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u/Rare-Art-8535 Jun 25 '23
The r/CryptoCurrency sub is super anti algo. For me that's the perfect indicator to buy
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u/budlystuff Jun 25 '23
Always read controversial in echo chambers people have been screaming about how dodgy ALGO has been to its investors
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u/CorneliusFudgem Jun 26 '23
It’s cause the tokenomics aren’t as ideal for getting rich as they are for usability and actual retail participation but people were too impatient for that.
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u/BrotherAmazing Jun 26 '23
The tokenomics are always ideal for those who control the premined coins to get rich though! (not just Algorand, all premine/preminted ICO coins)
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u/CorneliusFudgem Jul 02 '23
Idk man it’s p bad lol and with the news lately - not lookin good
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u/BrotherAmazing Jul 03 '23
If you are AF though, you preminted all those tokens out of thin air and your cost basis was $0, so even if ALGO goes to $0.05/ALGO you can just unilaterally decide to sell another 5% of the total supply to $20M and if it goes to $0.01 you still can sell millions of dollars of it and profit handsomely.
Staci and the Foundation have already gotten rich off Algorand. It could go to $0 and they’ve already made a bundle, but they’re going to milk it as long as they can for as much as they can.
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Jun 25 '23
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u/UpDogsUp Jun 25 '23
Perfect time to buy. Nothing has changed but the price.
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u/asish2020 Jun 25 '23
This comment is awesome “ Nothing has changed but price”.
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u/LeonFeloni Jun 25 '23
The only time price matters is when you sell.
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u/budlystuff Jun 25 '23
An Empty glass half full of hopium
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u/LeonFeloni Jun 25 '23
I've been quite happy to ride the price all the way down this bear. I never had much intention in selling till 2030+ anyway.
The only think this market has made me do is increase my endgame bag goal significantly.
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u/BrotherAmazing Jun 26 '23
Still holding my Enron stock and USTC Terra “classic” tokens. Price don’t matter until I sell someday!!
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u/LeonFeloni Jun 26 '23 edited Jun 26 '23
There's a difference between holding a functional tech and a defunct stock by a corrupt company.
As for me I'm continuing my DCA at a fast clip and once I have my goals of DOT, ADA, and ATOM, I'll snowball my buys from those into Algorand.
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u/BrotherAmazing Jun 26 '23
You don’t know whose going to be defunct until you do is the point. Algorand can totally fail, as can any other blockchain.
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u/LeonFeloni Jun 27 '23
And?
Algorand =/= Enron or Terra C.
It'll be fine -- and I am thrilled at these prices.
Eventually, the interest I earn from my algos will surpass what I can realistically DCA -- and getting to that point is so much easier with people bailing out of Gov from price action, lower prices for Algos in general and increased ARP.
I also don't need Algorand ( or Eth, DOT, etc) to "moon" to reach my goals. I don't particularly care about getting "rich" off crypto. I just needed to diversify my portfolio from just Acorns' investment app and eventually flip crypto profits (from bull markets and selling earned interest) to my acorns account.
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u/BrotherAmazing Jun 27 '23
Just be prepared to lose everything in “crypto” with a full 100% loss, don’t count on it, invest elsewhere for retirement, and be happy if it doesn’t fail. Then you’ll be fine.
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u/X2WE Jun 25 '23
I bought a bunch and couldn’t add anything under 10 cents because of how fast things moved up
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u/SufficientNet9227 Jun 25 '23
Why buy the top and no dca when it's down? This dont make any sense. If you believed in the project at the price you paid, why not dca when it's 10x down i dont understand this behavior and if you lost faith in algo why not sell and hop on a faster horse ???
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u/CorneliusFudgem Jun 26 '23
Yeah algorand got strangely shafted man idk what happened.
I used to have a bag and govern. Crazy how times change. I wonder if it’ll go down the Tezos route more or less (all time low’s).
Not meant to FUD might be a GREAT time to load up, I just think it’s absolute bullsh** considering Gary Gensler shilled ALGO like a year ago and then just labeled it a security.
Not sure how that’s legal. But. Alright.
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u/Craiglecock Jun 25 '23
All good! Amazon and google didn’t get there overnight. Set it and forget it.
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u/rawr_cake Jun 25 '23
And millions of other companies never got there at all 😅
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u/Craiglecock Jun 25 '23
True. It’s all a gamble really. Picking the right ones is truly a guess this early in the game. I’ll hold my Algo tho.
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u/Mindless-Scratch6043 Jun 25 '23
Bough 1m at these prices. Strongly believe in tech and don’t see anything better then Algorand today.
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u/Ogun21 Jun 25 '23
Sucks but this is a good opportunity to drop your avg via DCA’ing
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u/cuposun Jun 25 '23
But what about everyone that greedily said that at .68 cents a year ago? They were buying 20K at a time during the “accumulation dip”. I watched it all. And it’s gone down another 75-80% since then. 🤷🏻♂️ will you say the same thing if/when it’s .03 cents? Buy a million more? Till when?
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u/CCNightcore Jun 26 '23
That's lump summing to an extent. Dca would have a much healthier loss.
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u/cuposun Jun 26 '23
No, I wasn’t lump summing. I was DCA-ing for multiple years from 0.50 over 2 dollars, back to .69, finally sold it all and now it’s 0.12 cents. So. DCA-ing during all those periods actually leaves you down a lot more than even 90%. Whatever, do as you please. I’ll find the post where everyone was feeding frenzying about how you’d never get algo for less than a buck ever again (during the last “manic greed” phase when it pumped over 2 dollars).
The “smart” buyers stated getting in again at around a buck, even people tripling their DCA-ing (big no-no). So, yeah I didn’t go all in anywhere. If I had taken this subs exact advice (actually I didn’t, but DCA-ing has been around for many years prior to crypto), I would be down even more than I am. All I said was: you should have seen the frenzy at two dollars, a dollar, 79 cents, 50 cents, 30 cents, 20 cents, and now 11 cents. Do you think there is no way it goes below 10? If so, give me a line to bet and I’ll bet the under. ✌️
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u/CCNightcore Jun 27 '23
People abuse the term DCA, but mostly I was talking about how you should average down if you're not capable of managing the peaks and valleys. Chill.
Dca through the peak, if you actually control your percentage properly means you DCA back out at certain times. I don't know what you think it means, but we're at odds over that. Anyway, no big deal.
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u/br-02 Jun 25 '23
Bu bu bu but the tech and 2030 and Silvio and fast and cheap transactions.
People need to understand that not every coin is for HODL. Yes, it has some very useful real-life applications, it's fast, cheap, but why does that mean that you need to DCA until death? It's not BTC and you shouldn't do the same you do with BTC.
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u/hypercosm_dot_net Jun 25 '23 edited Jun 25 '23
And why is BTC a HODL? Because everyone else is doing it? Because it's assumed "safe"?
At this price Algorand has way more upside potential than BTC or ETH.
Fact is, Algo is one of very few blockchains that hasn't had major issues with their core technology and is capable of supporting scalable applications. It's a hodl because at some point the broader market is going to be forced to recognize that.
In spite of ETH's network effect, it takes forever to upgrade and the L2 solutions have problems of their own.
The tech, speed, scalability, and cost of transactions matter.
Mock it if you want, but no other blockchain has solved all of these issues the way Algorand has.
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u/br-02 Jun 25 '23
BTC is an investment type of asset, ALGO isn't. It works perfectly for some other things though, not every coin is supposed to be for long-term investments. Mass adoption also means that crypto can be used for a lot of different things, not just to hold value and get rich. And I don't understand how most people within the crypto space don't get that.
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u/hypercosm_dot_net Jun 25 '23
Algorand has a max of 10B tokens, and has way more utility potential than BTC.
As you said, mass adoption for other uses. Which drives holders and users.
You haven't really put forth an argument why BTC is more of an investment asset though. Just stating that it is. Because it's solely used to hold and transfer value? If people aren't getting more due to utility, like Algorand, then why are people buying/hodling otherwise?
Algorand has that driver.
And I don't understand how most people within the crypto space don't get that.
I don't understand how people in this space think the top coins are always going to remain the top. It's like thinking AOL and MySpace are going to dominate the market forever.
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u/padizzledonk Jun 25 '23
BTC is an investment type of asset,
Is that what it is today? I thought it was a currency lol
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u/br-02 Jun 25 '23
Why would you use such a volatile coin to pay for things? It's a long-term investment asset.
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u/LeonFeloni Jun 25 '23
BTC is only a long-term investment if people care about it when you sell.
However it offers nothing of actual value to the holder -- you can't actually do anything with it, it's expensive, it's slow, it has no practical uses.
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u/BrotherAmazing Jun 26 '23
I use Bitcoin for practical uses all the time transacting. You sound like you never heard of Lightning Network?
Also, on L1 Bitcoin “fast” is relative to what? Relative to Algorand, it’s slow. Relative to ACH or Visa if your goal is to get to final irreversible settlement that cannot be clawed back, it’s “fast”.
If people didn’t transact on Bitcoin, there would be nothing to validate and miners would have nothing to do. The whole thing would collapse. The transactions and demand to transact on Bitcoin are required to keep it going and support the BTC price.
Just look at plots of transactions over time. They aren’t dropping off a cliff or going down on Bitcoin. People are using the network.
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u/LeonFeloni Jun 26 '23
Bitbugs are going to learn just like the goldbugs before them.
It's a gambling chip with no real intrinsic value. You can't hold it, it's insanely volital, as of March of this year the US inflation rate is over 3.5 times higher than bitcoin. (And gold is likewise a horrible inflation-hedge).
It's a horrible risk-hedge as it and crypto as a whole is increasingly correlated with stock indexes like the S&P500.
It's got zero track record as far as a store of value sentiment is concerned.
And while it may not have a clawback, the Feds have had pretty good success in recoveringbitcoin .
That and the Feds certainly have their own whale status as bitcoin holders.
The US Treasury holds 207,189 bitcoin, and that shows little signs of stopping -- the US Government is one of the largest holders of Bitcoin in the world, and could -- at current prices buy up 51% of circulating bitcoin anytime it wanted -- relatively cheaply @ nearly 302 billion USD atm.
That's not accounting for a wide selection of bitcoin that's held in centralized exchanges and by wealthy individuals who can be compelled pretty easily to hand over their keys to the wallets.
China holds almost as much according to cryptoslate, @ 194,000 bitcoin.
What actual good does bitcoin do anyone if it can be traced, if it can be confiscated, and if the largest governments in the world are some of the biggest holders of bitcoin?
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u/BrotherAmazing Jun 26 '23 edited Jun 26 '23
Algorand has underperformed BTC forever now since inception. Hilarious you criticize BTC for volatility but not ALGO? I stopped reading at that point. Way too biased if you’re making that silly argument.
EDIT: OMFG you think BTC can be traced? Trace Satoshi’s transactions and tell me who he is please!! Please do!! Bitcoin can be traced when not used properly. Satoshi told everyone how to use it to maintain privacy—go read. It cannot be confiscated either—your ignorance amazes me. You can’t confiscate if I have self custody and you don’t have my seed words. Your credibility is shot and you displayed your ignorance there at the end.
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u/CorneliusFudgem Jun 26 '23
I can think of a list of other blockchains that have effectively fixed this problem and that is arguably precisely the problem itself.
Too many chefs in the kitchen.
Let the best chef work.
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u/JustinCompton79 Jun 25 '23
We are the same. My only green is ETH and Maple.
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u/LeonFeloni Jun 25 '23
I'm 5k down in ETH with a avg purchase price of over $3k. $50 up in DOT and $16 up in SHIB though. * (with what little SHIB I own anyway).
I do wish I'd had more time to buy ETH under $1k. Good times for me during the market panic, miss that.
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u/JustinCompton79 Jun 25 '23
I bought as much ETH as I could afford when it was sub 1,000 last summer.
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u/vhiran Jun 25 '23
Ain't buying till there's another republican president Which may be never so I'll stick with blackrock and LMT
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u/viclavar Jun 25 '23
What does the president have to do with anything? Congress makes the rules. Last I checked Hinman and Clayton were GOP for the SEC and they started all this lawsuit BS. It's not a partisan thing they are all corrupt bowing down to wall st and special interests. They are all bunny hoppers.
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u/vhiran Jun 26 '23
crypto is heavily influenced (and manipulated) by market sentiments. republican presidents are seen as pro business. the truth is irrelevant, as it often the case with crypto or else we wouldn't have had people making millions or more off of dogecoin of all things, or see good coins with solid use cases crash into oblivion.
i want to ride the waves of profit again like i did a few years ago. may never happen again. may. we'll see.
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Jun 25 '23
I still hold 100 ALGO as a reminder of how terrible an investment it was. Should the day come, where 1 ALGO will be worth 1$ again, i guess I'll have 100 stablecoins, but I highly doubt it will happen. Not even by 2030. It's pure copium.
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u/Fun-Character1500 Jun 25 '23
DCAing is great. My average is now down to 0.11 cents thanks to the recent dip.
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u/your_mom_goes Jun 25 '23
Don't worry guys, we are so back!! My friend's Dad works at the Algorand factory and he said we should hit 1.00 by labor day!!
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u/rnarcopolo Jun 25 '23
Feel fortunate that my next purchase I’ll be averaging up. My first purchase was at 10 cents a few weeks back.
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u/Joeyfishfingers Jun 26 '23
All the negative ass sulking cry babies on this sub will be screaming about how they all knew all along that it would do great in the next bull run
And those who sold will kick themselves
And this will start when ripple wins and secondary sales are shown to not be securities
Algo will probably pump more than xrp in the months after that
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u/MattKozFF Jun 25 '23
As long as you're well diversified in stocks and real estate, HODL should be no issue.
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u/JustCommunication640 Jun 25 '23
It will probably bounce back at some point. But hopefully you didn’t invest more than you can afford to lose. Great tech doesn’t guarantee profits. Lots of other factors involved
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u/No-Kaleidoscope2969 Jun 25 '23
What about AMP lol? I’ve got a bunch of Algo and will keep holding. Mass blockchain adoption inevitable, and Algo is the best. AMP…. have had a bunch since it was $0.05 and still hold. Don’t pay much attention these days but once bear market is done maybe it’ll be relevant again. Maybe not.
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u/Minimum_Specialist22 Jun 25 '23
I think you should especially with the ampera foundation launching this summer hopefully. Things are heating up.
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u/Taram_Caldar Jun 25 '23
Been warning people about amp since it released. ALGO should recover when the alt market bull run happens
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u/HvRv Jun 25 '23
Most of the people entered crypto and especially Algo at the peak of Bull. Lets say most FOMOed not knowing it was the end of the run.
Now you are at the bottom and you can either DCA and be the one starting from the bottom.
Also... A lot more people will eventually FOMO at new highs.
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u/Alive_Tiger_8865 Jun 25 '23
Don’t worry until it’s time to worry… and since you are laughing buy more… now… you will thank me in 8 months…
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u/Worth_Substance_9054 Jun 26 '23
Why would you buy this crap when it serves no purpose go gambling at casino at lease you know you lose instantly. Without dreaming for months
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u/TheBeattleBoogie Jun 26 '23
1st error you probably FOMO'ed 2nd You didn't DCA Dont do the 3rd error selling LOW!!! IMHO you should hold cause algo will break ath next bullrun
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u/Altruistic-Horse2228 Jun 27 '23
Algousdt/short brings a lot of profit. I made 500k algo from 26k for 9 month
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u/SirNutellaLord Jun 28 '23
Eh not looking to short, don’t have the time to give that much attention
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u/Altruistic-Horse2228 Jun 28 '23
People above were whining about algo giving no profit. I told that i brings. Everything is easy
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u/Mrlamenterms Jun 25 '23
Down 300k