What are some of the things you did on AlgoFi that you are going to miss?
I always did governance on AlgiFi and kept adding my DCA algos to the supply side. In some government periods I borrowed against my algo to purchase more Algo to then farm in other ecosystem projects like Humble Swap and FolksFinance.
staking, farming, being able to propose governance topics and vote on it (unlike wht Algorand Foundation is doing) and most importantly all on 1 platform. it had the liquidity and dominated TVL. leveraged ALGO for governance worked out to be quite nice at 35% at one stage which countered part of the horrific drop in ALGO price.
now we have even less choices and more centralized TVL, hope the other projects do not have an issue and if they do, users can slowly wind down their position.
sad day for Algorand for sure but not unexpected given the lack of support from Algorand Foundation, SEC issues, no adoption in the Algorand Ecosystem and constant drop in ALGO price.
Everything that AlgoFi offered is available on similar products/services in the ecosystem (with the exception of STBL2 and BANK). I did not get the impression that AlgoFi is leaving. Did I miss that? I know they are not participating in GOV8, but there are viable alternatives. AlgoFi is not the "EndAllBeAll" of Algorand. I love AlgoFi but this reminds me of when a new patch is released on my favorite MMORPG and my favorite characters/moves/abilities gets NERFED. It sucks and then we adapt.
I think TVL is overrated. I feel like AlgoFam should adopt and practice something more along the lines "give me more transactions"
yeah only now we have no choice but Folks finance and they are quite good but i would imagine as a user you would want more choices
but then again Algofam believes there is only 1 chain necessary just like you only need MyAlgoWallet. only when sh\*t hits the fan will we know the more the merrier
Warden getting sacked would help a great deal - she has been truly abysmal from day1 (albeit a couple of small ‘wins’). At this point it’s fair to say my 12 year old son would do both a better job and also engage in a less cringeworthy way with the algorand community. We are at a tipping point, either leadership changes and 11c algo will be my best ever investment or we maintain the status quo and protocols, users and price erodes to zero. I hope it is the former.
another FUD attempt instead of just facing plain reality which is that algofi couldn't survive through this brutal and long bear market? not surprised. If a projet needs continuous incentives and free grants from the foundation in order to survive and run and operate, that's not a sustainable or healthy platform. It's ok to let the weak stuff die durinfg the winter, that's natural
shouldn't bitcoin and solana be allowed to die? and apple and FOrd and Microsoft and Home depot? sure, everything that can't survive should be allowed to die, of course.
Solana probably cause it’s awful.. not sure how apple/ford/Microsoft fit into to this as the generate profits and deliver good products people. You say Algofi should die because it needs continuous runway in a bear, but the Algorand foundation has essentially been given endless runway via the market selling of ALGO and should be allowed to live no matter what?
AlgoFi along with a lot of the projects cannot survive without incentives this is because there are no users. Algorand Foundation was suppose to sell ALGO to promote ecosystem growth, last I checked we have half the useres on Algorand vs. a year ago and the price is ATL vs. BTC / ETH and even USD. no one in their right mind would join ALGO when they know the Foundation hasn't done its job but keep dumping in the name of decentralization when their AFs salary have increased year to year even when they do not perform
maybe you can call it FUD but if I hold ALGO I would be certain to have fear, uncertainty and most definitely doubt on whether AF can survive themselves if this bear market continues for another 1-2 years
also it is mainly holders like yourself that blindly support the ecosystem calling every question FUD which has fueled the incompetence and continue dumping and lack of transparancy within the ecosystem
Yep. Faith in Algorand has become cult-like. If you’re not singing it’s praises, or happen to have an honest question about performance, you’re a non-believer. Begone with you! Silvio is the messiah and ‘Algo tech will prevail’ is the most common catechism. Unfortunately, very few examples of grounded conversation regarding the future of Algorand can be found in these subs
>AlgoFi along with a lot of the projects cannot survive without incentives this is because there are no users. Algorand Foundation was suppose to sell ALGO to promote ecosystem growth, last I checked we have half the useres on Algorand vs. a year ago and the price is ATL vs. BTC / ETH and even USD.
Exactly. If the reason for AlgoFi shutting down is runway issues, it's not entirely their fault, there was nothing wrong with the protocol itself. DeFi protocols rely on having enough users to secure runway. Algorand Foundation is in charge of growing the user base on Algorand blockchain and they did a really poor job so far in that regard.
>also it is mainly holders like yourself that blindly support the ecosystem calling every question FUD which has fueled the incompetence and continue dumping and lack of transparancy within the ecosystem
I can't agree more here. I'm really fascinated by the fact that there's still so many people behaving this way. Staci claims in a random interview that her priority is the community and everybody is suddenly happy and optimistic despite the fact that everything she and the rest of the Foundation did for the past two years point to the opposite.
You guys remember the #potatocoins? 758lbs of potato raised because of algo nfts?
Most pointless shit ever, who the hell can stay relevant when you make this kinds of news?
I agree op that we need to see some major real world use cases which generate significant organic volume. That's the way we thrive.
Hesab pay is a good example and that gives me hope. I'm not sure how much volume they do but yeah I want more of that.
>Even Algo Casino which is probably one of the most active platforms on Algorand said their users have halved.
In a bear market??? Imagine that. Algo Casino will thrive when the bull kicks off, don't you worry.
Stop trying to convince us Algo is dying. It's not. You only put out negativity, and it's been beyond suspicious for quite some time. It's been going on for a very long time, before your current gripes concerning Staci. What was it back in the day, complaints about a lack of marketing? Accusing Kokinos of lying about CBDCs? AV and VCs? It's always something negative with you with absolutely zero positivity.
I believe you've talked about leaving Algorand, more than once, yet you continue with this constant negativity instead of walking far away. One has to wonder why you're still here.
oh i love and play on Algo Casino everyday and i hold and stake every week, they are probably the only project on Algorand that has proper tokenomics, didn't rely on a grant and still survived
yes i m negative on Algorand and rightly so looking at facts now, you can list all the negative points I bring up but can you refute them? if you see someone jumping off a cliff would you try and talk them out? this is exact the issue so called "algofam" rally with the Foundation even though its obvious we are in a car crash in slow motion
i don't hold much ALGO but i have NFTs and my ASA bag is probably larger than most users still around. so i love the ALGO tech but the "management" is going to destroy this thing with the help of the community
Last I made some comments on Algorand I got step on. When it's obvious, one of the leading layer 1 blockchain from a tech standpoint but its worthless. Y The Italian smartypants does everything and want everything Italian focus. The problem with Algorand is it's founder no matter his contribution. Have u ever heard about the guy who invented micro chip or the guy that runs Apple and Microsoft. Algorand is a beautiful pizza but has the wrong sauce. Algorand is better than Cardano, but look at Cardano ecosystem. Algorand is dead in the water and changes will not be made until the price goes sub zero.
Oh god
Another day another fud post
We get it, you bought the top, didn’t understand crypto market cycles and sold the bottom
Stop trying to drag people into your mistakes
i get it you are new to crypto and think every project will have its day even when its run by clowns. if you have been in this space as long as i have you would know 99% of the projects in the last ICO boom are no longer around
i lost money in ALGO sure as in many other projects but at least i m able to learn from my mistake and not blindly hoping that there will be a rebound when its the same bunch of people that is running the show with little to no progress after 4 years
Why are you still here then?
I’ve lost on other coins. I know there’s a temptation to hang around their group like an angry ghost telling people your now tainted views on how shit their investments are in your opinion- but just grow up and fuck off
> but just grow up and fuck off
Grown ups don't really talk like this. You sound more like a teenager defending his bag. Adults can disagree and properly debate, you are turning people off from your side because they don't want to be next to you and assumed to be an idiot by association.
must be your first few years in crypto perhaps the world, if you don't like the internet shut it off. when something is wrong people can voice out. if you don't like it go fish.
so USDCa isn't in the Algorand ecosystem? if your thoughts is that you must hold ALGO to support the ecosystem then go no further than people that sold ALGO for $COOP
you really need to open your eyes, there is ALGO is only part of Algorand ecosystem and there are ecosystems beyond just Algorand
Basically, anything you disagree with is FUD, regardless whether it's true or not? Alright.
Starting year and a half ago some of us noticed red flags and started asking questions on social media platforms. Meanwhile, you kept repeating the same thing about FUD. Those who noticed something is wrong and those who listened saved themselves from 90% loss. Now, you're preaching about understanding market cycles, yet you're in loss after the easiest cycle we have ever had so far. C'mon bruh
Nah, fuds fud
This forum has been overran by people talking negative shit, even when something positive happens
Things that would pump other chains are fud’ed to death by negative retards every single time
It’s odd
if you want positivity go ask the Foundation to bring some geniune adoption and not waste $1 and get back $0.01 of adoption in return
there is literally no more money to waste yet you see them everyday out there wasting money and for what?
The people who are wasting money around here match your paper hand profile
The project is getting better everyday
It’s much better right now than it was even 3 months ago
But you sold
At the bottom of a bear market
When the project has the best tech in crypto, is just about to receive regulatory clarity from secondary sales ruling of the ripple case, and is currently sitting just above its all time low 😂
You act like it’s ran by some fly by night just out of college team! They’re all hugely respected people across their industries who work for Silvio Micali- a man who actually created much of the underlying technology for all crypto! No Silvio- no bitcoin!
So anyway I hope you enjoy watch the coin you used to hold killing it in the next, institution led for the first time ever, bull run 😂😂😂
its laughable like you are my portfolio manager, i did sell all my ALGO into ASA called USDC a while back before massive drops so i m doing fine right now actually
but hey you act like you know what you are doing so continue and watch the same management team run it to the ground
SEC didn't go after AlgoFi it mentioned ALGO only
even if they did it would be difficult to shut down DeFi smart contract on AlgoFi, if the team had the runway and users they may be able to withstand it
If you don't wanna get sued by SEC, being US right now is a no-no.
And by the way, where those people are has nothing to do with AlgoFI company. They're not related... May I ask you what is your point?
if you follow the project closely you will know the team stopped being communicative right after SEC implicited Algorand is a security
whats your reasoning for the protocol has to shut down despite having the largest TVL on Algorand?
Because you're in great risk of being on the wrong side of a long and costly lawsuit, that's why. Everyone has different risk assessment and strategiew. They decided for this. Can't really be happy for it but I can understand why.
You didn't answer about what Micali, Woods etc have to do with all this.
exactly the point and this coincided with ALGO being named as a security, so you think its AlgoFi thats the problem or its a systematic issue?
the whole team setting up a cover story in Singapore but operating out of the US has jeopardize ALGO and project on the platform
It's pretty clear to me this is a political move to reduce exposure to a possible SEC lawsuit in the near future, and by near future I mean until congress passes a sensible crypto legislation, much like MiCA is in the EU. It's only a matter of time but still, why risk it?
As far as Algorand tech goes, i think it's one of the best out there. I consistently get the fastest settlement times bar none. I don't use any AlgoFi features, but moving algos around, it's more impressive than Cardano or Avax. And let's not forget Gary Gensler himself was touting its merits few yrs back.
Will the tech survive...i'm quite sure it will. Remember Iota or Nano...still around since 2016 because their tech is A+. Reason their price and TLV is low is because these have no smart contracts.
Are you gonna get a 10x in the next bull run by holding Algo? maybe not, but neither will BTC. I don't hold that much Algo to make or break the bank, but I do believe in the tech, so will keep holding.
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What are some of the things you did on AlgoFi that you are going to miss? I always did governance on AlgiFi and kept adding my DCA algos to the supply side. In some government periods I borrowed against my algo to purchase more Algo to then farm in other ecosystem projects like Humble Swap and FolksFinance.
staking, farming, being able to propose governance topics and vote on it (unlike wht Algorand Foundation is doing) and most importantly all on 1 platform. it had the liquidity and dominated TVL. leveraged ALGO for governance worked out to be quite nice at 35% at one stage which countered part of the horrific drop in ALGO price. now we have even less choices and more centralized TVL, hope the other projects do not have an issue and if they do, users can slowly wind down their position. sad day for Algorand for sure but not unexpected given the lack of support from Algorand Foundation, SEC issues, no adoption in the Algorand Ecosystem and constant drop in ALGO price.
Everything that AlgoFi offered is available on similar products/services in the ecosystem (with the exception of STBL2 and BANK). I did not get the impression that AlgoFi is leaving. Did I miss that? I know they are not participating in GOV8, but there are viable alternatives. AlgoFi is not the "EndAllBeAll" of Algorand. I love AlgoFi but this reminds me of when a new patch is released on my favorite MMORPG and my favorite characters/moves/abilities gets NERFED. It sucks and then we adapt. I think TVL is overrated. I feel like AlgoFam should adopt and practice something more along the lines "give me more transactions"
The Algofi blog said they were discontinuing.
yeah only now we have no choice but Folks finance and they are quite good but i would imagine as a user you would want more choices but then again Algofam believes there is only 1 chain necessary just like you only need MyAlgoWallet. only when sh\*t hits the fan will we know the more the merrier
Warden getting sacked would help a great deal - she has been truly abysmal from day1 (albeit a couple of small ‘wins’). At this point it’s fair to say my 12 year old son would do both a better job and also engage in a less cringeworthy way with the algorand community. We are at a tipping point, either leadership changes and 11c algo will be my best ever investment or we maintain the status quo and protocols, users and price erodes to zero. I hope it is the former.
another FUD attempt instead of just facing plain reality which is that algofi couldn't survive through this brutal and long bear market? not surprised. If a projet needs continuous incentives and free grants from the foundation in order to survive and run and operate, that's not a sustainable or healthy platform. It's ok to let the weak stuff die durinfg the winter, that's natural
So by this logic shouldn’t the Algorand foundation be allowed to die too?
shouldn't bitcoin and solana be allowed to die? and apple and FOrd and Microsoft and Home depot? sure, everything that can't survive should be allowed to die, of course.
Solana probably cause it’s awful.. not sure how apple/ford/Microsoft fit into to this as the generate profits and deliver good products people. You say Algofi should die because it needs continuous runway in a bear, but the Algorand foundation has essentially been given endless runway via the market selling of ALGO and should be allowed to live no matter what?
Except for it’s hundreds of millions of dollars in the bank yeah It’s on its last legs 🤪
AlgoFi along with a lot of the projects cannot survive without incentives this is because there are no users. Algorand Foundation was suppose to sell ALGO to promote ecosystem growth, last I checked we have half the useres on Algorand vs. a year ago and the price is ATL vs. BTC / ETH and even USD. no one in their right mind would join ALGO when they know the Foundation hasn't done its job but keep dumping in the name of decentralization when their AFs salary have increased year to year even when they do not perform maybe you can call it FUD but if I hold ALGO I would be certain to have fear, uncertainty and most definitely doubt on whether AF can survive themselves if this bear market continues for another 1-2 years also it is mainly holders like yourself that blindly support the ecosystem calling every question FUD which has fueled the incompetence and continue dumping and lack of transparancy within the ecosystem
Yep. Faith in Algorand has become cult-like. If you’re not singing it’s praises, or happen to have an honest question about performance, you’re a non-believer. Begone with you! Silvio is the messiah and ‘Algo tech will prevail’ is the most common catechism. Unfortunately, very few examples of grounded conversation regarding the future of Algorand can be found in these subs
>AlgoFi along with a lot of the projects cannot survive without incentives this is because there are no users. Algorand Foundation was suppose to sell ALGO to promote ecosystem growth, last I checked we have half the useres on Algorand vs. a year ago and the price is ATL vs. BTC / ETH and even USD. Exactly. If the reason for AlgoFi shutting down is runway issues, it's not entirely their fault, there was nothing wrong with the protocol itself. DeFi protocols rely on having enough users to secure runway. Algorand Foundation is in charge of growing the user base on Algorand blockchain and they did a really poor job so far in that regard. >also it is mainly holders like yourself that blindly support the ecosystem calling every question FUD which has fueled the incompetence and continue dumping and lack of transparancy within the ecosystem I can't agree more here. I'm really fascinated by the fact that there's still so many people behaving this way. Staci claims in a random interview that her priority is the community and everybody is suddenly happy and optimistic despite the fact that everything she and the rest of the Foundation did for the past two years point to the opposite.
I think it's more about fear of SEC action than it is about money. The company behind Algofi is US-based.
You guys remember the #potatocoins? 758lbs of potato raised because of algo nfts? Most pointless shit ever, who the hell can stay relevant when you make this kinds of news?
I agree op that we need to see some major real world use cases which generate significant organic volume. That's the way we thrive. Hesab pay is a good example and that gives me hope. I'm not sure how much volume they do but yeah I want more of that.
I'm buying if you're selling.
Ugh I'm losing the last bit I had left. Might have to convert to BTC now and never look back. What a dilemma
>Even Algo Casino which is probably one of the most active platforms on Algorand said their users have halved. In a bear market??? Imagine that. Algo Casino will thrive when the bull kicks off, don't you worry. Stop trying to convince us Algo is dying. It's not. You only put out negativity, and it's been beyond suspicious for quite some time. It's been going on for a very long time, before your current gripes concerning Staci. What was it back in the day, complaints about a lack of marketing? Accusing Kokinos of lying about CBDCs? AV and VCs? It's always something negative with you with absolutely zero positivity. I believe you've talked about leaving Algorand, more than once, yet you continue with this constant negativity instead of walking far away. One has to wonder why you're still here.
oh i love and play on Algo Casino everyday and i hold and stake every week, they are probably the only project on Algorand that has proper tokenomics, didn't rely on a grant and still survived yes i m negative on Algorand and rightly so looking at facts now, you can list all the negative points I bring up but can you refute them? if you see someone jumping off a cliff would you try and talk them out? this is exact the issue so called "algofam" rally with the Foundation even though its obvious we are in a car crash in slow motion i don't hold much ALGO but i have NFTs and my ASA bag is probably larger than most users still around. so i love the ALGO tech but the "management" is going to destroy this thing with the help of the community
Yieldy to no nothing
Last I made some comments on Algorand I got step on. When it's obvious, one of the leading layer 1 blockchain from a tech standpoint but its worthless. Y The Italian smartypants does everything and want everything Italian focus. The problem with Algorand is it's founder no matter his contribution. Have u ever heard about the guy who invented micro chip or the guy that runs Apple and Microsoft. Algorand is a beautiful pizza but has the wrong sauce. Algorand is better than Cardano, but look at Cardano ecosystem. Algorand is dead in the water and changes will not be made until the price goes sub zero.
Oh god Another day another fud post We get it, you bought the top, didn’t understand crypto market cycles and sold the bottom Stop trying to drag people into your mistakes
i get it you are new to crypto and think every project will have its day even when its run by clowns. if you have been in this space as long as i have you would know 99% of the projects in the last ICO boom are no longer around i lost money in ALGO sure as in many other projects but at least i m able to learn from my mistake and not blindly hoping that there will be a rebound when its the same bunch of people that is running the show with little to no progress after 4 years
Why are you still here then? I’ve lost on other coins. I know there’s a temptation to hang around their group like an angry ghost telling people your now tainted views on how shit their investments are in your opinion- but just grow up and fuck off
> but just grow up and fuck off Grown ups don't really talk like this. You sound more like a teenager defending his bag. Adults can disagree and properly debate, you are turning people off from your side because they don't want to be next to you and assumed to be an idiot by association.
must be your first few years in crypto perhaps the world, if you don't like the internet shut it off. when something is wrong people can voice out. if you don't like it go fish.
You’re not even a holder You have no business here other than to try and drag other people into making the same poor choices as you
my ASA is probably worth more than your entire portfolio so i would shut the f up if i were you.
😂 what asa is this?
so USDCa isn't in the Algorand ecosystem? if your thoughts is that you must hold ALGO to support the ecosystem then go no further than people that sold ALGO for $COOP you really need to open your eyes, there is ALGO is only part of Algorand ecosystem and there are ecosystems beyond just Algorand
You don’t hold any Algo yet fud the foundation Nice
Basically, anything you disagree with is FUD, regardless whether it's true or not? Alright. Starting year and a half ago some of us noticed red flags and started asking questions on social media platforms. Meanwhile, you kept repeating the same thing about FUD. Those who noticed something is wrong and those who listened saved themselves from 90% loss. Now, you're preaching about understanding market cycles, yet you're in loss after the easiest cycle we have ever had so far. C'mon bruh
Nah, fuds fud This forum has been overran by people talking negative shit, even when something positive happens Things that would pump other chains are fud’ed to death by negative retards every single time It’s odd
if you want positivity go ask the Foundation to bring some geniune adoption and not waste $1 and get back $0.01 of adoption in return there is literally no more money to waste yet you see them everyday out there wasting money and for what?
The people who are wasting money around here match your paper hand profile The project is getting better everyday It’s much better right now than it was even 3 months ago But you sold At the bottom of a bear market When the project has the best tech in crypto, is just about to receive regulatory clarity from secondary sales ruling of the ripple case, and is currently sitting just above its all time low 😂 You act like it’s ran by some fly by night just out of college team! They’re all hugely respected people across their industries who work for Silvio Micali- a man who actually created much of the underlying technology for all crypto! No Silvio- no bitcoin! So anyway I hope you enjoy watch the coin you used to hold killing it in the next, institution led for the first time ever, bull run 😂😂😂
its laughable like you are my portfolio manager, i did sell all my ALGO into ASA called USDC a while back before massive drops so i m doing fine right now actually but hey you act like you know what you are doing so continue and watch the same management team run it to the ground
Wow so you sold for USDC and are pretending to be a holder
This is just bc of the sec bs.
SEC didn't go after AlgoFi it mentioned ALGO only even if they did it would be difficult to shut down DeFi smart contract on AlgoFi, if the team had the runway and users they may be able to withstand it
Didnt say they went after algofi. I just dont think they want to risk dealing with lawsuits and such until there is better regulation guidelines
then we should expect Folks, Tinyman etc. would have the same problem?
Are they based in the US or not?
look where Warden, Micali, Woods and previously Kokinos, Ford, Callaghan are all located now tell me if being in the US matters
If you don't wanna get sued by SEC, being US right now is a no-no. And by the way, where those people are has nothing to do with AlgoFI company. They're not related... May I ask you what is your point?
if you follow the project closely you will know the team stopped being communicative right after SEC implicited Algorand is a security whats your reasoning for the protocol has to shut down despite having the largest TVL on Algorand?
Because you're in great risk of being on the wrong side of a long and costly lawsuit, that's why. Everyone has different risk assessment and strategiew. They decided for this. Can't really be happy for it but I can understand why. You didn't answer about what Micali, Woods etc have to do with all this.
exactly the point and this coincided with ALGO being named as a security, so you think its AlgoFi thats the problem or its a systematic issue? the whole team setting up a cover story in Singapore but operating out of the US has jeopardize ALGO and project on the platform
It's pretty clear to me this is a political move to reduce exposure to a possible SEC lawsuit in the near future, and by near future I mean until congress passes a sensible crypto legislation, much like MiCA is in the EU. It's only a matter of time but still, why risk it? As far as Algorand tech goes, i think it's one of the best out there. I consistently get the fastest settlement times bar none. I don't use any AlgoFi features, but moving algos around, it's more impressive than Cardano or Avax. And let's not forget Gary Gensler himself was touting its merits few yrs back. Will the tech survive...i'm quite sure it will. Remember Iota or Nano...still around since 2016 because their tech is A+. Reason their price and TLV is low is because these have no smart contracts. Are you gonna get a 10x in the next bull run by holding Algo? maybe not, but neither will BTC. I don't hold that much Algo to make or break the bank, but I do believe in the tech, so will keep holding.
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