Today I clicked on the News from the algo community in my email,
I learned about the Algo Stacking Rewards Program?? which rewards you twice of the algos you hold over 2 years finished its registration a week ago.
I also learned that the algo price dropped by half since the announcement because of the apparent economics.
I felt as if I’m fooled by the organization.
It gives clear signal to the crypto market that if you don’t concentrate on every news the foundation releases, you are fucked like how wallstreet wolves fucked you over.
You are not alone. I’m also missed the deadline, by knowing about it too late. And I’m part of the minority of the algo holders that have a node running validating transactions.
I think it would be fair if the organization could extend this deadline by a couple of days.
Well don’t feel bad. Many people enrolled and made the cutoff date only to be told that their country was not eligible as they invoked KYC. Imagine that! KYC for a staking reward??
Well I am a Korean and I have no problem KYC, if there is anyone who cannot pass through KYC, please write me so that I can take advantage of your timely staking.
No, you are not alone. I was very surprised and disappointed to learn of this exclusive development in the Algorand world. I can’t even begin to imagine what the participant selection process might have been. As a consistent supporter of Algorand, I would have expected to have been included in such an offer. I found out about the program the day after it closed via email. Something does not smell quite right here. We seem to be staggering from faux pas to faux pas, first with the auction, which has proven to be a total failure, now with this… I don’t even know what to call this… secret participation scheme?
I agree with everything you said! Execution is horrible. I’ve sold off my stake. Maybe when it’s at .01 I’ll hop in but I’m not going to be anyone’s bag holder. This project is headed in the wrong direction for the retail investor.
I’m confused as to how this new program differs to the existing participation program. By default, stake holders are participants (according to Silvio’s presentation anyway) and are accumulating Algos as each block passes. I have active participation keys on a running node and my stake is steadily growing, but I did not send one micro Algo to the published address for the Stacking Rewards program because I only found out about it via email the day after it closed. Do participation keys no longer matter? Has the idea of “you own Algos, so you are participating” gone by the wayside? Or is this new program a substitute for people who don’t have a node and can generate participation keys with the implication that participation is no longer the default condition?
It’s a way to reward people for committing a stake for a fixed period of time and being rewarded for it with a guaranteed minimum amount of return. Looks like they are trying to associate banking laws to crypto even though we all know Algorand is not a financial institution. Otherwise banking laws would apply to them fully. So it appears to be selective law selection to reduce otherwise eligible participants