Verge Coin - Think Of It Like A Crypto Hot-Potato...With Hacks (XVG)
Verge Coin has had a tumultuous life. Volatility has always been high, and Verge has been the subject of perhaps more "pump and dump" operations than most coins you might look at. Even McAfee, famed prognosticator who attaches promises of eating his own genitalia, if wrong, to his price calls, has shilled Verge on Twitter.
Verge is actually a fairly old coin, by crypto standards, although it has exploded in notoriety recently. Public trading of Verge goes back to October of 2014, a "whopping" 3.5 years. It tends to aggressively mirror the pricing patterns of Bitcoin putting in massive peaks and drops in cycles every year or so. You might say it takes the elevators both upwards and downwards.
These aren't just technical and "shill"-related movements in price, either. Verge has been subject to a number of what we'll generously call "adverse events", particularly in the press recently.
First, one has to understand that privacy is one of the core features of Verge, in fact, one might argue it is the main reason for the coin to exist - providing a use-case with increased privacy. However, some privacy experts don't feel Verge's "Wraith" protocol truly provides enough privacy. I've not taken a close look at it myself, but I've seen enough complaints that I'm certainly placing it at least a tier beneath "seriously anonymized" cryptocurrencies like Monero.
Second, HACK(s). Verge has had several issues with hacks. My understanding was Verge's own lead developer "allowed" themselves to be doxed, and their social media account to be hacked, which naturally lead to exactly the type of fishing hijinx you would expect. This is a worse-than-normal infraction for a privacy-based coin.
In November, multi-currency wallet Coinpouch announced some of their XVG nodes had been hacked, losing some client funds. This is, admittedly, likely in no way a problem with Verge. I was unable to turn up factual citations for previous hacks, but I swear I heard about one about 2 months ago as well - file that under "hearsay."
Now, despite all the negative commentary, Verge actually has some good news on the horizon. The developers do seem to stay relatively active. Verge just recently closed a crowd-funding round wherein they asked the Verge community to donate XVG to fund extra features, and approximately $350,000 in XVG was donated. This will be used to fund development for, among several other items, support for the Ledger hardware wallet which of course I am a huge fan of. If Verge could be held off-exchange safely, then much of the risk of holding it medium-term would be mitigated and the higher volatility could become more of an advantage.
At 3 cents, this could prove to be a heck of a buy, but know that you are buying on primarily on a projected hype train and the fundamentals could come back to bite you if you decide to hodl onto your Verge like grim death. However, successful release of Ledger Nano support, or an upgrade to the "Wraith" privacy protocol could lead to another violent spike upwards.
As always, stay flexible...and do your own due diligence.
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Sources: Google, CoinMarketCap, TheIndependentRepublic, Bitcoin.com, FinanceMagnates.com
Copyright: CoinCentrak.com, CoinMarketCap, Twitter
edited:
After I read your entire article I saw it is an old currency.
Still it could have been more useful to explain about its fundamentals besides of its privacy.
And I still wonder where were you when Byteball was distributed/"airdopped".
My initial comment was:
I'm not really sure what you mean.
I'm not really a promoter of Verge, I just write about coins when people ask me to.
I'm not sure what ICO/premining you are referring to.
I thought it is a new currency.
After reading your entire article, I edited my initial comment.
It does say at the start of the 2nd paragraph that it's a "fairly old coin".
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A bit off topic, have you heard of SmartCash? It's a fairly interesting project that not many people know about.
It seems like a great project. It has lots of features of PIVX/Dash. They even have some great web wallet features and a very good UX. I think SmartCash will do well.
Been there, I've been mining it while price was rising but exchanges killed pretty much that coin as a lot of people went mining it price went up and when finally exchanges updated their wallets and transactions went trough, of course price went dropping and lot of angry people been there and abandoned project. It was looking quite interesting though, but that pump caused by that made it look really bad.
yet, is that smarcash @generation ?
I'm not huge fan of this pump coin, but I do like privacy coins. I feel like Verge is past its prime, has been around for so long but has not achieved much. My favourite is DeepOnion, young coin with huge potential, many exciting new features released almost constantly. #privacy4theWin
Although I had concerns I always supported verge and probably own more verge than most people but this crowdfunding news has made me lose hope. Why make an announcement about making an announcement. I am thinking of selling some of my verge because, if they don't deliver the price may not be this high ever again, but something tell me to trust XVG once more!
I am not just saying this, all my thinking has been summarised in my latest steem post. Really disappointed to be honest
I still remember getting in at $0.0069 on Verge last year before it mooned to over $0.2. I confess that I I sold way to early during the bull run since I never expected such an enormous gain from a privacy coin! Do you have any thoughts on DeepOnion that is tor-integrated with the latest version 0.3.3 including obfs4 and meek? It gives me more confidence than XVG that hasn't upgraded from 0.3.2 yet.
Selling early is a mistake I've made quite a few times. I sold some verge before the bull run too, I've learnt to HODL the hard way, hodling some Verge, PIVX and DeepOnion for my set of privacy coins.
I was in Verge at around 80 sats, to be honest I got in it because I liked the ideas of multiple PoW Algos not because of the privacy. I am like you, full of regrets about XVG and TRX which I both holded before they pumped really hard. I am not getting back into XVG, I feel really bitter about it, I would rather go into real privacy coins like Monero, DeepOnion or Zero. I would like to find new Proof-of-Stake privacy coins like DeepOnion if anyone can recommend :D
Man I have such regrets about Verge, back in November it was around 0.6 cents and I had put that project on my "To research list", among many privacy coins, but then I forgot about it. Of course a month or so later it is mooning hard with 50x the price almost. I wish I had taken the time to research it.
Now, if I find a coin of interest, I make sure to take the time and do the research. DeepOnion was actually one of the projects that I had put up on my list in November and that I have taken the time to research and invest in. I am looking forward to seeing how that project develops since I think it has at least the same potential as Verge.
I am going to learn from past mistakes and HODL for the long term in the projects that I believe in.
Been there, done that and I'm fairly done with Verge. Been there since start, even mining while it was profitable but after they failed to deliver so many promises and missed so many deadlines I decided to step back. I know about DeepOnion project, latest wallet update (from literary few days ago) brings up Stealth Addresses support and airdrops are near the end so they will soon be on bigger exchanges, quite exciting times coming up for that project.
I'm in the similar situation like you. I have bought Verge when it was 400 satoshis and luckily sold it all when it was 1300 satoshis and after that it crashed. Also I was mining Verge, but it wasn't profitable so I quit with it. Verge has the questionable development team and I don't wanna invest in it anymore. So in the world of the privacy coins, I have found the better one. It's the DeepOnion. So far I'm thrilled about it, really remarkable development team and amazing community. This coin will probably have the promising future.
I couldn't get into Verge because I've started at investing late (above I follow currencies time ago) but I'm investing in some young coins. One of them is DO too and I think that it's a good moment to buy, it hasn't reached moon yet and it's doing everything possible to do it. I really trust in what you said: "This coin will probably have the promising future".
I remember the good old times when Verge was the hype of all hypes out there. I managed to make some good bucks from daily trading and this was it. Their features are OK, but their way of promoting and releasing them is a complete disaster. However I'm still a fan of privacy coins and solid projects like DeepOnion are a big + for the whole privacy coin world. All the features that these guys release and the way of bringing them to the masses is on another level. The giants Dash and Monero are going strong too =)
I agree with you, privacy coins are getting stronger, not only DeepOnion, Verge or Monero are good projects with a huge future. There are many others. In my case, as fan of privacy coin, apart from the cited three, I'm following closely Pivx and zcash. I think that 2018 will be year of privacy coins.
I'm sure Verge is too overpriced for now, cause there was too much hype around it, especially after McCafee made it a "Coin of Day". But there are much more privacy-focused coins, I like DeepOnion the most since they are developing faster than others. In 8 months they did more than no other project did, even in case there was no ICO, only an airdrop.
Same here, I sold Verge too early at some point but that coin had made me skeptical the more I read about it. In the end, I got a small profit and didn't really regret selling and moving on to better coins like DeepOnion. Unlike Verge, I never had doubts about DeepOnion and I'm still a proud holder.
Honestly Verge is a 3 and a half years old currency and really didn't have anything going on for years. It has been pumped in december by people like McAfee, some people took insane profits but since then it is on a steady and strong decline, and I feel like its more than just the BTC drop we are experiencing. They seem to be past their prime time, I just would not invest in it anytime soon. Though the idea of privacy coins is something I'm in love with. Would like to see an article from you about other privacy coins like Monero and DeepOnion
My exact thoughts. I got interested in privacy coins, Verge seemed great, but when I saw how long the project is on and what is the price, I said "no". Placed my bets on a young, progressive project that just evolved since July 2017. It is already mentioned and I am glad to see how much people recognize a quality coin. Would like to see an article about DeepOnion as well.
You sold too early, but I still have all my verge while I should have sold when it was pumped due to the whole john mcafee pump and dump XD
You know Verge being hunted by bulls :)
I have verge at price when it was almost at it's ATH. From last 3 months i am trying to find the exit point and want to cash out some of the profit.
Let see if this news can help me to do so, thanks for sharing the article.
not a believer in this coin, the community on reddit is also pretty toxic
I've always been iffy about this coin, so I really appreciate this write up and summary! I definitely think it has potential. Hoping I don't miss out because I'm still not dying to buy just yet...
Your instincts are on point in this case. Be cautious.
Verge Coin may indeed have a longer shelf life. The White Paper is not that bad. Plus, there seems to be a renewed interest in the platform. @ .03 what is the harm? Thanks for the share.
"@ .03 what is the harm?"
Depends on how much you buy!
high risk, high reward :P
I like the idea of Verge but its a fork of dogecoin
Hah, yep, good point. I'm not exactly a huge believer myself, in case that didn't come across.