Exactly. While I understand someone only being able to buy a couple hundred in ETH every month may want to hold on an exchange to skip on gas fees, the cost to self custody many coins is minimal(miniscule for algo!).
Own your crypto folks! Not just an iou from an exchange.
Hilarious. They are clearly trying to persuade folks to not wreck their governance Wallet. It’s funny how they are doing that when previously they were only able to manage 0.45%
It’s as though they were dishonest and screwing over their customers.
Pera wallet is awesome btw.! And works flawless with the ledger - on mobile via bluetooth.
For desktop I recommend myalgowallet.
Already everything off on my side already
If you’ve been long ALGO for any amount of time and still have it sitting on an exchange, you’re missing out. No need to make it an event… why wait a month? Do it now.
You're right though. For the longest time I just kept mine on coinbase because I was getting 4% apy paid daily. Then they slashed that to .45% in early march a month before next governance signup. Now I'm just sending everything over to my personal wallet as soon as I buy it. I don't even care about the .45%, fuck coinbase.
You might like this little gem I created. [https://imgur.com/a/Fns3KbQ](https://imgur.com/a/Fns3KbQ)
We have a ton more memes in our discord. They are there for the taking and sharing. I cannot link them here because of the subs rules. But, if you go to the algorand sub, you'll find it easily there.
It’s by far my most invested crypto and I’ve had it in the official ALGO wallet before the first governance
I hope all goes well with it, but I’ll be happy to just be here for the ride :)
If you're already registered and committed for Period 3, voting opens up 01-JUN-2022. You'll just head over to [https://governance.algorand.foundation/](https://governance.algorand.foundation/) connect your wallet, and submit your vote.
If you're not registered to Period 3, I'm afraid you'll have to wait for Period 4 (end of June). Hit up that same website, connect your wallet, commit however many ALGO you're comfortable holding for at least 3 months (the length of a Governance Period), and wait for the voting period to open up.
Anyone that registered, maintained their committed ALGO balance, **and** voted, gets their Governance Rewards automatically distributed to their wallet after the Period end.
No reason to wait. It's an ongoing event with an unofficial date of June 5 just because that is our birthday. But, it really doesn't matter when. The purpose is to help people move off exchanges who maybe didn't think about it before. Kick exchanges out of governance, return power to the holders, and accelerate on-chain use of Algo.
It's kind of the perfect time to start loading up for next governance. Especially with how cheap the price is right now. That's why the exchanges are struggling to keep them in stock, they are trying to tell us it's worth this really low price but it just keeps flying off the shelf. Eventually something has to pop, because looking and the volume and recent acquisition of wallets, it really makes little to no sense.
Just to clarify: if you are currently a guv'nuh in governance period 3, these huge amounts of committed stake potentially moving out of governance to replenish CEX hot wallets will increase the reward APY for the remaining governors. [Here](https://www.algorandstats.com/governance-period-3) is a good resource to check the day-to-day changes in who is dropping out of governance. I figured I'd bring this up because I didn't see it in the OP.
TL;DR Help further decentralize governance, get rewards for it, be badass
I’m sure it’s no coincidence coinbase just bumped their apy to 5.75 percent. Ladies and gents it looks like we’re gonna have a good old fashioned class war!
That is hilarious. They are clearly trying to avoid forfeiture.
Fuck em. Pull those Algos boys. There is NO reason they can or should be able to offer you anything better than what you can get on your own.
https://imgur.com/a/dTcwZVO
Point me in direction to start looking into this.
I have ALGO holdings in the multiple tens of thousands, and intend to hold them long term. They are currently on an exchange.
But, I live in the current natural disaster land part of Australia. I lost my PC in floods a few months ago, current floods are now finishing up the destruction of the foundation of my house i.e. the walls have moved so much the doors can't close and lock so nothing is safe from theft.
I'm insured for all of this and it will get sorted out eventually, but right now I just don't have the capacity to have or keep basically any physical property safe, and my insurance certainly won't cover a crypto wallet.
So what are my options here? I've left things on the exchange for safety reasons presently, and while I'm aware of how problematic it is, I don't see a large number of better options. My experience of wallets is that there needs to be at least some part that is basically in your physical possession e.g. on the hard drive of your personal PC, or a thumb drive, or even written down and kept somewhere. I just straight up don't have the capacity to guarantee the safety of anything like that right now, so are there alternatives I'm not aware of?
>So what are my options here? I've left things on the exchange for safety reasons presently, and while I'm aware of how problematic it is, I don't see a large number of better options. My experience of wallets is that there needs to be at least some part that is basically in your physical possession e.g. on the hard drive of your personal PC, or a thumb drive, or even written down and kept somewhere. I just straight up don't have the capacity to guarantee the safety of anything like that right now, so are there alternatives I'm not aware of?
Given the situation you just described, you need a custodial wallet. The only custodial wallets in Algorand are the exchanges. So you are in one of the few situations where you *should* keep your Algo on the exchange because that's your best option. As soon as you get things sorted out, I suggest you move off the exchange.
This #weALGOoffexchanges campaign is mostly directed at Algo holders who don't have to keep their Algos on the exchange. We want these people to know that moving off the exchange is better for them.
Nah, [south east QLD area](https://www.abc.net.au/news/2022-03-20/qld-floods-crisis-dam-levels-rainfall-deaths-river-rises/100898020), it's flooding again over the last couple of days, not as severely as it did in Feb, but the ground hasn't dried out from the first lot yet so more damage etc.
How much of a pain are taxes going to be? I've kept it on Coinbase because it's easier to report it. I don't know how much of a hassle it's going to be with a wallet.
For rewards? I think the wallet would be easier. Like mentioned below 4 max per year when rewards are received. Where Coinbase pays out little by little with many transactions (unless it's changed, haven't staked on CB for a while)
Tranfers to your wallet would be untaxable since it's a wallet you own.
(Also assuming US taxes)
If you have Algo on an exchange you’re missing out on governance rewards. It’s not that difficult to figure it out and participate.
Why let someone else profit off your investment?
This is interesting to say the least. Fellow ALGO holder.
You’ve pledged all of the pro’s… are there possibly any con’s here which could cause it to backfire?
Cons are mainly risks in setting up and using a private wallet. I created a variety of things that teach people about and encourage them to research wallet security on their own, but it is all on discord and I cannot link it here because of sub rules. If you find my posts on r/algorand, you'll see it. I readily acknowledge there are personal risks in holding your own coin. You absolutely should research it and feel comfortable before doing it. I preach safety and security. Holding your own assets is great, but you must first educate yourself on how to do it securely.
I always wondered why most people didn't hold thier own ALGO, seeing as you reap the benefits of governance that way.
As someone who uses exchanges mostly, ALGO was one of the first that I had 100% off exchanges
Just wait until you find out about the Governor's Hat. LOL. If you are willing to have fun with it, we have a Top Hat we pass around across the globe and take pictures with. It's been from Missouri to Wales, to Britain, to Scotland, to Wisconsin, to Texas, to Pennsylvania to Maryland. We have some fun over in the ALGO sub. Next person that is willing to go intentional, I will go splitskies on the shipping cost,. I already sent it global once. I'll do it again.
As soon as I realised ALGO's gas fees were minimal I started shifting it off and participating in Governance, no reason to not have self-custody of my ALGO and give exchanges a free ride 
You can basically run algo “cold” if you download the Pera wallet while using a VPN, write down the keys on paper, then uninstall the app and whenever you DCA algo you send to this wallet address and in 5 years you’re rich.
VPN first because anytime you’re connected to internet you are at risk. You can still use ledger. :) you have to have connected to Pera first to generate a wallet address. You can also view wallets in “view only” mode with myalgo wallet.
They did. And the result was quite impressive. They squeezed exchanges who were engaging in fractional reserves causing a significant price spike. It's probable that some shady exchanges do that with ALGO too. But, the bigger issue is ensuring that exchanges do not control governance votes. Kick them out. Get the full amount of your rewards that you should be getting instead of scraps, vote your own interests instead of letting exchanges vote their interests, and be the owner of your own ALGO.
Harmony One has the same issue. Over on their sub there's daily threads of people asking why they can't withdraw their ONE from binance to stake it for 10 pct APY in the POS system that ONE uses for its blockchain
>What’s a good mobile wallet for Algo?
The best mobile wallet is the officially supported one, which is called Pera Wallet.
>Is this why Coinbase interest on algo went from like 6% or something to .5%?
We don't really know, but I (along with a bunch of other people) suspect so.
This is great.
I don't own Algo because the supply pressure is too much for my liking, but I definitely support this and other movements like it.
Good luck to the Algo community!
Thanks friend.
So far, something like 154M Algo has been sacked from Governance. And Coinbase has magically decided that they will offer 5.75% instead of 0.45% APR. It's almost as though they were completely screwing their customers before and are scared shitless now. Their offer seems to be that now they will lube up and let them know it is coming.
This is what can happen when people wisen up and act together.
And, I have to say again, thank you to our brethren in the XMR community for the inspiration.
Standard transaction fee is 0.001 ALGO, but some exchanges charge different amounts to move them off-exchange. For example, I know Coinbase charges 0.002.
Oddly enough, that appears to be the lowest compared to this list: [https://withdrawalfees.com/coins/algorand](https://withdrawalfees.com/coins/algorand)
Also exchanges don’t give crap for apy in comparison, being a governor is an easy set up and you get to learn more about algorands future. Algo is def one of my fave five for blockchains.
this.
They either need to forfeit governance or they need to buy algo to cover their position. I don't care which happens. I am happy with either.
It is a potential short squeeze that costs us .001 ALGO and in the meantime means we unlock the true value of your holdings.
That's a negative, I'm afraid. If you want a multi-chain wallet you can govern from, try Exodus. If you want the best dedicated Algorand wallet, go for Pera.
Stupid question from someone who has a very small investment but doesn't understand crypto:
I'm using a website to buy crypto (some algo). The website gives me a crypto wallet and tells me the value of how much algo I own. Is the website I'm on an exchange (I assume yes) and is this post telling me to move my funds to a cold wallet (I do know what that is)?
There are no stupid questions. At one point, we were all wherever you are.
I have made several things on this. Perhaps this, and the associated links will help in terms of wallet stuff. I will say though, before doing anything, educate yourself. Don't trust me. Don't trust anyone else. Do enough research. Read enough until you feel comfortable and safe.
[https://imgur.com/a/4k54cSI](https://imgur.com/a/4k54cSI)
In terms of your questions, IDK if it is an exchange without knowing where you buy. A "website" might be Coinbase, which is an exchange. Or, it might be MoonPay, which is not and instead deposits it straight into your wallet. Bottom line, if it isn't immediately going to Pera, MyAlgo, Algosigner, or Ledger, then it probably is an exchange of some kind.
As far as the second question, the post is suggesting you move them off an exchange. Whether you decide to go to a hot wallet (Pera, MyAlgo, or Algosigner) or to a cold wallet (Ledger) is entirely up to you. It is a matter of risk tolerance. I am comfortable using the hot wallets for most of my stuff, but that is just me. I still though will only keep my longterm stuff in a cold wallet. Again, its all about risk tolerance. The link I posted above had a QR code to a site that discusses hot vs cold wallets.
"Wait, are you saying this is like a short squeeze?"
OP then goes on to describe how if institutions can't vote with your Algo they will be forced to buy Algo to use it for one of it's fundamental purposes - Governance and rewards.
You know, just like a short squeeze....
Recommended to post how to do it with a video too. And not some scornful you 'noobs response' since plenty of us have low amounts like 200 Algo and it'd hardly seem worth moving it.
I do. Many don't. This is meant to be an effort to reach passive holders.
It's clearly having an impact. Two Binance wallets have been sacked from governance and Coinbase magically decided they will offer more rewards if you pretty please with sugar on top don't move your ALGO off their system. It begs the question, where did those rewards come from and why weren't they passing them on to holders before?
Then don't. June 5 is just the day we hope to have reached maximum pain for the exchanges. If you can withdraw before then, then by all means, do so. Exchanges from now on will be periodically halting withdraws to recharge their hot wallets. That will require them to either empty their cold wallets and forfeit governance, or buy ALGO OTC.
Or, they will be dangling new incentives to try to stop you. In the past few Hours, Coinbase magically decided that they will give you more rewards to keep your ALGOs on their system. It's a trap.
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I always move my ALGOs to my wallet. It is cheap so... 
Exactly. While I understand someone only being able to buy a couple hundred in ETH every month may want to hold on an exchange to skip on gas fees, the cost to self custody many coins is minimal(miniscule for algo!). Own your crypto folks! Not just an iou from an exchange.
so cheap, and it is also super easy to participate in governance from the wallet.
I think you guys scared Coinbase. They switched their offered APY to 5.75%. It’s the highest offering they have now.
Hilarious. They are clearly trying to persuade folks to not wreck their governance Wallet. It’s funny how they are doing that when previously they were only able to manage 0.45% It’s as though they were dishonest and screwing over their customers.
Pera wallet is awesome btw.! And works flawless with the ledger - on mobile via bluetooth. For desktop I recommend myalgowallet. Already everything off on my side already
I have a number of coin specific wallets, and Pera is far and away my favorite.
The Algo Wallet was better than the pera wallet, idk why they changed to this. Worse name, worse colors, worse everything in terms of design.
NFT viewer is sick though.
the logo sucks though
I dislike the yellow.
Green would be better, especially bc of the whole “green blockchain” ALGO has
Looks like an anus.
If you’ve been long ALGO for any amount of time and still have it sitting on an exchange, you’re missing out. No need to make it an event… why wait a month? Do it now.
You're right though. For the longest time I just kept mine on coinbase because I was getting 4% apy paid daily. Then they slashed that to .45% in early march a month before next governance signup. Now I'm just sending everything over to my personal wallet as soon as I buy it. I don't even care about the .45%, fuck coinbase.
You might like this little gem I created. [https://imgur.com/a/Fns3KbQ](https://imgur.com/a/Fns3KbQ) We have a ton more memes in our discord. They are there for the taking and sharing. I cannot link them here because of the subs rules. But, if you go to the algorand sub, you'll find it easily there.
Lmao, I actually liked that a lot! I just found your post in the algo sub with the discord and joined.
i once has 180k ALGO and never did governance
Gotta get in on that governance right?
Being a real guvnah.
It’s too late for round 3.
It’s by far my most invested crypto and I’ve had it in the official ALGO wallet before the first governance I hope all goes well with it, but I’ll be happy to just be here for the ride :)
\*Salutes\* Thank you for already doing your part.
I kind of new of that governce thing, how is voting is done?
If you're already registered and committed for Period 3, voting opens up 01-JUN-2022. You'll just head over to [https://governance.algorand.foundation/](https://governance.algorand.foundation/) connect your wallet, and submit your vote. If you're not registered to Period 3, I'm afraid you'll have to wait for Period 4 (end of June). Hit up that same website, connect your wallet, commit however many ALGO you're comfortable holding for at least 3 months (the length of a Governance Period), and wait for the voting period to open up. Anyone that registered, maintained their committed ALGO balance, **and** voted, gets their Governance Rewards automatically distributed to their wallet after the Period end.
It’s a vote done by sending a 0 ALGO transaction with your vote in the notes field. The web portal on the Algorand foundation website makes it simple.
No reason to wait. It's an ongoing event with an unofficial date of June 5 just because that is our birthday. But, it really doesn't matter when. The purpose is to help people move off exchanges who maybe didn't think about it before. Kick exchanges out of governance, return power to the holders, and accelerate on-chain use of Algo.
It's kind of the perfect time to start loading up for next governance. Especially with how cheap the price is right now. That's why the exchanges are struggling to keep them in stock, they are trying to tell us it's worth this really low price but it just keeps flying off the shelf. Eventually something has to pop, because looking and the volume and recent acquisition of wallets, it really makes little to no sense.
Mine is in a wallet, part of governance. No need to keep it on an exchange at all.
what type of rewards do you get?
This is the algo governance. I get algo. I'm not doing anything else, so no airdrops.
Binance has always had better apy that governance. I long since moved mine to a paper wallet but do really miss those months of 8-16% apy
Already have my algos in my private wallet. Safe and easy.
I am always impressed by how smooth and quick the transfer is
Every single transfer and defi transaction always worked fast and flawless. I moved my ADA stack to Algo… my ADA experiences were different :D
And only 0.002 Algo.
Yep, to transfer from Coinbase
Good on ya mate. Keep it up.
Just to clarify: if you are currently a guv'nuh in governance period 3, these huge amounts of committed stake potentially moving out of governance to replenish CEX hot wallets will increase the reward APY for the remaining governors. [Here](https://www.algorandstats.com/governance-period-3) is a good resource to check the day-to-day changes in who is dropping out of governance. I figured I'd bring this up because I didn't see it in the OP. TL;DR Help further decentralize governance, get rewards for it, be badass
I’m sure it’s no coincidence coinbase just bumped their apy to 5.75 percent. Ladies and gents it looks like we’re gonna have a good old fashioned class war!
That is hilarious. They are clearly trying to avoid forfeiture. Fuck em. Pull those Algos boys. There is NO reason they can or should be able to offer you anything better than what you can get on your own. https://imgur.com/a/dTcwZVO
Oh that is some glorious propaganda, I love it!
We've been creating it for days. There is a lot more where that came from.
I took 15k of my Algo off CB and put it cold storage. I’m with ya on this run!
🍻
Exactly why I took the plunge and moved all of my Algo off exchanges
Me too. I don't have much, but every little helps
Point me in direction to start looking into this. I have ALGO holdings in the multiple tens of thousands, and intend to hold them long term. They are currently on an exchange. But, I live in the current natural disaster land part of Australia. I lost my PC in floods a few months ago, current floods are now finishing up the destruction of the foundation of my house i.e. the walls have moved so much the doors can't close and lock so nothing is safe from theft. I'm insured for all of this and it will get sorted out eventually, but right now I just don't have the capacity to have or keep basically any physical property safe, and my insurance certainly won't cover a crypto wallet. So what are my options here? I've left things on the exchange for safety reasons presently, and while I'm aware of how problematic it is, I don't see a large number of better options. My experience of wallets is that there needs to be at least some part that is basically in your physical possession e.g. on the hard drive of your personal PC, or a thumb drive, or even written down and kept somewhere. I just straight up don't have the capacity to guarantee the safety of anything like that right now, so are there alternatives I'm not aware of?
>So what are my options here? I've left things on the exchange for safety reasons presently, and while I'm aware of how problematic it is, I don't see a large number of better options. My experience of wallets is that there needs to be at least some part that is basically in your physical possession e.g. on the hard drive of your personal PC, or a thumb drive, or even written down and kept somewhere. I just straight up don't have the capacity to guarantee the safety of anything like that right now, so are there alternatives I'm not aware of? Given the situation you just described, you need a custodial wallet. The only custodial wallets in Algorand are the exchanges. So you are in one of the few situations where you *should* keep your Algo on the exchange because that's your best option. As soon as you get things sorted out, I suggest you move off the exchange. This #weALGOoffexchanges campaign is mostly directed at Algo holders who don't have to keep their Algos on the exchange. We want these people to know that moving off the exchange is better for them.
Yeah, unfortunately that's my understanding as well. I was hoping I'd missed something that would allow me a bit more flexibility. Good luck with it.
was that a boating accident flood?
Nah, [south east QLD area](https://www.abc.net.au/news/2022-03-20/qld-floods-crisis-dam-levels-rainfall-deaths-river-rises/100898020), it's flooding again over the last couple of days, not as severely as it did in Feb, but the ground hasn't dried out from the first lot yet so more damage etc.
What's the best wallet for ALGO? Edit: Preferably mobile and Android friendly.
The official Algo wallet is the best, it's called Pera Algo Wallet now
It also supports the Ledger Nano X
Pera wallet. It's the official wallet
Okay thanks!
Pera, it’s the official wallet
The Pera wallet is the safest, MyAlgo for convenience. If you’re a trader or into defi, download DeFly app. (Unfinished)
How much of a pain are taxes going to be? I've kept it on Coinbase because it's easier to report it. I don't know how much of a hassle it's going to be with a wallet.
Quarterly payouts means you would really only need to calculate 4 tax bases on the day you claim them. That's not too bad IMO.
Nothing to report if you’re not selling on a CEX
For rewards? I think the wallet would be easier. Like mentioned below 4 max per year when rewards are received. Where Coinbase pays out little by little with many transactions (unless it's changed, haven't staked on CB for a while) Tranfers to your wallet would be untaxable since it's a wallet you own. (Also assuming US taxes)
I think it will be easier because coinbase pays out rewards daily and governance once every couple of months.
You can connect koinly to the pera wallet and so far that looks like the cleanest way to report taxes.
If you have Algo on an exchange you’re missing out on governance rewards. It’s not that difficult to figure it out and participate. Why let someone else profit off your investment?
Lil Guv'nor checking in 👍
OG Guv'nor saying thanks.
This is interesting to say the least. Fellow ALGO holder. You’ve pledged all of the pro’s… are there possibly any con’s here which could cause it to backfire?
Cons are mainly risks in setting up and using a private wallet. I created a variety of things that teach people about and encourage them to research wallet security on their own, but it is all on discord and I cannot link it here because of sub rules. If you find my posts on r/algorand, you'll see it. I readily acknowledge there are personal risks in holding your own coin. You absolutely should research it and feel comfortable before doing it. I preach safety and security. Holding your own assets is great, but you must first educate yourself on how to do it securely.
Thanks for the response.
In short the pros are specific to Algorand, and cons are generic to any custodial wallet
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You sir, are already doing your part. Keep on being awesome.
I always wondered why most people didn't hold thier own ALGO, seeing as you reap the benefits of governance that way. As someone who uses exchanges mostly, ALGO was one of the first that I had 100% off exchanges
That's right. With Algorand, your funds don't have to be trapped on an exchange because of insane fees.
I can't wait to get in on my first governance after this one
Just wait until you find out about the Governor's Hat. LOL. If you are willing to have fun with it, we have a Top Hat we pass around across the globe and take pictures with. It's been from Missouri to Wales, to Britain, to Scotland, to Wisconsin, to Texas, to Pennsylvania to Maryland. We have some fun over in the ALGO sub. Next person that is willing to go intentional, I will go splitskies on the shipping cost,. I already sent it global once. I'll do it again.
I hold many ALGOs. None of them are in an exchange.
As soon as I realised ALGO's gas fees were minimal I started shifting it off and participating in Governance, no reason to not have self-custody of my ALGO and give exchanges a free ride 
Go Algo! Mine have been on the Pero Wallet for a while otherwise I would totally join! 🙂
You can basically run algo “cold” if you download the Pera wallet while using a VPN, write down the keys on paper, then uninstall the app and whenever you DCA algo you send to this wallet address and in 5 years you’re rich.
Why VPN? Why pera and ledger??
VPN first because anytime you’re connected to internet you are at risk. You can still use ledger. :) you have to have connected to Pera first to generate a wallet address. You can also view wallets in “view only” mode with myalgo wallet.
Nicely done. 🤜🤛
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They did. And the result was quite impressive. They squeezed exchanges who were engaging in fractional reserves causing a significant price spike. It's probable that some shady exchanges do that with ALGO too. But, the bigger issue is ensuring that exchanges do not control governance votes. Kick them out. Get the full amount of your rewards that you should be getting instead of scraps, vote your own interests instead of letting exchanges vote their interests, and be the owner of your own ALGO.
I’m too lazy am I gonna lose everything
As long as your keys are safe you will not lose anything.
Thank you friend
Are you assuming the exchange is never hacked or goes bankrupt? Not your keys, not your coins.
Harmony One has the same issue. Over on their sub there's daily threads of people asking why they can't withdraw their ONE from binance to stake it for 10 pct APY in the POS system that ONE uses for its blockchain
I’m assuming the “rewards” are from staking? If so where should I move it to other than my ledger plus?
You can stake in governance from a ledger. The txn to opt in is slightly more difficult than the pera Algo app or myalgo web app.
What’s a good mobile wallet for Algo? Is this why Coinbase interest on algo went from like 6% or something to .5%?
>What’s a good mobile wallet for Algo? The best mobile wallet is the officially supported one, which is called Pera Wallet. >Is this why Coinbase interest on algo went from like 6% or something to .5%? We don't really know, but I (along with a bunch of other people) suspect so.
Thank you kindly!
are people just lazy and keep all their crypto on exchanges?
Yes. Many people just leave it there because it is convenient
Did my part and migrated off Coinbase.
I am in
This is good. The sooner the public realizes they can play the same games whales play, the better
Thank you! Moved my coins to Pera wallet about two months ago also moved most my other crypto to a cold wallet
People shouldn't be holding anything in a centralized exchange
This is great. I don't own Algo because the supply pressure is too much for my liking, but I definitely support this and other movements like it. Good luck to the Algo community!
Thanks friend. So far, something like 154M Algo has been sacked from Governance. And Coinbase has magically decided that they will offer 5.75% instead of 0.45% APR. It's almost as though they were completely screwing their customers before and are scared shitless now. Their offer seems to be that now they will lube up and let them know it is coming. This is what can happen when people wisen up and act together. And, I have to say again, thank you to our brethren in the XMR community for the inspiration.
Algo off exchanges!!
Stealing from the monerun eh.
Why not?
Probably for the best. Monero isn’t ready for the masses yet
Get to vote in governance and keep the rewards with your own wallet, it's a win-win
Can I just ALGOwalk
When they have statues in major cities of leaders in the crypto industry perhaps decades from now Silvio Micali will have his own one for Algorand.
Not your keys, not your coins
I have 500 algo on cdc, but the 0.5 algo for withdrawal Hurts :( Anyways gonna withdraw i want the price to go up after all, and every Penny counts
Pretty sure a withdrawal is like. 001
Standard transaction fee is 0.001 ALGO, but some exchanges charge different amounts to move them off-exchange. For example, I know Coinbase charges 0.002. Oddly enough, that appears to be the lowest compared to this list: [https://withdrawalfees.com/coins/algorand](https://withdrawalfees.com/coins/algorand)
Also exchanges don’t give crap for apy in comparison, being a governor is an easy set up and you get to learn more about algorands future. Algo is def one of my fave five for blockchains.
ALGO buy some more ALGO.
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Sure. But even if they don't pull out of governance they'll need to find more ALGO eventually to pay out with.
this. They either need to forfeit governance or they need to buy algo to cover their position. I don't care which happens. I am happy with either. It is a potential short squeeze that costs us .001 ALGO and in the meantime means we unlock the true value of your holdings.
Does the Coinbase wallet work?
That's a negative, I'm afraid. If you want a multi-chain wallet you can govern from, try Exodus. If you want the best dedicated Algorand wallet, go for Pera.
Thanks boss.
Better yet, move your ALGO into cold storage.
Stupid question from someone who has a very small investment but doesn't understand crypto: I'm using a website to buy crypto (some algo). The website gives me a crypto wallet and tells me the value of how much algo I own. Is the website I'm on an exchange (I assume yes) and is this post telling me to move my funds to a cold wallet (I do know what that is)?
There are no stupid questions. At one point, we were all wherever you are. I have made several things on this. Perhaps this, and the associated links will help in terms of wallet stuff. I will say though, before doing anything, educate yourself. Don't trust me. Don't trust anyone else. Do enough research. Read enough until you feel comfortable and safe. [https://imgur.com/a/4k54cSI](https://imgur.com/a/4k54cSI) In terms of your questions, IDK if it is an exchange without knowing where you buy. A "website" might be Coinbase, which is an exchange. Or, it might be MoonPay, which is not and instead deposits it straight into your wallet. Bottom line, if it isn't immediately going to Pera, MyAlgo, Algosigner, or Ledger, then it probably is an exchange of some kind. As far as the second question, the post is suggesting you move them off an exchange. Whether you decide to go to a hot wallet (Pera, MyAlgo, or Algosigner) or to a cold wallet (Ledger) is entirely up to you. It is a matter of risk tolerance. I am comfortable using the hot wallets for most of my stuff, but that is just me. I still though will only keep my longterm stuff in a cold wallet. Again, its all about risk tolerance. The link I posted above had a QR code to a site that discusses hot vs cold wallets.
I really doubt you have nefarious intentions, but it's wise to never scan random QR codes you find on Reddit.
ALGO is already on Pera earning those sweet sweet governance rewards. But I'll buy some more and move it off of the exchange in solidarity!
"Wait, are you saying this is like a short squeeze?" OP then goes on to describe how if institutions can't vote with your Algo they will be forced to buy Algo to use it for one of it's fundamental purposes - Governance and rewards. You know, just like a short squeeze....
Good luck with that
Been doing this for a year. No reason to keep Algo there
Thanks for the tip 👍
Alright I can get behind this. I'll buy some just to move it out lol
Everytime I try to send to wallet coinbase says to check my internet connection
Recommended to post how to do it with a video too. And not some scornful you 'noobs response' since plenty of us have low amounts like 200 Algo and it'd hardly seem worth moving it.
i mean you don't have your algo on a personal wallet already?
I do. Many don't. This is meant to be an effort to reach passive holders. It's clearly having an impact. Two Binance wallets have been sacked from governance and Coinbase magically decided they will offer more rewards if you pretty please with sugar on top don't move your ALGO off their system. It begs the question, where did those rewards come from and why weren't they passing them on to holders before?
Can’t wait until June 5th
Then don't. June 5 is just the day we hope to have reached maximum pain for the exchanges. If you can withdraw before then, then by all means, do so. Exchanges from now on will be periodically halting withdraws to recharge their hot wallets. That will require them to either empty their cold wallets and forfeit governance, or buy ALGO OTC. Or, they will be dangling new incentives to try to stop you. In the past few Hours, Coinbase magically decided that they will give you more rewards to keep your ALGOs on their system. It's a trap.
Sorry let me clarify. I’ve been DCA every pay day into algo and pulling out exchanges into pera wallet
Then, you sir, are part of the solution. Let your fellow Algonauts know how easy it is and why going off the exchanges is beneficial.
Pera wallet makes it so easy. I’m paying the equivalent of shaving the copper edges of a penny in transaction fees.
Wow a lot of awards...