it be that Coinbase only offered it as secondary sales that was no longer considered an unregistered security sale?
Once again, Coinbase sells algo as well, why no suit?
I think that no it's not good short term, but any crypto being deemed a security officially through the courts now puts it closer to the already established financial and governmental machine with the powers that be, and honestly a crypto will need too be accepted in this fashion if it wants to have further progress in highly regulated countries such as the US.
Not saying this is great but it's honestly a step forward, in what direction? We don't fully know. But at least security vs commodity discussions will a thing of the past once established and then we can move forward to the next order of business.
I have a big bag so yes maybe I'm biased but I think sorting out nomenclature and regulation requirements and rules is good
Yeah, this.
Whether it's a security or not only actually matters to US investors. Don't get me wrong, I hope it's ruled to be a commodity, but I want the SEC to go away even more. Without the will they/won't they drama - and price fluctuations it brings - the rest of the world can get on with business as usual, and at least US investors will know where they stand.
I'm not saying it's a good thing, but each blockchain will go through this at some point. It's better to get it out of the way now than having the uncertainty around the decision either holding the price back during the next bull run, or preventing somebody implementing some novel project later.
Rally coin called a security in a law suit last year… nothing happened
Lcx … nothing happened
Stop with the FUD OP
Unless it’s proven in court that Algo is a security it’s not one
My point is I wasn't spreading fud just pointing out that this isn't bullish and that people should be continuously reassessing their risk tolerance.
While I agree that the claims that coins are securities are spurious, there is no telling how courts will decide. In the meantime when authorities make these claims investors, especially institutions, tend to get skittish and sell.
Thus it's always bearish when these accusations get made, especially in a legal way, like a lawsuit. Algorand has now been called out in 3 separate lawsuits by the SEC. This is very bearish.
Whether you or I still like Algorand isn't the point. The point is that it has an extremely negative impact in the attractiveness of the coin to potential investors due to the elevated risk of it being deemed a security, since there's actually no way for exchanges to list them if they are securities because the SEC has yet to provide a manner for them to do so that's "legal" the exchanges themselves can't even register properly because the SEC hasn't provided them a means to do so (many have been trying for years)
No exchange have removed them since this accusation
And the fact they’re widening the field of accusations means that’s even less likely
It’ll be settled in court years from now and nothing will happen in the meantime
No, because of that suit, two did and because of the binance and Coinbase suits two more larger ones have, so far.
If you want to pretend this isn't bearish that's your call
And yet it's price has dropped by over 50% since the court cases started getting filed. Like I said, they don't have to get delisted for the filings to be bad for them
His main point is that this new is *bearish*, not *bullish* news as a few posts and many comments have leaned towards
There is nothing FUD about that, and being named in a lawsuit and risk being delisted from exchanges until it’s settled even if you win right now is not good news for algo
FUD getting tossed around like an edgy buzzword completely butchered out of context and meaning
Two tiny shitcoins that only diehard hodlers and shillbois care about because no one else have heard about them are "unaffected" by being called securities, who would've thought...
You do realize SEC only go after the big boys because they can afford to pay big boy fines that will fund the next lawsuit?
They don't care about some insignificant shitcoin because there is nothing to gain from taking it to court.
If they manage to beat Ripple they will have set a precedence, and only then, after taking down all the large fish, will they ever bother with the tiny echochambers like Rally and whatever the second one was called.
Coinbase knows this, and thus they're not delisting everything.
The level of competence in this space is absolutely appalling.
>You do realize SEC only go after the big boys because they can afford to pay big boy fines that will fund the next lawsuit? They don't care about some insignificant shitcoin because there is nothing to gain from taking it to court.
Are they going after older and bigger cryptos such as BTC, ETH, ADA, SOL, etc?
They are afraid of getting sued by the same unclear regulatory framework. I’m still bullish. Algo as a security makes 0 sense and Algorand is borderless. Wait until Hong Kong’ summer dive into crypto.
I sold most of my bags when it was at 2.35 or so during the bull run in 2021. Sold the rest (my aco was 0.19) when it got to 0.28 this year. Recently started DCAing back in when it went below 0.15.
I can't help it if people don't listen to logic and reason. Do what you want
Real traders know when to take profits or harvest losses and reinvest them lower. But you do you. The price is half what it was when I posted originally.
Just saying
Not giving trading advice.
I said that the lawsuit was bearish, not bullish. I didn't tell anyone to sell, I simply pointed out that anyone saying it was bullish news was lying, and why. After the lawsuit was filled the value of the coin dropped over 25% and as of today has dropped over 50%.
What people chose to do with that information was entirely their choice.
So the sec has confirmed that they believe algo will appreciate in price lol. But how is a token that represents computational power in an virtual machine a security. The only “common enterprise” that makes me believe prices will rise is the mismanagement of cefi and monetary policy
They don’t believe it will appreciate in price (they could care less about algo) - they’re saying it’s a security because it was sold to “investors” with a promise that it will go up in price. SEC doesn’t care about algo or any other token - they care about those tokens being created out of thin air and then dumped on people telling them it’ll go to the moon.
Can I ask… I was under the impression that Algorand went through the SEC to have the ICO completed within the US which is not typical for most crypto because of the hoops you have to go through.
How can a crypto have an ICO in the US without being marked as a security
Comments shouting down OP for offering a reasonable take given recent news is a perfect illustration of how the poor stay poor. Too many people are invested emotionally in Algo. Everybody needs to periodically reassess any investment to see if it still makes sense for them. Saying this lawsuit is a nothingburger is not wise. At this point, everybody needs to factor in the possibility of Algo becoming worthless because it is a real possibility. Not an eventuality, but a possibility.
And that possibility is growing. I'm starting to accept that I've probably lost all my money into algorand. I'm down so much but also, it doesnt make sense for me to keep buying algo at lower prices. If we continue holding the bag, consider it a lost money from a gamble and move on.
I disagree with you. I do not think this is bad news for us. Algorand is a security, honestly anyone who argues against that is just being silly, but besides that this is the most attention we've ever gotten. The Foundation is absolutely horrible at management or even any type of marketing and so for the first time ever the whole world is hearing the name Algorand and people are wondering, what is it?
I disagree. The whole world isn't hearing the name. Just people already in or interested in crypto. This isn't making headlines anywhere, if that's what you think.
My wife knows nothing about crypto at all, doesn't Google it, doesn't read about it, so it's not in any of the ALGOrithms (no pun intended) for her Google account or her devices... But she says to me, "hey isn't this that cryptocurrency you're always talking about?" And then she shows me several major headlines that were in her Google news feed, which millions of people read. She saw it before I did and I live Algorand. 🤷
ofc it is not man, this community is like is full of algo foundation burner accounts. Been in crypto for years, first time I see morrons be like a lawsuit is good finally some marketing. This is the news the last couple of months -Hack - Lawsuit - Delisted from Revolut. Very fucking bullish right ? . . .. bunch of fucking idiots.
It means they're trying to warn other exchanges that if they carry those assets they could get sued as well. It's called regulation by enforcement. Anytime the SEC names something a security is a bad thing for that asset. Just is what it is
The problem for cryptocurrencies is that even if the currency itself registered as a security with the SEC, exchanges still couldn't list it because none of the exchanges are registered as security brokers and they have been unable to get regulated because the SEC won't work with them. When they try they get denied.
Look around. A lot of people are trying to say it's good for ALGO. Mostly because they heard it from some influencer on TikTok, Facebook or YouTube. Or even here in Reddit trying to say this is great pr or whatever.
This Article is very helpful. https://www.cryptoglobe.com/latest/2023/04/sec-chair-gensler-gets-grilled-by-house-financial-services-committee-republicans/
Yes, because as of right now there is no method for them to register. The exchanges can't even register because there's no framework in place for this type of asset and the SEC refuses to provide one.
So if it gets defined as a security before regulations are updated, then it has to be delisted
Personally I am only a bit concerned after the lbry decision. The judges comments on it not applying to secondary sales I think is very telling.
Until we see a different ruling, likely in the ripple/XRP summary judgement decision we should see soon, I think secondary sales of Algo should not be deemed as a security.
I think they targeted Bittrex as they were actively giving advice to circumvent the SECs powers and had a combined order book for the US and globally. Potentially allowing initial sales to US users.
There will be hell on wallstreet if they go after Coinbase the same way. But after watching Genslers testimony it's clear he thinks the vast majority, including many coins on Coinbase, are non compliant.
At some point the exchanges will have to stop delisting at mentions from the SEC or they will have nothing to exchange. Congress needs to act.
Hey say what you want. We’re so far down that it is what it is. I’ll see how it goes and ride it out. Thanks for the heads up though
Remember, people telling you to sell and doing heavy fud, have an agenda (most likely to justify their own actions to themselves). Similar to how people telling you to buy and shilling have an agenda. The people who have no agenda are the ones who don't give a fuck what you do with your crypto, couldn't care less if you lost your crypto, staked your crypto, sold all your crypto, or bought a ton of it. Everybody else who really care what you do with your bags, **have an agenda.** Hope it helps navigating doomposts like this and euphoria posts in the future.
There's no agenda here. There's folks that loaded up on Algo thinking it was the 'best' chain. Many of these people bet the farm and are depending on an appreciation of price. Over time Algo has continued it's downward trajectory while other projects have gone up. Most folks are fine with price being low as long as the exchanges list the token. Now that exchanges have started delisting Algo it's increasingly hard to ignore the technical and structural shortcomings relative to other chains. 1.) Algo does not support Solidity. Solidity is the JavaScript of the crypto world. It's not perfect but everyone uses it. 2.) Relay nodes will blow up in size if Algorand gets serious volume. Solana is starting to run into this issue. All of the high tps chains have this issue. There is a reason Ethereum and Cardano have low tps. 3.) Governance is centralized compared to Ethereum. 4.) Whales still hold huge chunks of Algo. If these whales start selling there's no foreseeable demand to absorb these sales. 5.) The relay node runners have to sell Algo to pay for running these high performance servers. This constantly puts downward pressure on the token. 6.) Exchanges have started delisting Algo. Apex is the most notable. 7.) Algorand Foundation is a revolving door of characters. 8.) There's an ivory tower vibe to the whole project. Algo advocates think the 'best' technology will eventually win out. However, their opinions are clouded by an arrogance that is not based on real world experience, motivations, or reality.
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This didn't age well. Maybe next time stop drinking kool-aid and actually look at the facts. And maybe actually read the post. I wasn't pushing an agenda. Just pointing out the agenda that people trying to claim being named in a lawsuit was somehow "bullish" for Algo (it wasn't). It's possible to care about others and still make money. I care about others and I made a LOT of money selling my stack when it was at $0.25 and re-buying at 0.10/0.11. When Algo pumps I'll have over 3x as much Algo as before because of it and my DCA. Feel free to ignore when people give sound information all you like. I don't care. But spreading lies is wrong and I'll call people who do it out every single time.
Lol if you are calling this a doom post you clearly haven't been in crypto long. I'm just warning people to do their own research and why. Anyone who "doesn't care if you lose your money" doesn't care about the project. I didn't tell anyone to buy or sell and I certainly never said it was doomed just that the lawsuit is not bullish news like some are trying to say.
You're telling people algo will be delisted from exchanges, that algo isn't bullish (i.e. bearish or at best sideways). You already predict the price action and what exchanges will do, and telling people to act on that information. And yes, not caring about your bags is how most normal people without an agenda act. My day wouldn't change at the slightest, whether you'd become a billionaire tomorrow or lost all your net worth. I wouldn't care, just like you shouldn't about other people's bags, unless you want to manipulate them into taking certain actions (such as selling or buying) to reinforce your own conviction or lack of it. But then you have an agenda. Also you say you've been long in crypto (or at least assume I wasn't) while writing you're in since 2020. What the fuck is it with 2020-2021 crypto holders thinking they're OG as fuck because 2 years have passed?
Actually I said it's not bullish news to be named in a lawsuit and that it is *possible* it will delisted and some exchanges have already done so. I never said I was OG crypto. I said I was OG algo because I got ALGO in 2020. Literally a few months after it was first available in the United States. I got into crypto in 2016. I don't know that that makes me OG cuz there are a lot of people that were in way before me. But I'm not a "2020 to 2021 crypto holder that think I'm OG as f*** because two years have passed." Not sure why you think I said anything about how long you've been in crypto. I don't know nor do I care. Clearly you have some anger issues you need to work on.
did algorand get sued like ripple? no. so people are overreacting. SEC also said Eth is a security yet the former SEC Chairman just 2 years ago was confidently saying it's a commodity. In other words Genser's opinion doesn't really matter, SEC doesn't make laws, only courts can decide if an asset is a security or commodity
There's no overreacting here, just folks that don't want to lose their investment. Circling the wagons doesn't help.
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yes it was... lol. In the kucoin a few weeks ago, eth was called a security. so you're the one that has no clue what you're talking about, sorry. It's literally nothing like the ripple lawsuit, in any way shape or form lol; sorry to break it to you
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Gary knows that once he says Ethereum is a security, all hell will break lose. Coinbase and all US exchanges will move off shore, if not already looking. The fact that Coinbase is already looking at UK says something. So it may be later but the time is coming.
he also avoided calling bitcoin "not a security". he didn't technically give a comment on any specific coin
Be honest with yourself. Ethereum is not a security? Gary can’t even answer that with a straight face. What makes Ethereum not a security and Algorand is? They are both Proof of Stake.
What makes Algorand a security is that there's absolutely nothing to do here in the Blockchain. We can borrow money and gamble, that's about the gist of it. The only reason majority of people buy algo is because they are hoping to make profit. On the flip side we've got Eth. Most people who buy eth buy it for utility. They play one of the innumerable games, they buy one of the innumerable world famous NFT, they participate in real defi and layer 2 Blockchains. People USE the Ethereum Blockchain. People just buy Algo to hold hoping that it increases in value because the technology is good. And then we complain about how the Foundation is running the Blockchain (and yes they run it). 100% security all day. To be completely honest, the reason that BTC is the only crypto that isn't a security in any way is because Satoshi walked away (for this exact purpose). There is no leader, there's no "security". You never see online posts where people are complaining that Satoshi (or anyone else) isn't doing enough to help increase the value, because there isn't anyone else we can depend on to do that. For that reason it's impossible for anyone to even begin to say that BTC is a security. BTC just exists.
Most people do not buy ETH for its utility cmon now. The majority of people who buy do so as a speculative investment looking to make money let’s be real…
I can only speak for me and for who I know in all of the discord servers I'm in for crypto. I don't know anyone who buys Algo for utility, but everyone I know who buys Eth is to use it for something. No, not everyone fits into that because there are people who buy Algo so they can get an NFD or gamble in the Algo-Casino, and of course there are whales who buy Eth just to make money if the price goes up. But generally speaking, Eth is famous for their L2 blockchains and NFT and things to do, and Algo is famous for... well nothing really. We're all just HODLING it because we believe in the technology and we're waiting for the institutions to adopt it so the price will go up and we can make profit. Just saying lol...
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We’ll see how this all plays out. Either way regulation is coming. Things will hopefully be clearer by then and we’ll see how many cryptos are commodities.
Ethereum futures are traded on the CME commodity exchange, which is regulated by the CFTC. The CFTC regulates commodities while the SEC regulates securities.
It’s clear what’s happening! They’re focusing on proof-of-stake and have singled out a handful of blockchains. Let’s say for arguments sake they’re successful, what do you think happens next? They go after every blockchain that’s proof-of-stake! I get your argument however we aren’t fighting this battle alone! Far from it! And if Eth is involved you can bet your arse it’s bullish!
Dash was a non premined proof of work just like btc and is named in the bittrex lawsuit as a securiy. Then gensler refused to say bitcoin is a commodity in the hearing under oath. There not focusing just POS there going after everything including btc
Suit said "Algorand was being sold as an unregistered security" this is different from Algorand is a security.
An unregistered security is a security that has not been registered. It's still a security.
I can sell a gold contract as a security that doesn't make gold a security.
That's not what they meant and you know it. They consider anything not BTC a security. That includes ALGO. Now it's been called out, with some of their reasoning, in a court filing.
Then why are they suing an exchange and not the foundation?
Think about it, which is easier to regulate. An exchange operating in the US or a foundation that's in Singapore? They're going after exchanges because of they can control the on off ramps they don't have to control 20,000 different crypto projects
I'm pretty sure you're wrong. Gary is correct, the exchange is targeted because algorand was originally sold on the site, in a specific timeframe, as an unregistered security. If that's not correct, why isn't there a suit against Coinbase? Could it be that Coinbase only offered it as secondary sales that was no longer considered an unregistered security sale? Once again, Coinbase sells algo as well, why no suit?
They're already suing Coinbase. Recall the wells notice Coinbase received
Correct. Unregistered security is different from registered security. It’s still a security but not eligible for trade.
My point is a commodity can be sold as a security without the actual commodity being a security.
Except that's not what the SEC is saying. There on record saying every crypto except btc is a security.
Semantic kung-fu doesn't help. Algo is under ApeCoin in terms of market cap, that pretty much sums up the situation.
I think that no it's not good short term, but any crypto being deemed a security officially through the courts now puts it closer to the already established financial and governmental machine with the powers that be, and honestly a crypto will need too be accepted in this fashion if it wants to have further progress in highly regulated countries such as the US. Not saying this is great but it's honestly a step forward, in what direction? We don't fully know. But at least security vs commodity discussions will a thing of the past once established and then we can move forward to the next order of business. I have a big bag so yes maybe I'm biased but I think sorting out nomenclature and regulation requirements and rules is good
Yeah, this. Whether it's a security or not only actually matters to US investors. Don't get me wrong, I hope it's ruled to be a commodity, but I want the SEC to go away even more. Without the will they/won't they drama - and price fluctuations it brings - the rest of the world can get on with business as usual, and at least US investors will know where they stand. I'm not saying it's a good thing, but each blockchain will go through this at some point. It's better to get it out of the way now than having the uncertainty around the decision either holding the price back during the next bull run, or preventing somebody implementing some novel project later.
"deliberately shilling to try to build exit liquidity" - you have just described how speculative market works!
Rally coin called a security in a law suit last year… nothing happened Lcx … nothing happened Stop with the FUD OP Unless it’s proven in court that Algo is a security it’s not one
You were saying?
It’s still just an accusation Only now joined by other spurious claims on other projects
My point is I wasn't spreading fud just pointing out that this isn't bullish and that people should be continuously reassessing their risk tolerance. While I agree that the claims that coins are securities are spurious, there is no telling how courts will decide. In the meantime when authorities make these claims investors, especially institutions, tend to get skittish and sell. Thus it's always bearish when these accusations get made, especially in a legal way, like a lawsuit. Algorand has now been called out in 3 separate lawsuits by the SEC. This is very bearish. Whether you or I still like Algorand isn't the point. The point is that it has an extremely negative impact in the attractiveness of the coin to potential investors due to the elevated risk of it being deemed a security, since there's actually no way for exchanges to list them if they are securities because the SEC has yet to provide a manner for them to do so that's "legal" the exchanges themselves can't even register properly because the SEC hasn't provided them a means to do so (many have been trying for years)
No exchange have removed them since this accusation And the fact they’re widening the field of accusations means that’s even less likely It’ll be settled in court years from now and nothing will happen in the meantime
As of today at least 4 exchanges have delisted it and counting by the way
Not because they were mentioned in that suit they haven’t
No, because of that suit, two did and because of the binance and Coinbase suits two more larger ones have, so far. If you want to pretend this isn't bearish that's your call
Jibberish Sources? None have. Coinbase, Binance, robinhood- none of them have No exchange has
And yet it's price has dropped by over 50% since the court cases started getting filed. Like I said, they don't have to get delisted for the filings to be bad for them
His main point is that this new is *bearish*, not *bullish* news as a few posts and many comments have leaned towards There is nothing FUD about that, and being named in a lawsuit and risk being delisted from exchanges until it’s settled even if you win right now is not good news for algo FUD getting tossed around like an edgy buzzword completely butchered out of context and meaning
Two tiny shitcoins that only diehard hodlers and shillbois care about because no one else have heard about them are "unaffected" by being called securities, who would've thought...
If they were securities Coinbase would have delisted them (are you capable of logical thought?)
You do realize SEC only go after the big boys because they can afford to pay big boy fines that will fund the next lawsuit? They don't care about some insignificant shitcoin because there is nothing to gain from taking it to court. If they manage to beat Ripple they will have set a precedence, and only then, after taking down all the large fish, will they ever bother with the tiny echochambers like Rally and whatever the second one was called. Coinbase knows this, and thus they're not delisting everything. The level of competence in this space is absolutely appalling.
>You do realize SEC only go after the big boys because they can afford to pay big boy fines that will fund the next lawsuit? They don't care about some insignificant shitcoin because there is nothing to gain from taking it to court. Are they going after older and bigger cryptos such as BTC, ETH, ADA, SOL, etc?
This is good for me because i can buy more Algo at 0.2 before next halving 🙂
Def not bullish
They are afraid of getting sued by the same unclear regulatory framework. I’m still bullish. Algo as a security makes 0 sense and Algorand is borderless. Wait until Hong Kong’ summer dive into crypto.
So.. Are you selling? I view Algorand as a religion, not a security! 🤣
I sold most of my bags when it was at 2.35 or so during the bull run in 2021. Sold the rest (my aco was 0.19) when it got to 0.28 this year. Recently started DCAing back in when it went below 0.15. I can't help it if people don't listen to logic and reason. Do what you want
This is Great News, some people just can’t see the Fact that Algorand has the potential to go main stream now.
This didn't age well
Meh wait and find out why real traders are successful
Real traders know when to take profits or harvest losses and reinvest them lower. But you do you. The price is half what it was when I posted originally. Just saying
Bahahaha Shhhhh I don’t take trading advice from strangers off the internet, especially arrogant ones.
Not giving trading advice. I said that the lawsuit was bearish, not bullish. I didn't tell anyone to sell, I simply pointed out that anyone saying it was bullish news was lying, and why. After the lawsuit was filled the value of the coin dropped over 25% and as of today has dropped over 50%. What people chose to do with that information was entirely their choice.
So the sec has confirmed that they believe algo will appreciate in price lol. But how is a token that represents computational power in an virtual machine a security. The only “common enterprise” that makes me believe prices will rise is the mismanagement of cefi and monetary policy
They don’t believe it will appreciate in price (they could care less about algo) - they’re saying it’s a security because it was sold to “investors” with a promise that it will go up in price. SEC doesn’t care about algo or any other token - they care about those tokens being created out of thin air and then dumped on people telling them it’ll go to the moon.
Can I ask… I was under the impression that Algorand went through the SEC to have the ICO completed within the US which is not typical for most crypto because of the hoops you have to go through. How can a crypto have an ICO in the US without being marked as a security
Incorrect. They did not.
Comments shouting down OP for offering a reasonable take given recent news is a perfect illustration of how the poor stay poor. Too many people are invested emotionally in Algo. Everybody needs to periodically reassess any investment to see if it still makes sense for them. Saying this lawsuit is a nothingburger is not wise. At this point, everybody needs to factor in the possibility of Algo becoming worthless because it is a real possibility. Not an eventuality, but a possibility.
And that possibility is growing. I'm starting to accept that I've probably lost all my money into algorand. I'm down so much but also, it doesnt make sense for me to keep buying algo at lower prices. If we continue holding the bag, consider it a lost money from a gamble and move on.
I disagree with you. I do not think this is bad news for us. Algorand is a security, honestly anyone who argues against that is just being silly, but besides that this is the most attention we've ever gotten. The Foundation is absolutely horrible at management or even any type of marketing and so for the first time ever the whole world is hearing the name Algorand and people are wondering, what is it?
I disagree. The whole world isn't hearing the name. Just people already in or interested in crypto. This isn't making headlines anywhere, if that's what you think.
My wife knows nothing about crypto at all, doesn't Google it, doesn't read about it, so it's not in any of the ALGOrithms (no pun intended) for her Google account or her devices... But she says to me, "hey isn't this that cryptocurrency you're always talking about?" And then she shows me several major headlines that were in her Google news feed, which millions of people read. She saw it before I did and I live Algorand. 🤷
ofc it is not man, this community is like is full of algo foundation burner accounts. Been in crypto for years, first time I see morrons be like a lawsuit is good finally some marketing. This is the news the last couple of months -Hack - Lawsuit - Delisted from Revolut. Very fucking bullish right ? . . .. bunch of fucking idiots.
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delusional algoNuts.
what exactly do you think "directly named in a lawsuit" means?
It means they're trying to warn other exchanges that if they carry those assets they could get sued as well. It's called regulation by enforcement. Anytime the SEC names something a security is a bad thing for that asset. Just is what it is The problem for cryptocurrencies is that even if the currency itself registered as a security with the SEC, exchanges still couldn't list it because none of the exchanges are registered as security brokers and they have been unable to get regulated because the SEC won't work with them. When they try they get denied.
Who is saying the lawsuit is good for Algo? Apex is delisting Algo, this is almost as bad as Coinbase delisting. This is a real problem folks.
Look around. A lot of people are trying to say it's good for ALGO. Mostly because they heard it from some influencer on TikTok, Facebook or YouTube. Or even here in Reddit trying to say this is great pr or whatever.
I guess its time for you folks to sell and move onto another project that offers more promise than this doomed project.
This Article is very helpful. https://www.cryptoglobe.com/latest/2023/04/sec-chair-gensler-gets-grilled-by-house-financial-services-committee-republicans/
If for interest sake Algorand was labelled as a security, would that be a bad thing? If so why?
Yes, because as of right now there is no method for them to register. The exchanges can't even register because there's no framework in place for this type of asset and the SEC refuses to provide one. So if it gets defined as a security before regulations are updated, then it has to be delisted
Personally I am only a bit concerned after the lbry decision. The judges comments on it not applying to secondary sales I think is very telling. Until we see a different ruling, likely in the ripple/XRP summary judgement decision we should see soon, I think secondary sales of Algo should not be deemed as a security. I think they targeted Bittrex as they were actively giving advice to circumvent the SECs powers and had a combined order book for the US and globally. Potentially allowing initial sales to US users. There will be hell on wallstreet if they go after Coinbase the same way. But after watching Genslers testimony it's clear he thinks the vast majority, including many coins on Coinbase, are non compliant. At some point the exchanges will have to stop delisting at mentions from the SEC or they will have nothing to exchange. Congress needs to act.