Official Announcement about the Tinyman DEX exploit. Great response by the Tinyman team, they will compensate anyone who lost funds in the attack. While this sucks in the short term, I have no doubt this will be a learning experience and the community will come out stronger.
Opening a wallet is free in the algorand network, you just need the official app. Transfering anything is 0.001 Algos. Using algodrops is $0. Adding an ASA for the first time to your wallet is 0.001 too. You need 0.1 for every ASA added. So a safe bet to use algodrops in its current state is to send 1 algo to your new address.
The only way you can be "kicked out" of this program is if your Algorand amount falls, even for a second, below the level you promised when you signed up. Receiving Airdrops in the case of my site is free of charge, but signing up for an ASA (the opt-in option in your wallet) will cost you 0.001 Algos. If you are on a tight budget, don't do the latter.
Post is by: Opposite-Shoulder260 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoCurrency/comments/s51xy9/i_created_an_application_to_receive_airdrops_on/ For the past few months I have been building an application/website where I plan to offer different tools to ASA owners in the Algorand network, and I have been quite successful in terms of visits and "customers" so to speak. Currently there are several active airdrops on the site, thousands of daily users and a community that grows day by day hand in hand with the growth of the code and the tools I offer that I am developing in my spare time. **Why and how?** While it started as a way to expand the algorand ecosystem and as a way to learn more about blockchain development, especially in regards to Algorand, I am increasingly excited about the project's growth, and I look forward to its future as long as I keep working as I do now. On the monetary side my only "income", if I can call it that because between servers and the coins I buy to give away I'm still in the red, are the Ads and a small fee paid by token creators to publish theirs on their platform. For users who enter the site to receive an airdrop, they don't need anything more than to leave the public address of their Algorand wallet, which they can create for free by downloading the corresponding application on their cell phones. I welcome all of you to visit the site, [algodrops.org](https://algodrops.org). ^(\*There are some limitations imposed by the Algorand network, not by me: 1) You must have a minimum amount of Algorand in your wallet to receive an Airdrop and 2) you must opt-in to each asset before you can receive it for the first time.) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
I posted it as a reply to Algorand but here it is again: El Salvador bought BTC, but not many people know they actually also struck a deal to build their blockchain infrastructure on Algorand. Colombia's vaccine pass is on Algorand. SIAE registered the copyrights of every Italian musician on Algorand. World Chess is recording its ratings on Algorand. As for investments: Lofty.ai is fractional real estate. Daily rent payments. Opulous is for investments in music copyrights to get royalties (still getting started, so far artists include Lil Pump, Tyga). Artsquare.io allow fractional investments in fine arts (Warhol, Banksy, Hirst). Algopay allows you to get payment in any ASA (Algorand Standard Asset), which now include goBTC, and goETH, so any website can get payment in ETH, BTC, USDC (or any token they created themselves) with Algorand speed and fees. Pretty dope. Planetwatch : a system to monitor air quality and reward people providing the data.
Some Algo real world use cases: El Salvador bought BTC, but not many people know they actually also struck a deal to build their blockchain infrastructure on Algorand. Colombia's vaccine pass is on Algorand. SIAE registered the copyrights of every Italian musician on Algorand. World Chess is recording its ratings on Algorand. As for investments: Lofty.ai is fractional real estate. Daily rent payments. Opulous is for investments in music copyrights to get royalties (still getting started, so far artists include Lil Pump, Tyga). Artsquare.io allow fractional investments in fine arts (Warhol, Banksy, Hirst). Algopay allows you to get payment in any ASA (Algorand Standard Asset), which now include goBTC, and goETH, so any website can get payment in ETH, BTC, USDC (or any token they created themselves) with Algorand speed and fees. Pretty dope.
tldr; Yieldly is a one-stop shop for DeFi on Algorand chain. It allows you to participate in no-loss prize games, multi-asset staking and cross-chain swapping. You can earn Yieldly token + Algo at almost 25% APY and stake various ASA too in various staking pools and earn stake rewards. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Post is by: its_hayden and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoCurrency/comments/s3fmyf/algorand_tinyman_yieldly/ I would like to take the time to cover the Algorand (ALGO) ecosystem and the troubles currently being challenged. Firstly, the tinyman exploit that has left us unable to trade ASA tokens associated with the ALGO blockchain. This has left many including myself out of pocket and frustrated, considering ALGO is only just starting to really expand this has been a massive blow to innovation and growth. Secondly, staking an importation part of any Defi ecosystem to preserve wealth whilst gaining an annual percentage yield. The only reliable current option is Yieldly (YLDY) for this process. As of yesterday, Yieldly (YLDY) announce a new token on the polygon (MATIC) this bring them to a total of three different tokens one of which is not even on the ALGO network. This action has infuriated the community due to dilution and value being taken away from the original (YLDY) token that myself and many others have purchased. Lastly where does this leave an individual wanting to participate with the ALGO ecosystem, currently I only see value by participating in governance and having assurance knowing some of the best minds are behind the creation and continual development of Algorand. Are open to thoughts and discussion on this matter. Keeping in mind all opinions are of value in the right context, whilst being polite and informative. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
I say stick to your plans with YLDY. It's still available, at a fair price, on MEXC. No KYC is needed and it only cost 10 YLDY to transfer it back. YLDY/USDT is the trade. Make sure you've added the YLDA ASA in your Algorand Wallet before transfering tho or they'll be stuck and you need to contact MEXC support to fix it.
You are incorrect. Algo makes you bond a small amount for every ASA or NFT you want to hold in your wallet. This is easily reversible just by opting out of that asset once you're done with it. Nothing gets burnt other than tx fees. There is NO cost just to have a wallet. Accuracy is important.
I have some Eth locked up to there right now. I honestly wish I could trade it for Algorand but a forced hold is not so bad. One of the best staking programs is Yieldly. It’s an Algorand and ASA staking platform with great APY for all the pools they offer.
They're legit and verified projects but it doesn't necessarily mean that they're good investments. All ASA's are kind of fucked right now due to the Tinyman exploit so it's hard to say what their price action will look like short term.
Taking a look at some of the algo ASAs on tinychart, ever since the tinyman hack, the liquidity is like 98% removed from all pools, and the charts are just bananas with volatility. Here’s the kicker, right now, BTC is still just as volatile as some of these ASA coins that have basically no liquidity. What a strange time in this market, honestly.
tldr; The Advertising Standards Authority has banned two advertisements belonging to crypto exchange Crypto.com. The two ads were “in-app” ads that claimed users could earn up to 8.5% per year in crypto. The ASA said the ads were misleading because they failed to illustrate the risk of the investment. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Totally agree with you. However, it’s not the case with forum coz you need to be holding 250 HDL to access it. HDL is the native coin for Forum and is an ASA in the algorand blockchain. Feel free to check out, it’s a cool project with a still low marketcap (around 16M I believe)
I had about $30 in Learn&Earn crypto on Coinbase. I looked on the Ledger website for stakeable coins. There were 5 or 6, but Algo had the highest APY and the simplest staking process. Then tinyman came out (as well as 1000 ASA airdrops). Now I'm a baby Algo whale.
tldr; MPs in the UK are calling for a more comprehensive regulatory framework for crypto assets. The Advertising Standards Authority (ASA) has chided top-flight UK football team Arsenal FC and Floki Inu for their advertisements. The Financial Conduct Authority only has powers to regulate crypto assets if anti-money laundering or terrorism financing laws are breached. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The UK's Advertising Standards Authority has banned two adverts from Crypto.com following a complaint. The ads failed to illustrate the risks of the investment, were irresponsible, and took advantage of consumers' inexperience or credulity, the ASA said. The watchdog also objected to the suggestion that consumers should buy crypto on credit without also warning of the dangers of going into debt. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Some chains do that.... algorand for example, you cannot receive an ASA unless you have opted in to the coin (all addresses can receive Algos) I don't think I'd describe it as a flaw in design per se.. definitely annoying though. True cold wallets would be impossible... since the receiving address would have to sign the transfer in, it would be impossible to have an address with assets that hadn't revealed their pubkey.
ALGO and its environment help me turn 6x profit on my original investment. Even if you’re not into the tech, the returns themselves are amazing. But you might think “it’s too late to make 6x now”, but I beg to differ. Many prominent and new ASAs will come back after this tinyman issue and as long as you invest in a safe ASA (DYOR of course) you can net 5x+ in a few weeks easy.
i actually feel like the tinyman exploit is bullish for ALGO. it feels like people immediately went to buy a dip that never actually happened. now if only my ASA's weren't glorified commemorative tokens at the moment.
Goddamn, I really tried reading this with an open mind, but you are not posting "straight facts", half the stuff you mentioned was hyperbole or misleadingly written or literally just opinion. > Yesterday the only Algorand DEX tinyman was compromised and hacked and all liquidity pools are gone. I love how you wrote this in a way that makes it sound like all the liquidity was stolen when the liquidity is gone due to tinyman themselves telling people to remove their liquidity so that it could not be stolen. Horrible marketing is opinion, not liking how the website looks is opinion, poor price action is opinion (only in crypto is 4x in a year "poor" and covering up with in comparison to others is a cheap copout on your end). Really? Not a single day without issue in november and december? I claim yldy rewards every day, problems happen occasionally, the tinyman exploit has thrown a wrench into things for ASA swapping and LP-ing atm, but you can still perfectly claim staking rewards on yieldly. Really just sounds like you're just mad you didn't ape into solana or something else when you had your chance. Do some actual research next time instead of just going off random internet shilling, yeah? Also, I DV'ed you, not because of the content of the post, but because of this: > I'm totally aware that this will be probably the most downvoted post in the history of this sub. But I don't care. Seriously, I'm so tired of this smug ass martyr on the cross wannabe attitude that people like you seem to have whenever you think you have something to say. No one needs this disclaimer, you are not jesus christ telling the truth to would-be believers, no one cares about your opinion that much that you need to *warn* us about it.
Not sure, but they posted some info about pools, which might be affected (it was based on Algo/ASA price), but all at all...they reacted fast, they were clear, pointed it out and they were not trying to hide it...from my side it's another reason why to trust them and why I will use it after it will be solved again:).
Hey there! so, you have really good points man, and I will give you that some are very valid. but let me kinda answer some of them. I am long algo and reason for that is because when i use any other block chain, the results are shit.for the purpose of this i will only talk about ethereum since it is the king of defi. ethereum charges me an arm and a leg just to transact, BrokenSea(opensea) also breaks all the fucking time.. leaving me paying gas fees and nothing to show for it. Solana has gone down countless times and has barely any security. the nft space is flourishing there though so i cannot complain. ​ to your points let me try to answer it. ​ 1. dApps - yeah youre right, there are literally no dapps in the space... but... guess how many dapps i use on ethereum... 2 bro... I use olympuDAO and opensea... now i am trying some games, so maybe 3? oh and sushi swap but i avoud that shit like a plague since i get charges 100 dollars in fees every fucking time i transact... yeah, fuck me right? i trnasact for .001 algo in this ecosystem. guess how many transactions i make in a day? more than 40, all between yieldly, tinyman, and algornad walet. now randgallery for nfts and myAlgoWallet. i cannot do that in ethereum. 2. what dapp works like shit? yieldly works great and tinyman does too... i have literally zero complaints with them..i just started using randgallery with my algo wallet and both have been fucking amazzzzzziiiinnngggggg. the only time i have issues is if i am using mobile... which sucks.. but it sucks on ethereum wallets too so idk what youre using as a reference point. 3. official wallet sometimes not working? what do you mean? like... it doesnt show certain transactions ? doesnt initialize connections? i have only seen it not working once... where it didnt show me my balance correctly. aside from that on mobile initializing connections doesnt work and it happens frequently actually. 4. ALGO IS NOT CENTRALIZED 5. youre right.. idk who else give those rewards so i will say that this is correct so far.. 6. yes, this is true... there was an error on the contract... happens all the fucking time in ethereum... we do need more DEX's which are already in the works. this will grow soon.... algo has been live for 2 years dude.. yieldly just came around around 8 months ago. 7. it is horrible marketing.. once they figure this shit out.... get ready... and again... algorand is in the beginning stages of adoption. i rather have a slow growth so i can accumulate more and help others in the ecosystemflourish 8. what do you mean no clear roadmap bro... did you read the roadmap? 9. its coming. look how long ethereum has taken for 2.0 and how it continues pushing back promises 10. idk what you just said in there 11. toxic posts require toxic replies 12. price action is poor, but to the long term holder... this is aweeeesoommmeeeeee. and by the way, this allows everyone in yieldly to continue accumulating more algo by swapping the shitty ASA's into algo, last month i made 2k just by doing this... not only that. you can send this money to kucoin and invest in other coins... but makes no sense when you can restake in yieldly in order to get more rewards... theres a secret for many new investors. hidding in the last post some of your points are good, and thank you for posting them. this is definitely needed for our community to grow, while you made some of the bad points let me bring up some good points: 1. .001A transaction fees. this is crucial to creating more utility dapps. one example is notarizing documents, transacting digital assets... i transact many times in a day, this allows me to get the most money i can out of yield farming, it allows me to send money from wallet to wallet as needed without wasting money on gas fees. imagine, my needs are met with only 3 dapps, imagine when games come out, and when new world currecies are placed on this blockchain... 2. growing nft space. due to low transaction fees, more people are entering the space. yieldly is positioning themselves strategically to serve as the marketplace that will make this happen... people make marketplaces. when people are here artists will follow. 3. high yields on ASA's : we have ARCC and CHOICE a 8k% right now. we can swap these rewards instantly for algo or yieldly because we have low transaction fees. making us instant daily profits we can send back to a centralized exchange and into our actual bank accounts.. dailyyyyyyyy 4. growing defi ecosystem... with algofi, we will be able to lend our algo and yieldly to incoming eth and btc holders once they get their gas fees figured out... this is one of the pillars of finance at work. once they borrow they will swap for other ASA's and once they see how good this blockchain is and how good 5 second transactions and .001A fees are they wont want to leave.
I'm upset about the tinyman situation too, but this was a wholenotha level of salty lol I mean, granted, I wasn't in any of the liquidity pools and am only "burned" by the nosedive in ASA prices, but even if you were hit directly by that hack they already said you'll be fully compensated This shit happens in this space.....tbh....way less than credit/debit card fraud though
The various Algorand ASA developers have really come together and provided loads of information about the nature of the exploit, the wallet addresses involved, and trying to spread awareness to remove all liquidity from all pools. Tinyman themselves have stated there will be compensation. It’s a big hiccup since it’s essentially the only AMM DEX operating at this time. I’m happy to see the response from the community and I’m pleased with the handling of the situation.
1. Wrong. There are more than 5 - 6 dapps on the chain. 2. "There wasn't a single day without any issues". November to December was the most time I've spent using the Algo blockchain and funny how I haven't encountered any issue. 3. On the mobile app, it kinda takes a while to sign a transaction. Meanwhile on the web app on desktop it works like a charm. This is a very weak argument that you thought of just to add more to the list. 4. Elaborate? As your title says "I'm explaining" 5. This I would agree, but no one goes off and say "HEY THIS CRYPTO SUCKS AND IS GARBAGE BECAUSE IT DOESNT GIVE OUT REWARDS FOR RUNNING YOUR OWN NODE!" 6. Tinyman is a dApp on the Algorand blockchain. Them being hacked does not make Algo "garbage". 7. They have a different kind of marketing, I'm sorry if they didn't hire Matt Damon or bought a sports arena. I don't see any other token focusing more on Marketing other than CRO, well mainly because they're an EXCHANGE and they set the bar for marketing in crypto so high thus people expect the same for cryptos with over a billion market cap to do the same. 8. No exact 2022 roadmap. True. 9. True. And they apologised for this. Other than not being true to their words I don't think this affects a normal user on the Algorand blockchain playing around with ASAs. 10. Are you referring to ASA website? If so, may I deploy an ugly ass looking website on the Ethereum blockchain and call Ethereum garbage? An ugly dApp running on the blockchain does not make the blockchain garbage. This point is just to lengthen the list. 11. HOW DOES THIS MAKE ALGORAND GARBAGE? Did they program the Algorand blockchain to have a toxic community? Make it make sense. 12. You are just disappointed that you did not 100x on your investment. I think you only made 3 valid points here, which are not even strong arguments to call a blockchain garbage. 1. No rewards for running a node. 2. No clear roadmap. 3. Increasing TPS issue.
Tinyman DEX liquidity pools got drained, over 95% of liquidity pulled out for fear of further loses. Tinyman being the only DEX on ALGORAND at the moment basically put a stop to any ASA trading. Tinyman did say they should have everything back up by the end of the week, will need to see how liquidity providers react.
1 - not sure if it´s a complete list or not [Algo dApps](https://oroalej.github.io/intothealgoverse/#/dapps) 2 - Using dApps on daily basis, staking, providing liquidity, playing some games, making/selling NFTs (Ok, I just tried it) and had just one problem on Yieldly - I was unable to claim my stake. I tried it in 30 minutes again and it worked. At the same day Yiedly team posted an appology for this issue (more ppl had the same problem) - issue was qite simple - way too many transactions and their hosting provider was not able to handle it. They solved it quite drastically. They made their own site and now they do not have a provider. 3 - Using MyAlgo wallet and Algorand wallet on Mac, Windows, iOs and Android and never had an issue, so don´t know where is the problem (and I´ve made shitload of transactions...on the other hand - my first SOL transaction failed, so...) 4 - Algo has around 120 nodes. True - not enough for tue decentralization, but you can say the same about BTC with ASIC miners. Still better than some centralized chains + they are trying to improve it (but hands down - no rewards for running a node is a big con, which will be hopefully adressed in one of governance votes in future). 5 - ad 4. There are way worse chains around 6 - not Algorand fault - The most important thing is - Tinyman is not Algorand. It´s dApp. Also there wasn´t that much money stolen, and Tinyman team is already working on it and they are officially asking ppl on their twitter how to sort it out (they proposed that they will pay back stolen funds), they reacted immediatelly and were clear about everything...I think it´s pretty good compared to other chains (just look what SOL did during last half year...). 7 - Yes, because they are not aiming on us, Reddit apes, so they have to use different kind of marketing than buying a sports arena or making staments of statements of statements. 8 - true, I am not sure what is ahead in 2022, but I was not paying attention to Algo for last few weeks, because...it´s the only coin I feel like I do not have to care about... 9 - there was a statement somewhere where they appologized for it and said there are more important things right now than TPS (they are not using current TPS to 100% right now, so no point in improving it. They can focus on other things) 10 - you mean a lot of ASA sites? These are new projects launched on blockchain - same as Tinyman - they are just using chain. They are not The chain itself. It´s like saying "Internet sucks, because some websites are poor". Look at early days of BTC...I still remember how I was fighting with it when I was trying to mine some BTC... 11 - What? Look at every other community...most of coin related subs are echo chambers:D. Algo community is actually one of the best communities around (I know a few better communities, but they are usually related to small cap coins). It changed a bit during last two, three months because of shitload of ASA´s, but I´ve seen way worse subs;). 12 - Here I see a reason why you are so angry and dissapointed...you bought it, expected a moonshot and...nothing, when SOL, LUNA, ADA, ONE, FTM,... made huge profits. Well, they released a shitload of coins during last year, because it was part of their tokenomics. You have to check their marketcap and total circulation at the beginning of 2021 and at the end. If total circulation would stay the same, price would be around, then current price would be around 5-6$. Do not get me wrong. I would love to have more profit, too, but it´s quite stable and with current APY it´s a nice investment:). I´ve made some nice moonshot cash on SOL, sold it, because I do not believe to team behind. It sucks that Algo is not pumping more, is not marketed more, but well...it´s woring as it´s supposed to, they do not have to turn it off because of one problem, they do not have hidden coins in "forgotten wallet"...so far so good:). *It´s just my 2 cents, not a financial advice...*
Use XLM or algo for transferring stuff. Also to hodl, there was an algo ASA token, headline, and I signed up for the airdrop. Ended up making me $600 because I forgot about it but I wish I forgot about it longer because now it’s $1000+
From the Devs at TinyCharts. Tinyman has still not commented: “Pulling Liquidity as a precautionary measure Hi all! As some of you may be aware, there was an exploit over at the goETH and goBTC pools over at Tinyman. It seems like the exploit consisted of the agent "spoofing" the protocol into releasing funds of only one ASA instead of both in equal amounts. This occurred when the account RJROFHHDTCMDRCPYSBKN2ATSKZAPOPEV3KWR3IQEOIZMMZCPMMCEUTXGG4 started doing the following transactions of adding and then removing liquidity: Adding: [https://algoexplorer.io/tx/group/Jg%2FBGn4wId8cKz4BhmRAbKsE6dRYC0X4zGq9CoMFFEc%3D](https://algoexplorer.io/tx/group/Jg%2FBGn4wId8cKz4BhmRAbKsE6dRYC0X4zGq9CoMFFEc%3D) Removing: [https://algoexplorer.io/tx/group/KbOlFc02lRAonvc4yfgpI%2FfkNrlP2FDHGX1ESAF2lvs%3D](https://algoexplorer.io/tx/group/KbOlFc02lRAonvc4yfgpI%2FfkNrlP2FDHGX1ESAF2lvs%3D) ​ As you can see, on the removing part the exploiter is not getting back the ratio of ASAs that the s/he should, instead getting paid in the same token twice. The odd thing is that the exploiter got paid the UInt amount of the ALGO. In order to explain this part there is a small concept I need to go over. Basically blockchains don't like decimals, so as a workaround they just use unsigned integers, that have zeroes that represent the decimals, that is usually then added. So in the case of ALGO, since it has six decimals one ALGO is actually represented as 1,000,000 internally, in the case of goETH since it has eight decimals then one goETH is represented 100,000,000 (the commas are added for ease of reading the numbers, and should be ignored), which means that what the exploiter managed to somehow do was use the UInt amount of ALGO (3,000,000) but instead make the pool release goETH (which since it has eight decimals, came to a total of .3 goETH). The exploiter did this until s/he drained the whole pool of both goETH and goBTC. ​ After looking into this, we came to the conclusion that we were at risk of being exploited as well. Since $TINY is a four decimal token then that means we're internally represented as 10,000. At the time of the pool $TINY was trading for .24 ALGO, which means that the ALGO was internally represented as 240,000. Because of this disparity we came to the conclusion that there was a BIG chance we could be exploited this way. Since an attacker could send the faulty LP claim/burn and place the ALGO UInt for $TINY, in essence claim 24 $TINY for every 1 $TINY provided. And then sell that on the other side of the swap, essentially for a profit. Because of this we decided that the best course of action was to momentarily remove Liquidity, until the situation is at least cleared up. We're really sorry for the inconvenience and rest assured that as soon as the situation is cleared up we will add back the liquidity. Should you have any questions we'll try to be active here and on our discord for as long as we can stay up. We already know the Tinyman team is investigating this, and we urge you all to wait for an official comment from them regarding this,”
No, I only posted this question here and I've deleted it since many people are coming in. I was trying to be neutral as I'm looking for an advice. I didn't even publicly mention the token until many people got it right. Obviously, it's easy to guess only by looking at my history. Trust me if I know it'll bring this many negative comments I'll never post it in the first place. I didn't even think people would comment since it's ASA and no one might notice it. Aaron has commented and I hope to clear this up as well. I don't use a telegram and my mind was not in the right place. I thought getting public and neutral opinion is the best without mentioning the coin ticker or name.
ALGO governance has better returns than the [Yieldly.finance](https://Yieldly.finance) No Loss Lottery (NLL). Yieldly has significantly higher rewards for YLDY (ASA token) staking. But this requires the risk of carrying YLDY instead of ALGO. Simply put, it is a higher risk and higher reward option. The NLL has its use for those who don't want funds locked into governance, but the 8-12% variable returns on the NLL is less than the governance returns that are north of 14% without counting participation rewards for ALGO. Whether you should swap from ALGO to CRO is a more difficult question to answer. I personally prefer ALGO, but as a ALGO holder I may be biased here. CRO likely has a solid future, but I prefer ALGO. Disclaimer: I am very active in the Algorand ecosystem. I have a bag in governance. I have a YLDY bag in [Yieldly.finance](https://Yieldly.finance), and I do sometimes use the NLL.
>when moving funds across exchanges be smart and use XLM or ALGO for super cheap and super fast transactions. There's a better way than this using USDC if the exchange supports token standards like SPL, ASA, TRC-20, and soon ARC-20. The advantage is you transfer an asset that isn't going to change in price and possibly results in less swaps and fees. An example of doing this is transferring USDC or UDST from Binance to FTX. Use the SPL version (Solana token) and send to the FTX address (must be the Solana version as well).
Yeildly NLL is a staking platform too Earning 10% in Yeildly tokens for holding in the lottery and use that Yeildly to stake for more Yeildly or any other ASA they're providing Not advising you to do this but as an example staking Yeildly for Choice coin is 73% and take those into the Choice/Choice pool for 7,500% I got out of the choice pool before it dropped below 10k%
Please correct me if I'm wrong, but wasn't AlgoScout a rugpull? I didn't follow the story, but rumor was that the ASA designed to protect people from rugpulls on the Algorand blockchain turned out to be a rugpull. Very bullish on ALGO, so don't misinterpret.
Yes, I have paid taxes on crypto since 2018. I first invested in crypto in late 2017, but had no taxable transactions (staking, earning, selling, etc) in 2017. I currently use Koinly to track crypto transactions. Previously, my crypto transactions were relatively easy. I typically had a handful of transactions in any given year since staking rewards were claimed occasionally. And I don't sell a lot (I do occasionally sell to take profits on small amounts after big gains, and I do sell to rebalance my portfolio). This year, my crypto transactions have ballooned, primarily due to the Algorand ecosystem and my transactions for staking ALGO, and using [Yieldly.finance](https://Yieldly.finance) for Algorand Standard Asset (ASA) staking, swaps, and more. I have a little over 500 transactions for 2021. But I was on top of it by tracking and updating my transactions on a weekly basis. My transactions are fully updated through yesterday. So crypto taxes will be easy when I upload my transactions into TurboTax in a few months when I do my taxes. Crypto taxes suck. But tracking them is not hard if you do so on a regular basis. If I had to track everything now, it would be a pain. While Koinly (or other programs) makes the job much easier, no automated program will track swaps, transfers to a staking pool, and more well. This means you need to manually review and edit transactions. And if I had to do that for 500+ transactions now, it would be a headache. Luckily, I was on top of it throughout the year. It definitely helped that I have done crypto taxes before. It also helps that I started slow and ramped up my transactions over the years. If this was my first year with 500+ transactions, I would have been overwhelmed since I likely would not have tracked transactions regularly over the year.
I am and I think it’s going to be a dam headache between my Algorand/ASA’s and CB. CB shouldn’t be too difficult as all I did was transfer mined coins to CB, convert some to others, used the Learn to Earn and transferred out to another wallet (ALGO).
I still think there's nothing wrong with " being in for the tech" as long as your reasoning is sound. Everyone should have an ivestments strategy or system. - some people (like myself) prefer investing in utility and looking into the future potencial of a coin (I.e the tech). So things like it's utility, adoption, tech that allows it to solve a specific problem will all be important for me when choosing an investment (to make money). Eg. I'm a big fan of Algo, I like the steady stream of staking rewards, and I look forward to my governance rewards later today. Its not a moon coin, but it's definitely trying to solve real issues, it's got a great team and it's adoption is pretty decent. I've also scored pretty nicely with its ASA's. Secondly the tech is also what helps make profits (think Defi, before that was a thing we didn't have all the juicy LP and staking rewards as we do now. It's the tech that made it possible) .. , investing for the tech isn't nessesarily bad. But you must genuinely know what your plan /strategy is. Of course it isn't the only way, some people love a gamble with an nft. Others are loyal to the meme coins and hype (and Shiba Inu has indeed rewarded its followers) End of the day, there isn't a one way beats all approach. Do what works for you. And remember : no one knows shit about fuck.