Crypto - BTC & Alts

Scottex99

will_b said:

Scottex99 said:

Nice Alpha tbf, one of the rare coins I've never held, possibly missed the boat now haha

I was buying Algo in the depths of the recent crash so I've been psychologically anchored at under a dollar, and the thought of buying more at over $2 pains me somewhat!  But then I look at the market caps of Solana and Cardano (about 5x and 7x Algorand's), and think how Algorand is very much a worthy competitor to both of them (Ethereum too in technical terms, though of course Ethereum is far ahead on adoption), and I think it potentially has a lot more room to grow.  Of course this may be wishful thinking on my part

I try to stack as much BTC and ETH as I can, have done well on a few DeFi blue chips and a few random punts too. Definitely have 100+ different coins which is ridiculous to maintain, sometimes I forget I've got stuff and where, haha.

Somehow ALGO never got on my radar although I know it's on or about ATH right now. 

I don't buy into the ETH killer thing really but do hold SOL and ADA and MATIC etc

will_b

Scottex99 said:

will_b said:

Scottex99 said:

Nice Alpha tbf, one of the rare coins I've never held, possibly missed the boat now haha

I was buying Algo in the depths of the recent crash so I've been psychologically anchored at under a dollar, and the thought of buying more at over $2 pains me somewhat!  But then I look at the market caps of Solana and Cardano (about 5x and 7x Algorand's), and think how Algorand is very much a worthy competitor to both of them (Ethereum too in technical terms, though of course Ethereum is far ahead on adoption), and I think it potentially has a lot more room to grow.  Of course this may be wishful thinking on my part

I try to stack as much BTC and ETH as I can, have done well on a few DeFi blue chips and a few random punts too. Definitely have 100+ different coins which is ridiculous to maintain, sometimes I forget I've got stuff and where, haha.

Somehow ALGO never got on my radar although I know it's on or about ATH right now. 

I don't buy into the ETH killer thing really but do hold SOL and ADA and MATIC etc

Wow, 100+ coins, you have been busy!  I only really got started with crypto a few months ago.  The crash piqued my interest, and coincided with a computer-scientist friend who has done a lot of work with blockchains introducing me to Algorand and convincing me that, technologically at least, it had a lot to offer.

I still have most of my investments in global index funds so I'm really still just dipping my toes in the water with crypto.  But my toes definitely like it

Cus

I have ALGO on coinbase and it pays 4%

Tomatillo

will_b - thanks to your posts on this thread I took a look at Algo and bought some just before everything went crazy so thanks v. much! I only have a tiny amount in crypto - most crypto investors would probably use more in gas fees than I have altogether - so doubt I'll be rich off this but am very pleased a good percentage of it is in algo now!

deejaybee

will_b

Good times for us Algonauts !!

I bought some more at 90p after the flash crash ....

Anyway, i have installed the official Algo app on my phone, and also the Coinbase app ( had just been using it in laptop ) and tonight have sent all my Algo stash over to the official wallet... ( sent a small amount first )

Its showing the amount of coins i have, which has slightly increased in the few minutes it has been there, so i am assuming i dont have to enable the staking, or tick any boxes etc ?

Thanks again for the help and info

Tomatillo

Yes the staking is automatic but for some reason the rewards are only claimed when you make a transaction. The app should show a total and then the Algos you currently have and rewards accrued. I think I am right in saying your rewards only earn rewards once they are claimed: https://www.algorandwallet.com/support/rewards-help-articles/algorand-rewards-faq/ 

will_b

Tomatillo said:

will_b - thanks to your posts on this thread I took a look at Algo and bought some just before everything went crazy so thanks v. much! I only have a tiny amount in crypto - most crypto investors would probably use more in gas fees than I have altogether - so doubt I'll be rich off this but am very pleased a good percentage of it is in algo now!

Excellent!  And fortunate timing cos I don't think anyone could have predicted that this crazy pump would come exactly when it did!  Enjoy the ride

deejaybee said:

will_b

Good times for us Algonauts !!

I bought some more at 90p after the flash crash ....

Anyway, i have installed the official Algo app on my phone, and also the Coinbase app ( had just been using it in laptop ) and tonight have sent all my Algo stash over to the official wallet... ( sent a small amount first )

Its showing the amount of coins i have, which has slightly increased in the few minutes it has been there, so i am assuming i dont have to enable the staking, or tick any boxes etc ?

Thanks again for the help and info

Good times indeed!  And about time too!

Great stuff on getting the app installed and getting your Algo into it.  The rewards will get added automatically, you don't even have a choice in the matter   Even if you were to uninstall the app (with your 25-word mnemonic phrase stored somewhere safely of course) the rewards would still get added automatically to your Algorand account on the Algorand blockchain.  It's not something you need to opt into.

There is one caveat though, rewards don't automatically compound.  In other words you won't automatically earn rewards on your rewards.  To make them compound you need to get the rewards you have earned added to the total amount of Algo stored on the blockchain for your account, and this happens automatically whenever your account is involved in a transaction, whether sending or receiving any Algo.  So it will happen if you buy more Algo on an exchange and then send those Algo to your wallet (well, technically to your Algorand account that your wallet set up for you).  It will also happen if you send any Algo to another account.

What many people do, and what I do myself, is to periodically send 0 Algo to myself.  It costs 0.001 Algo in transaction fees (as does any Algorand transaction), but it gets the rewards added to my account on the blockchain, so from then on I'll be earning rewards on those rewards (and on the initial sum too of course).  There's also a service at https://algooptimizer.com/ that you can send 1 Algo to (just once) and it will then keep sending you 0 Algo transactions at the optimal frequency to maximize your rewards compounding.  Or you can just use the calculator on their website to tell you the optimal frequency for the amount of Algo you have (and taking into account the fact that each transaction necessary to trigger the compounding takes 0.001 Algo).

I hope that makes sense, it's quite simple really but a bit tricky to explain clearly!

The rewards from the decentralized governance program starting on 1st October will be different.  How exactly those will work will become clear shortly.  I suspect they'll be just one rewards payment at the end of each quarter (or I understand you can delay it if you want to for tax-saving purposes), so compounding for that won't be something you'd need to think about.

BTW I get many of these random tidbits of Algo information from the r/Algorand and r/AlgorandOfficial groups on reddit.  If anything important happens in the Algorand world, you can be sure to hear about it there.

Scottex99

will_b said:

Scottex99 said:

will_b said:

Scottex99 said:

Nice Alpha tbf, one of the rare coins I've never held, possibly missed the boat now haha

I was buying Algo in the depths of the recent crash so I've been psychologically anchored at under a dollar, and the thought of buying more at over $2 pains me somewhat!  But then I look at the market caps of Solana and Cardano (about 5x and 7x Algorand's), and think how Algorand is very much a worthy competitor to both of them (Ethereum too in technical terms, though of course Ethereum is far ahead on adoption), and I think it potentially has a lot more room to grow.  Of course this may be wishful thinking on my part

I try to stack as much BTC and ETH as I can, have done well on a few DeFi blue chips and a few random punts too. Definitely have 100+ different coins which is ridiculous to maintain, sometimes I forget I've got stuff and where, haha.

Somehow ALGO never got on my radar although I know it's on or about ATH right now. 

I don't buy into the ETH killer thing really but do hold SOL and ADA and MATIC etc

Wow, 100+ coins, you have been busy!  I only really got started with crypto a few months ago.  The crash piqued my interest, and coincided with a computer-scientist friend who has done a lot of work with blockchains introducing me to Algorand and convincing me that, technologically at least, it had a lot to offer.

I still have most of my investments in global index funds so I'm really still just dipping my toes in the water with crypto.  But my toes definitely like it

Yeah slow and steady is the best way and try not to FOMO too hard when you say the insane returns that some assets have done. I'm about 4 years deep now, once you fall down the rabbit hole, you'll find it very difficult to go back to traditional finance. To me trading stocks is a snoozefest now but I've become full degen and I'm young enough/making enough to handle the wild swings, which not all people would be able to.

Flash crash nuke out of nowhere this week, market potentially showing signs of recovery now

deejaybee

Ah i should have left a small amount of Algo in CB, to pay for sending "zero" Algo over to the wallet ( to start compounding the interest)

startrim

Has anyone here used FTX?
I use Coinbase Pro but am looking for a backup exchange should it go down or I get locked out.