MultiversX Tracker is Live!

Algo is garbage (I'm explaining why)

All Cryptocurrencies

by COINS NEWS 176 Views

I'm totally aware that this will be probably the most downvoted post in the history of this sub. But I don't care.

Algo is the most shilled coin on reddit. I am the unlucky one and took the bait and bought Algo because of the shill. I did the research and on paper everything looked great. Fast, secure, reliable. I have read a lot of articles, read whitepaper and bought Algo. But now after half a year of holding I have to say that it's really bad. And I'll tell you why. Keep in mind that I'm talking about the WHOLE ALGO ECOSYSTEM and not blockchain itself.

  1. Dapps - like currently there are 5 or 6 daapps? This is a joke. Younger chains have hundreds of them but in algo ecosystem there are 5 or 6 dapps and they are working really bad (more about this in the next points. The chain being young is not an excuse because other chains have much more cool and usefull daaps. Algo dapps are using AVM (Algorand wirtual machine) so the adoption will be always slower and slower.
  2. Dapps working like shit. Many of those daaps rely on a single source of truth that is Algoexplorer API. It has constant problems and because of that platforms like yieldly works like shit. November and December was horrible. There wasn't a single day without any issues.
  3. Official wallet... Sometimes is not working. Or not working correctly. It's too dependant on Algoexporer api and AWS.
  4. ALGO is CENTRALIZED
  5. No rewards for running own node
  6. Yesterday the only Algorand DEX tinyman was compromised and hacked and all liquidity pools are gone.
  7. Horrible marketing.
  8. No clear roadmap for 2022.
  9. Unfulfilled promises (example? about increasing TPS)
  10. A lot small ones like poor website (doesn't look professional) and poor communication with Algorand Foundation
  11. The Algorand community on reddit is so toxic and blind. If the Algo price is increasing they are posting charts and yelling how awesome Algo is and the pump is incoming. When it's down they claim that it's just because of bitcoin? You get it? Algo UP - it's because algo is awesome? Algo down - because of bitcoin. They hate every other chain because only ALGORAND is the best.
  12. Poor price action comparing to other scalable solutions.

Ok some of you may disagree with some points but most of them are straigth facts. Please research about the recent Hack and algoexplorer problems.

Edit: Thanks for all rewards!

submitted by /u/AuroraVandomme
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments