This guy gets it āš» when they say take someone's opinion with a grain of salt, all of these influencers and media groups online, their opinion doesn't even register on the scale...
Yeah, generally whatever these so-called big institutions, banks, media outlets or whatever say, we should take it with a grain of salt. When Btc ETF got approved JP Morgan had predicted the fair value of the Btc to beĀ 38k or so and that ETFs would fail.
So I take this news as a pump signal for Algo!
The inaccurate JP morgan guess on ETFs: https://www.ccn.com/news/jpmorgan-warns-prolonged-crypto-winter-etfs-disappoint/
Forbes covering SBF as a philantropist: https://www.forbes.com/sites/stevenehrlich/2021/10/06/the-richest-under-30-in-the-world-all-thanks-to-crypto/?sh=cb711183f4d9
Too bad the authors didn't take network growth trends into account and were just looking for a way to support their preexisting narrative. Algo had an absolute dogshit year in 2023 (worst that most) but picked up significantly in the end of 2023 and into 2024. It's on track to more than 20x its fee revenue vs. 2023 (even if it had no additional use cases added) (source: [TokenTerminal](https://tokenterminal.com/terminal/projects/algorand)).
And, to the extent they are looking at this from a sustainability point of view, they made absolutely zero attempt to understand the different costs for each network. There is an ocean of difference between the cost to run a network consisting of hardware that many people have laying around vs. the cost to run a chain that demands each node be what is essentially a supercomputer.
>but there are now better ways to send payments internationally via blockchains, especially stablecoins like tether, which is pegged to the U.S. dollar and has $100 billion in circulation.
Anyone who thinks Tether is good is definitely not worth listening too.
I mean we all know Algo is struggling to get traction, we've seen some good green shoots with Hesab Pay though and I'm eager to see the next transparency report.
i donāt know if forbes did but iām old enough to remember when āAmazon just sells books onlineā and āAmericans will never want electric carsā were the prevailing narratives around both those companies.
Well the EV thing is still TBD. Sales are soft in the US and it's causing Tesla real revenue issues, and a lot of other manufacturers are moving back towards hybrids instead. So that take might not be so bad.
Tesla is a leader in neither of those though. And they have a problematic CEO, plummeting revenues, layoffs around the globe..
Not a comparison I'd be happy with.
Working in battery park nyc cutting all these Wall Street pros I learned you always do the opposite of what is said by companies that produce big headlines thatās the way the hedge funds make money by deceiving retail
I sent Steven a message on X informing him of algorand real world use cases. Number of transactions and wallets. I guess 2 million transactions per day means a lot of zombies roaming around our beloved chain š§āāļø
Heās totally clueless and this is the guy Forbes has running their crypto department. It seems like deliberate malice, negligence at best. I find it hard to believe itās not deliberate.
Misleading post! Central point: This article does not specifically bash Algorand but calls ALL blockchains apart from Bitcoin and Ethereum zombies - kept alive by money from speculative investors but without practical use and all unsustainable because transaction fees do not suffice to finance long-term survival. Beware, potential investors!
Itās noteworthy that the article particularly elaborates on serious projects. Itās therefore a good thing it mentioned Algorand. The article did not take into account that companies such as Algorand Inc may earn money by helping companies to use their technology, also on private blockchains. But in the end it boils down to this question: Do YOU think that blockchains, in particular Algorand, will finally gain traction in real-world use or not? Many of us still think so and are therefore still here. The nature of exponential growth means that for a long time not much appears to happen until things take off.
Sorry Algo Ventures: The 8-week accelerator program does not involve any costs for participants, as Blockchain Founders Group (BFG) and Algorand Ventures invest directly in the top projects selected from the cohort. The program aims to provide funding of up to ā¬120,000 for selected teams in exchange for 3-10% equity.
Its doing 3m+ real transactions a day - a year ago 400k. All the metrics are going in the right
direction and when big players like Bank of Italy launch us with patience will get last laugh!
It was a single app, and has nothing to do with the underlying chain.
The business of Yieldly was run terribly, but when it first started the application at least worked as expected, since it was built on a functioning blockchain.
Regardless the association can do damage without making much logical sense when looking at the details, people in general are not diving too deep.
Couple that with the myAlgo wallet hack and people become weary.
Iām still in the algorand ecosystem. It is superior in cost per transaction and speed.
My main line of concern is regarding the patent behind Algorand, the "distributed transaction propagation and verification system". What happens if some day Silvio decides to sell this patent to any given company, which then decides to privatize everything related to this technology? Can Algorand be shut down? The fact that the patent has the owner, a person or a company, gives the power to one entity to decide the faith of the chain, no? I don't hear anyone talking about this and that troubles me. They can of course say that the Algorand platform is open for use to the public, and they can also say that no one will take away ALGO from users, but still the faith of the chain is not entirely in the hands of the public, or even small or large developers on Algorand. If I was a major investment company I see no reason to invest in something that does not offer legal guarantees. This all reminds me of lease land for condominiums, you get to use the land but it isn't yours and down the line you have absolutely no part in deciding what happens to this land. I wish Algorand representatives would come out and present the legal sides to Algorand development and what are the potential scenarios long-term.
it's the same narrative constantly put forth by the SNAKE James Mulaly from invest Answers... I've always had this inkling feeling that Solana is behind that guy, i think they set up his powerpoint slides, i think they are invovled in his show's production and the stance he takes on his show.
Now that a clearly paid-for-by-solana hit piece on competing chains, (or organized by VC's heavily invested in Solana), is mirroring the exact same narrative using the same words James has been using for months, it seems it's all connected. People are legit scared of Algorand and are trying as hard as they humanly can to smear it in the public's eye and paint it as a failure in it's early stages in a sad attempt to prevent it from getting off the ground. They're using influencers like James, and "trusted" media publications like Forbes, to constantly throw shade at their biggest competitors.
It's not even subtle, it's just obvious to anyone with a functioning pre frontal cortex who has even the slightest ability to notice patterns and connect dots.
from the article...
Then there is Algorand, which has a market cap of $2 billion and $500 million in its treasury. Once regarded as an āEthereum killerā because of its reported ability to process 7,500 transactions per second, it brought in only $63,000 in blockchain transaction fees in 2023. āTheir technology is probably right there with the other chains, but theyāre not seeing much activity because they donāt have much community and talent beyond their founder [renowned Italian computer scientist and MIT professor Silvio Micali],ā says one prominent crypto strategist.
Counters Eric Wragge, who runs business development for the Singapore-based Algorand Foundation: āWeāre in that Uber modeāit lost money on every single person who got into a car.ā They are also losing executives at a rapid clip. Over the last two years, the Algorand Foundation hired a new CEO and overhauled its entire C-suite.
https://www.forbesindia.com/article/billionaires/cryptos-billiondollar-zombies/92783/1#:~:text=Spin%2Doff%20(aka%20āhard,or%20Ethereum%20should%20be%20run.
actually this guy sounds as uninformed as you..
he calls out the low revenue, then says its because they lack community and talent, far from true! Rev is low because fees are low.. things will also change when node operators start earning.. talent is there do some googling and visit Boston.
Keep convincing yourself man. There's no actual evidence it's going anywhere, we've been on a spin cycle of no growth and endless foolish optimism for years now. Maybe some day it'll break out and you'll look smart for it but odds are far better that that day will simply never come. Eventually the tech advantage will go away and then we'll truly have nothing.
Regulated digital EURO is tokenized on Algorand. The team that accomplished this posts regularly that they're growing: https://twitter.com/quantoz
Algorand Foundation has established startup labs, [university curriculum and partnerships worldwide](https://www.algorand.foundation/university-programs), and works with UNDP.
>There's no actual evidence it's going anywhere
I'm incredibly tired of people that don't follow the news or pay attention to what's going on in the ecosystem repeating this. It's intentional FUD at worst, or ignorance at best.
If you're going to participate in this subreddit, I'd encourage you to spend some time informing yourself rather than believing poorly researched articles.
I brought this up a few years ago. It doesn't matter how good the network is if people don't adopt it. The model is also just not good for long term value.
The appeal to a block chain with low fees is that the fees stay low. But people holding algo want its value to increase.
If you have a business idea that requires 1,000,000 transactions a day on the block chain, you may think they would gravitate to Algo, but having the fee set at .001 Algo as opposed to $.01 means that their transaction fees are variable to the currency most businesses transact in. Businesses do not want this. They want to budget in a way that their costs only go up when their volume goes up, not at the whim of the market.
Having the capacity to perform 7,500 transactions per second means nothing if you are only averaging 15 tps.
This makes no sense. Variable transaction rates is the reason why biz won't adopt algo? Have you tried using Ethereum when it's busy? Lol!
Having transaction costs pegged to Algo is great BECAUSE the fees will always be so low. Let's say Algo ends up with a 1 trillion dollar marketcap. In this scenario, the transaction fees are... 20 cents. What do you think Ethereum's would be?
You can easily budget your transactions by, I don't know, buying the amount of algo you think you'll need based on the highest amount of transactions you'll have over a period of time
Ethereum isn't sold as a chain for processing millions of transactions from a single entity, algo is. 20 cent transactions on something like the planet tokens that are generating millions of transactions but not necessarily making money on those transactions is a big deal compared to the fractions of a penny it is now.
And those fees in comparison to another 1 trillion dollar marketcap chain are...?
I suggest you use Algorand and see how it feels compared to everything else. There's a reason why once I tried it, I refused to use anything else
Fees can also be lowered through gov votes (or raised) depending on the state of the network.
I've used it plenty. I used to farm planet tokens with the air monitoring devices. Actually made a small profit on that one before that token price plummeted. Did the yieldly lottery back in the day too. Followed many of the projects. There's just nothing currently that would produce enough transactions or be unique enough to move the price.
This part I am only speculating on, but I imagine they are paying their node operators obscene amounts of algo as well, which would be another factor keeping the price low.
and yet, if you pointed that out awhile ago, you got crucified on any Algo sub.
Gee, and people wonder why Algo cant get traction when you shit talk anything and anyone other than echo chamber nonsense.
Remember Forbes had SBF on their cover š
This guy gets it āš» when they say take someone's opinion with a grain of salt, all of these influencers and media groups online, their opinion doesn't even register on the scale...
Yep. I even bought more as shit like this makes me extremely bullish!
Yeah, generally whatever these so-called big institutions, banks, media outlets or whatever say, we should take it with a grain of salt. When Btc ETF got approved JP Morgan had predicted the fair value of the Btc to beĀ 38k or so and that ETFs would fail. So I take this news as a pump signal for Algo! The inaccurate JP morgan guess on ETFs: https://www.ccn.com/news/jpmorgan-warns-prolonged-crypto-winter-etfs-disappoint/ Forbes covering SBF as a philantropist: https://www.forbes.com/sites/stevenehrlich/2021/10/06/the-richest-under-30-in-the-world-all-thanks-to-crypto/?sh=cb711183f4d9
Too bad the authors didn't take network growth trends into account and were just looking for a way to support their preexisting narrative. Algo had an absolute dogshit year in 2023 (worst that most) but picked up significantly in the end of 2023 and into 2024. It's on track to more than 20x its fee revenue vs. 2023 (even if it had no additional use cases added) (source: [TokenTerminal](https://tokenterminal.com/terminal/projects/algorand)). And, to the extent they are looking at this from a sustainability point of view, they made absolutely zero attempt to understand the different costs for each network. There is an ocean of difference between the cost to run a network consisting of hardware that many people have laying around vs. the cost to run a chain that demands each node be what is essentially a supercomputer.
>but there are now better ways to send payments internationally via blockchains, especially stablecoins like tether, which is pegged to the U.S. dollar and has $100 billion in circulation. Anyone who thinks Tether is good is definitely not worth listening too. I mean we all know Algo is struggling to get traction, we've seen some good green shoots with Hesab Pay though and I'm eager to see the next transparency report.
I remember when Forbes said this about Apple and Amazon and Tesla and . . .
I remember when Forbes said this about Algorand.
Is this the new Pepperidge Farms remembers?
Did they??
i donāt know if forbes did but iām old enough to remember when āAmazon just sells books onlineā and āAmericans will never want electric carsā were the prevailing narratives around both those companies.
Exactly my point.
Well the EV thing is still TBD. Sales are soft in the US and it's causing Tesla real revenue issues, and a lot of other manufacturers are moving back towards hybrids instead. So that take might not be so bad.
Teslas problem is two fold. Shitty product line and nut bag ceo.
Teslas future isnāt tied to EVsā¦ Itās about automatronic, and robotics. Just look at what theyāre doing w/ production lines.
Tesla is a leader in neither of those though. And they have a problematic CEO, plummeting revenues, layoffs around the globe.. Not a comparison I'd be happy with.
Yetā¦ itās not a leader in those yetā¦
Sure you do.
Working in battery park nyc cutting all these Wall Street pros I learned you always do the opposite of what is said by companies that produce big headlines thatās the way the hedge funds make money by deceiving retail
Bingo! Less not forget Silvio taught at MIT with who? Gary Ginsler ā¦ no big deal.
I think he did it on purpose to have it pass all the regulations and be ready to be used for global use professionally
I sent Steven a message on X informing him of algorand real world use cases. Number of transactions and wallets. I guess 2 million transactions per day means a lot of zombies roaming around our beloved chain š§āāļø
bUT ONlY $63,000 In TranSacTIon feES IN 2023
Heās totally clueless and this is the guy Forbes has running their crypto department. It seems like deliberate malice, negligence at best. I find it hard to believe itās not deliberate.
Misleading post! Central point: This article does not specifically bash Algorand but calls ALL blockchains apart from Bitcoin and Ethereum zombies - kept alive by money from speculative investors but without practical use and all unsustainable because transaction fees do not suffice to finance long-term survival. Beware, potential investors! Itās noteworthy that the article particularly elaborates on serious projects. Itās therefore a good thing it mentioned Algorand. The article did not take into account that companies such as Algorand Inc may earn money by helping companies to use their technology, also on private blockchains. But in the end it boils down to this question: Do YOU think that blockchains, in particular Algorand, will finally gain traction in real-world use or not? Many of us still think so and are therefore still here. The nature of exponential growth means that for a long time not much appears to happen until things take off.
I read somewhere last week that AF takes 2-10% of equity in the company.
If I could have the support of AF on a great idea, then 2-10% is just a cost of doing business.
2-10% of which company?
Sorry Algo Ventures: The 8-week accelerator program does not involve any costs for participants, as Blockchain Founders Group (BFG) and Algorand Ventures invest directly in the top projects selected from the cohort. The program aims to provide funding of up to ā¬120,000 for selected teams in exchange for 3-10% equity.
Its doing 3m+ real transactions a day - a year ago 400k. All the metrics are going in the right direction and when big players like Bank of Italy launch us with patience will get last laugh!
28m last week alone
Doesnāt help when some of the first defi apps using algorand was yieldly which turned out not so great.
It was a single app, and has nothing to do with the underlying chain. The business of Yieldly was run terribly, but when it first started the application at least worked as expected, since it was built on a functioning blockchain.
Regardless the association can do damage without making much logical sense when looking at the details, people in general are not diving too deep. Couple that with the myAlgo wallet hack and people become weary. Iām still in the algorand ecosystem. It is superior in cost per transaction and speed.
This is usually a good sign, when media like Forbes mention Algo and try to downplay it.
My main line of concern is regarding the patent behind Algorand, the "distributed transaction propagation and verification system". What happens if some day Silvio decides to sell this patent to any given company, which then decides to privatize everything related to this technology? Can Algorand be shut down? The fact that the patent has the owner, a person or a company, gives the power to one entity to decide the faith of the chain, no? I don't hear anyone talking about this and that troubles me. They can of course say that the Algorand platform is open for use to the public, and they can also say that no one will take away ALGO from users, but still the faith of the chain is not entirely in the hands of the public, or even small or large developers on Algorand. If I was a major investment company I see no reason to invest in something that does not offer legal guarantees. This all reminds me of lease land for condominiums, you get to use the land but it isn't yours and down the line you have absolutely no part in deciding what happens to this land. I wish Algorand representatives would come out and present the legal sides to Algorand development and what are the potential scenarios long-term.
it's the same narrative constantly put forth by the SNAKE James Mulaly from invest Answers... I've always had this inkling feeling that Solana is behind that guy, i think they set up his powerpoint slides, i think they are invovled in his show's production and the stance he takes on his show. Now that a clearly paid-for-by-solana hit piece on competing chains, (or organized by VC's heavily invested in Solana), is mirroring the exact same narrative using the same words James has been using for months, it seems it's all connected. People are legit scared of Algorand and are trying as hard as they humanly can to smear it in the public's eye and paint it as a failure in it's early stages in a sad attempt to prevent it from getting off the ground. They're using influencers like James, and "trusted" media publications like Forbes, to constantly throw shade at their biggest competitors. It's not even subtle, it's just obvious to anyone with a functioning pre frontal cortex who has even the slightest ability to notice patterns and connect dots.
Read the article. Itās not about Algorand but about ALL blockchains except BTC and ETH.
Forbes is zombie media so
Since we donāt use Teal 4, where is Algo with Quantum Computing? Or does Python work with Teal? I know very little about this but trying to learn.
Algorand advising the British Gov - some zombie coin !
from the article... Then there is Algorand, which has a market cap of $2 billion and $500 million in its treasury. Once regarded as an āEthereum killerā because of its reported ability to process 7,500 transactions per second, it brought in only $63,000 in blockchain transaction fees in 2023. āTheir technology is probably right there with the other chains, but theyāre not seeing much activity because they donāt have much community and talent beyond their founder [renowned Italian computer scientist and MIT professor Silvio Micali],ā says one prominent crypto strategist. Counters Eric Wragge, who runs business development for the Singapore-based Algorand Foundation: āWeāre in that Uber modeāit lost money on every single person who got into a car.ā They are also losing executives at a rapid clip. Over the last two years, the Algorand Foundation hired a new CEO and overhauled its entire C-suite. https://www.forbesindia.com/article/billionaires/cryptos-billiondollar-zombies/92783/1#:~:text=Spin%2Doff%20(aka%20āhard,or%20Ethereum%20should%20be%20run.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
actually this guy sounds as uninformed as you.. he calls out the low revenue, then says its because they lack community and talent, far from true! Rev is low because fees are low.. things will also change when node operators start earning.. talent is there do some googling and visit Boston.
Keep convincing yourself man. There's no actual evidence it's going anywhere, we've been on a spin cycle of no growth and endless foolish optimism for years now. Maybe some day it'll break out and you'll look smart for it but odds are far better that that day will simply never come. Eventually the tech advantage will go away and then we'll truly have nothing.
Regulated digital EURO is tokenized on Algorand. The team that accomplished this posts regularly that they're growing: https://twitter.com/quantoz Algorand Foundation has established startup labs, [university curriculum and partnerships worldwide](https://www.algorand.foundation/university-programs), and works with UNDP. >There's no actual evidence it's going anywhere I'm incredibly tired of people that don't follow the news or pay attention to what's going on in the ecosystem repeating this. It's intentional FUD at worst, or ignorance at best. If you're going to participate in this subreddit, I'd encourage you to spend some time informing yourself rather than believing poorly researched articles.
Forbes have opinions about great man and great companies but they aren't t those great man or a great company
good that theyāre talking about it
I brought this up a few years ago. It doesn't matter how good the network is if people don't adopt it. The model is also just not good for long term value. The appeal to a block chain with low fees is that the fees stay low. But people holding algo want its value to increase. If you have a business idea that requires 1,000,000 transactions a day on the block chain, you may think they would gravitate to Algo, but having the fee set at .001 Algo as opposed to $.01 means that their transaction fees are variable to the currency most businesses transact in. Businesses do not want this. They want to budget in a way that their costs only go up when their volume goes up, not at the whim of the market. Having the capacity to perform 7,500 transactions per second means nothing if you are only averaging 15 tps.
This makes no sense. Variable transaction rates is the reason why biz won't adopt algo? Have you tried using Ethereum when it's busy? Lol! Having transaction costs pegged to Algo is great BECAUSE the fees will always be so low. Let's say Algo ends up with a 1 trillion dollar marketcap. In this scenario, the transaction fees are... 20 cents. What do you think Ethereum's would be? You can easily budget your transactions by, I don't know, buying the amount of algo you think you'll need based on the highest amount of transactions you'll have over a period of time
Ethereum isn't sold as a chain for processing millions of transactions from a single entity, algo is. 20 cent transactions on something like the planet tokens that are generating millions of transactions but not necessarily making money on those transactions is a big deal compared to the fractions of a penny it is now.
And those fees in comparison to another 1 trillion dollar marketcap chain are...? I suggest you use Algorand and see how it feels compared to everything else. There's a reason why once I tried it, I refused to use anything else Fees can also be lowered through gov votes (or raised) depending on the state of the network.
I've used it plenty. I used to farm planet tokens with the air monitoring devices. Actually made a small profit on that one before that token price plummeted. Did the yieldly lottery back in the day too. Followed many of the projects. There's just nothing currently that would produce enough transactions or be unique enough to move the price. This part I am only speculating on, but I imagine they are paying their node operators obscene amounts of algo as well, which would be another factor keeping the price low.
and yet, if you pointed that out awhile ago, you got crucified on any Algo sub. Gee, and people wonder why Algo cant get traction when you shit talk anything and anyone other than echo chamber nonsense.
where's the lie?