The unspoken truth about ALGO governance program

Disclaimer: I hold ALGO, I think this project will succeed, but I can see some of its flaws

In the last weeks we all read the well written Anti ShiII-posts about ALGO, but one think was missing there:

The unspoken truth behind their "governance program":

What is this governance program?

It lets ALGO "stakers" (<- more about this later), vote and decide the development of the project, by voting the stakers get rewarded with more ALGO!

Sounds good, right?

Nope! The governance program is the way the ALGO devs soft lock your stakes!

Since the ALGO is a "Pure Proof of Stake" blockchain, you don't need to delegate your ALGOs, but you get rewards anytime you hold the coins on your own wallet!

These coins are liquid at all times -> which means you can sell them at any given time, no unbonding time for example such as staked SOL or staked ATOM.

The devs fear of the holders selling, so they "invent" this governance program.

Here's a list of why this program feels more like a soft lock rather than anything meaningful:

• you allocate a certain amount of ALGO and you must NOT move these funds or you are not eligible for the rewards (aka soft lock)

• the measures to be voted on are so super trivial: e.g. ALGO governors get more rewards, Vote 'YES' or 'NO' (ofc everyone votes yes, lol)

• the time you need to allocate, then finally gets to vote and the rewards to come in last around ~2 months, very slow for such trivial stuff...delaying tactics is what I say

this bear market is so cruel, I had to make this rant post about one of my fav coins, but ALGO deserves it.