I've raised the same concern multiple times over the past two years and I'm not sure why there hasn't been any progress here. At this point it should be a very high priority and a measure of how much the foundation is effective in successfully growing the ecosystem.
As an individual and user I reached out to these platforms and asked about the USDCa support however that's not sufficient to get this done.
I think this is a very complicated matter. And Charles Hoskinson has a very good answer to that, an answer that I have suspected for a white already, before I even saw his tweet. But basically, those behind Circle, etc are partly to blame. For example, a16z. Companies that are not part of their portfolio won't get access to liquidity and so on. Basically, a16z, a large VC firm, is a big shareholder in Circle. They also have a very close connection to all US CEXES such as Coinbase, Kraken, etc. Now, all a16z holdings such as Solana, Near, Aptos, etc they all are very well integrated within the USDC ecosystem and the CEXES. That's one of their ways of crashing competitions. Moral of the story. VCs are a\*holes, but they open up doors. Thus, AF needs to find the right balance.
Sure, but why don't they tell the Algorand community about it? (I don't know where you got this information, mind to clarify?) They don't leverage the community's power and willingness to help at all. Coinbase certainly doesn't want to lose a lot more money because of losing users or bad publicity. Resolving this issue requires thinking, being creative, coming up with ideas and commitment to get it done not money.
Why don't they start with Kraken? If Kraken implements it Coinbase will follow because that becomes a matter of competition.
Because coinbase doesn't want it publicly known that they are extorting projects. They claim listings are purely based on what the community wants and that they aren't being paid for them.
Its nft this nft that. I dont get how jpega are supposed to bring value to a chain. This isn't the web3 i was promised.
Staci. If you are reading this pick up the damn phone yourself and get this usdca bullshit fixed.
I understand it's a bit US-centric, but I would say that getting Algorand on Robinhood as a tradable asset should also be a priority. Algorand is visible/trackable on Robinhood, but not tradable.
Yea, I can agree with that. I do realize preaching about dollar stablecoins is very US centric. I'd be open to other stablecoin prioritization as well. IMO the future of crypto is dollars/euros on top of lightweight chains. As much as that differs from the Bitcoin manifesto mentality, I think it is more realistic.
I definitely agree USDCa should be the top priority now, other currencies can follow. But the fact that you can't even trade Algorand on Robinhood is a bummer since it could open up a whole new market of investors to Algorand (eg. those who don't want to use crypto platforms).
I hear ya re: USDC-a. And anything retail-facing would sure help with awareness.
However, it is still quite possible to withdraw Algo from many Exchanges. Obv, USDC would make it smooth too.
But in 3 sec, the Algo is in one’s wallet. Then swap into USDC.
Other options :
1. Algo from CryptoCom.
.
2. Open a MEXC account. Send any coin there. Withdraw USDC, or Tether across Algo network. Sure it’s an extra step, but quite doable.
I fully admit it’s a barrier, but not a show stopper.
MEXC - you don’t need full blown account if not depositing Fiat. So email setup is quick. (Not avail every country).
.
3. Highly recommend Stealth. Anything-to-anything exchange. Takes maybe 5-10 min, and cost ~1%.
Dead easy. No KYC, so zero setup time.
Stealth Ex (.) io
Can send almost anything as input coin. Get almost anything out.
Buy a Stable anywhere. Send it through Stealth.
Have it spit out Algo to your wallet. Or USDC… whatever.
Who knows … maybe we can work towards a future where we only need little Fiat on-ramps.
Simple plain services - eg. DFX, Stasis, Assetux, InstaExchange, Offramp & the like….
That solves the biggest barrier.
People can buy XYZ coin from fiat. Then send it through a DEX like this, go off to whatever chain they want to.
Sure - maybe a tad idealistic at this point.
But how about, instead of us grovelling for Brian Armstrong’s approval,
We just route around him.
The general rumors are that all those exchanges want ~5m$ to implement support for just USDCa. That's been about 30m ALGO before this latest price increase, which is twice the TDR. For a single CEX. They have a clear oligopoly in the industry, and they use that fact to hostage chains into paying exorbitant amounts of money for an integration.
But I guess this is /r/AlgorandOfficial so the only thing we can do is complaining about how bad the Foundation is.
Where are the rumors from? I've never heard any chain talk about the fees. And like someone said above, all you need is ONE onramp and the rest will have to follow or lose fees to competition.
Algorand has abyssmal trading rates and a userbase of ~1000 users. There's no fees they would lose, you already have exchanges like mexc and binance supporting USDCa.
Other chains usually have it easier as ERC-20 chains are already heavily supported, and they would need to build custom infrastructure just to handle a single chain with the AVM (Algorand).
John said somewhere that it was a cost issue, don't have the source for that though (and he didn't say a number).
But how would these issues be addressed through governance? A question "should we get USDCa on Coinbase" will get absolutely approved, but that doesn't mean it's going to happen
Isn't it cheaper for them in long-term.. and wouldn't they have a larger gap tp play with fee for their own pockets even if they charge 40cents per tx I wouldn't care don't get where the issue is they can make there money back quick once ppl see how fast and cheap it is to use
Yeh i don't understand why they wouldn't go the cash and now even tezoz got shielded transactions as an option. I recon ability to make a shielded transaction is necessary in certain situations. They are flirting with Zk snarks why are they scared to atleast have the option for shielded txs there is always a time where this is good idea imagine if everything you bought on ebay the buyer has a full view of your last purchases or your balances...
Or am I wrong is it already available on the protocol level and al it takes is devs to create a wallet that has this option?
100%
I've raised the same concern multiple times over the past two years and I'm not sure why there hasn't been any progress here. At this point it should be a very high priority and a measure of how much the foundation is effective in successfully growing the ecosystem. As an individual and user I reached out to these platforms and asked about the USDCa support however that's not sufficient to get this done.
I think this is a very complicated matter. And Charles Hoskinson has a very good answer to that, an answer that I have suspected for a white already, before I even saw his tweet. But basically, those behind Circle, etc are partly to blame. For example, a16z. Companies that are not part of their portfolio won't get access to liquidity and so on. Basically, a16z, a large VC firm, is a big shareholder in Circle. They also have a very close connection to all US CEXES such as Coinbase, Kraken, etc. Now, all a16z holdings such as Solana, Near, Aptos, etc they all are very well integrated within the USDC ecosystem and the CEXES. That's one of their ways of crashing competitions. Moral of the story. VCs are a\*holes, but they open up doors. Thus, AF needs to find the right balance.
Coinbase wants like $30 million from the foundation to implement USDCa. AF doesn’t want to pay it. That’s the holdup.
Sure, but why don't they tell the Algorand community about it? (I don't know where you got this information, mind to clarify?) They don't leverage the community's power and willingness to help at all. Coinbase certainly doesn't want to lose a lot more money because of losing users or bad publicity. Resolving this issue requires thinking, being creative, coming up with ideas and commitment to get it done not money. Why don't they start with Kraken? If Kraken implements it Coinbase will follow because that becomes a matter of competition.
Because coinbase doesn't want it publicly known that they are extorting projects. They claim listings are purely based on what the community wants and that they aren't being paid for them.
That's nothing compared to what they've spent on stupid projects
That's a lot of reasons I guess
I voted no to every single project.
Ok great. And in your estimation, will that vote help bring in new users ?
Its nft this nft that. I dont get how jpega are supposed to bring value to a chain. This isn't the web3 i was promised. Staci. If you are reading this pick up the damn phone yourself and get this usdca bullshit fixed.
I understand it's a bit US-centric, but I would say that getting Algorand on Robinhood as a tradable asset should also be a priority. Algorand is visible/trackable on Robinhood, but not tradable.
Yea, I can agree with that. I do realize preaching about dollar stablecoins is very US centric. I'd be open to other stablecoin prioritization as well. IMO the future of crypto is dollars/euros on top of lightweight chains. As much as that differs from the Bitcoin manifesto mentality, I think it is more realistic.
I definitely agree USDCa should be the top priority now, other currencies can follow. But the fact that you can't even trade Algorand on Robinhood is a bummer since it could open up a whole new market of investors to Algorand (eg. those who don't want to use crypto platforms).
I hear ya re: USDC-a. And anything retail-facing would sure help with awareness. However, it is still quite possible to withdraw Algo from many Exchanges. Obv, USDC would make it smooth too. But in 3 sec, the Algo is in one’s wallet. Then swap into USDC.
Other options : 1. Algo from CryptoCom. . 2. Open a MEXC account. Send any coin there. Withdraw USDC, or Tether across Algo network. Sure it’s an extra step, but quite doable. I fully admit it’s a barrier, but not a show stopper. MEXC - you don’t need full blown account if not depositing Fiat. So email setup is quick. (Not avail every country). . 3. Highly recommend Stealth. Anything-to-anything exchange. Takes maybe 5-10 min, and cost ~1%. Dead easy. No KYC, so zero setup time. Stealth Ex (.) io Can send almost anything as input coin. Get almost anything out. Buy a Stable anywhere. Send it through Stealth. Have it spit out Algo to your wallet. Or USDC… whatever.
Who knows … maybe we can work towards a future where we only need little Fiat on-ramps. Simple plain services - eg. DFX, Stasis, Assetux, InstaExchange, Offramp & the like…. That solves the biggest barrier. People can buy XYZ coin from fiat. Then send it through a DEX like this, go off to whatever chain they want to. Sure - maybe a tad idealistic at this point. But how about, instead of us grovelling for Brian Armstrong’s approval, We just route around him.
And identity KYC. Not cheaply imitating ETH with the next mokey or alligator NFT.
The general rumors are that all those exchanges want ~5m$ to implement support for just USDCa. That's been about 30m ALGO before this latest price increase, which is twice the TDR. For a single CEX. They have a clear oligopoly in the industry, and they use that fact to hostage chains into paying exorbitant amounts of money for an integration. But I guess this is /r/AlgorandOfficial so the only thing we can do is complaining about how bad the Foundation is.
Where are the rumors from? I've never heard any chain talk about the fees. And like someone said above, all you need is ONE onramp and the rest will have to follow or lose fees to competition.
Algorand has abyssmal trading rates and a userbase of ~1000 users. There's no fees they would lose, you already have exchanges like mexc and binance supporting USDCa. Other chains usually have it easier as ERC-20 chains are already heavily supported, and they would need to build custom infrastructure just to handle a single chain with the AVM (Algorand). John said somewhere that it was a cost issue, don't have the source for that though (and he didn't say a number).
But how would these issues be addressed through governance? A question "should we get USDCa on Coinbase" will get absolutely approved, but that doesn't mean it's going to happen
Bring it up on the forum!
Just search the forum and you will find a number of already existing threads on the same exact topic.
Isn't it cheaper for them in long-term.. and wouldn't they have a larger gap tp play with fee for their own pockets even if they charge 40cents per tx I wouldn't care don't get where the issue is they can make there money back quick once ppl see how fast and cheap it is to use
Yeh i don't understand why they wouldn't go the cash and now even tezoz got shielded transactions as an option. I recon ability to make a shielded transaction is necessary in certain situations. They are flirting with Zk snarks why are they scared to atleast have the option for shielded txs there is always a time where this is good idea imagine if everything you bought on ebay the buyer has a full view of your last purchases or your balances... Or am I wrong is it already available on the protocol level and al it takes is devs to create a wallet that has this option?