full image - Repost: Why I would never invest in Algorand, but happy for the people who made their gains. (from Reddit.com, Why I would never invest in Algorand, but happy for the people who made their gains.)
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Algorand Foundation has to be one of the worst run I've seen. I can't even begin to understand why they do these unless they're purposely trying to lose the money and dumping to friends/family/business partners.They trusted and did deals with Three Arrows Capitol. Anyone in crypto knows not to deal with 3AC, something to the tune of 50 million US and tanking the price of AlgoAlgorand Foundation lost another 35 million trying to yield a bit on a really unknown platform HodlnautStaci Warden the CEO of the Algorand Foundation decided to toy with the emotions of Dozens of ALGO holders by tweeting the very cryptic message"NIKE".World Cup deal that did nothing & lost more money Borderless Capital. It was being presented as an independent investor, but if you look at their history they used to be called AlgoCapital or something. They never mention it anymore it was was displayed on their own Medium page etc.I remember the big MyAlgo hack and them saying it was contractors who built it but I think the relationship was much closer than that. Sus at every corner. Why is there an Algo Inc and an Algo Foundation and why is one headquartered in Singapore?Years ago they said Algo Inc said they weren't going to participant in super yield but at the last minute a big wallet from the Algo Foundation jumped in and reduced everyone's %.Algo fees are set by Algo holders. 1 Algo = 1 governance vote, meaning the whales control the vote. Whales who's entire purpose for existing is to make money from speculation fees. Who are they? Are they qualified? What's their agenda? Giant question mark.This means that in order for the fee structure to change, a vote has to be put to these whales, the people directly incentivized to keep them high. And even if you could get them to lower the fees, this is reactionary, slow and means that an overnight pump of the coin price can still raise the fees the same amount.How can mission critical applications be built on any network where the decisions are made by anonymous token holders? Makes zero sense, and that's aside from the floating fee structure of Algorand which also makes no sense for any serious enterprise solution.Enterprise adoption needs predictable fees, not fees that could fluctuate daily. If you're an enterprise looking to adopt DLT tech which are you going to choose? Predictable easy to budget for costs or those that fluctuate?The mistake that these other layer 1 DLT projects have made is in thinking they will be "the one coin to rule them all" and that everyone will be ok with fees denominated in their network coin, because everyone will be using the network and the coin so it won't matter.There will be half a dozen layer 1's working in interoperability with each other and other satellite and support networks, & the correct approach will be denominating fees in USD
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