A ghost is roaming in the top 50 cryptocurrencis and its name is Verge (XVG)

At the year turn, you could have thrown a dart anywhere on the crypto market and earn some serious money. Some people were doing just that – rambling around and buying anything that sounded cool in someone’s comment on Twitter or Reddit.

One of the very cool sounding projects at the time was Verge – XVG. A privacy coin that promised a lot, from huge partnerships to ambitious features. As the bear winter grabbed the market in its clutches, squeezing last ounces of optimism out the market, Verge and similar shitcoins got exposed.

Over the time, Verge did some marketing stunts like convincing John McAfee to tweet about them (probably paid him) and paying PornHub to list them as a paying option on their website.

A brief history of the shitcoin

McAffe tweeted about Verge (probably got his standard rate he charges – $105,000.00).

That got the hype engine started and the buzz was building up. Verge had an alleged “Wraith Protocol” update coming up on a set date. Developers, actually developer (one developer Justin Sunerok) didn’t keep true to his word and postponed it.

When it finally came out, it wasn’t anything impressive but that didn’t stop him from asking community to chip in the Verge pool to pay his taxes and buy partnerships.  Then their blockchain got hacked and the dev pushed a “fix” and said everything was fine. But only it wasn’t as hacker still mined free XVG so Sunerok pushed another “fix”. That fix was actually a hardfork but he didn’t know it was a hardfork. So much about his competence.

However, all of this is ignored by the “Vergefam” and if you mention it, the only reaction you get is personal attacks and bans from their communities.

The defenders of Verge keep coming at you, explaining you how their marketing team is expanding, how they have been added to new exchanges etc. Who cares? Exchange listings used to be price bumping events back in 2017, not anymore. Even a Coinbase listing can’t give you more than 50% jump – imagine how high could ZRX go if it was listed on Coinbase back in December?

Exchanges have improved their infrastructure, they are more experienced now and adding new coins is much easier. Marketing team expansion is a vague term – if you hired couple of cheap freelancers to shill you on Reddit and Facebook groups, that doesn’t mean you are improving your marketing efforts, just the contrary.

Verge needs more tech staff – it needs decent code so it doesn’t have to steal from others and claim as their own. Back in January  they copied some code from OpalCoin for their WraithProtocol and forgot to change some references to the coin name. Here is a proof for that. They touted it as a new feature and then just copied code from another coin. They also copy/pasted code from SHIELDcoin Github and then tried to spin the story and make it look it was vice-versa robbery.

Their security is almost non-existent – their network was exploited on two different occasions. As one Redditor concisely put it:

Here are just a few example of the XVG team engaging in price manipulation or dev incompetence:
– The Wraith Protocal and New Years Eve release date hype and fail

– The XVGWhale and McAfee paid shilling of Verge

– The PornHub hype marketing gimmick and annoucement

– The Timing attack (2x) and bs dev “fixes”

Anyone serious about crypto and is holding Verge should get rid of it.”

 

Who is defending Verge these days?

The massive price pump attracted the majority of gullible, noob investors and now they are down on their initial investment. And they need to constantly look for reasons to validate their purchase and emotionally attack anyone who dares to tell the truth. Confirmation bias and thinking it’s the next Bitcoin. Verge knew how and who to market (they were strong in Asia and Philippines) and create hype so it attracts the inexperienced buyers. It’s a coin that will slowly fade away in the next year.

All the smart, experienced market traders left the top shit coins months ago, the only people left are the desperate plebs who think their -90% investment will ever break even, which it probably won’t. Sometimes it is better to face the cruel reality, rip the bandage off and cut your losses.

 

 

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Torsten Hartmann

Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

6 Comments
  1. Interesting article but a few questions if I may. If Xvg is a “ghost coin” why did Derek Cappo and token pay help secure a deal with Mind Geek the company that owns Pornhub.Financially I’m not sure but are you claiming to have more knowledge then Derek Cappo?
    Next question. I would love to see proof of using xvg investors money being used to pay personal taxes could you provide this?
    I understand #xvg got hacked your aware Monero has been hacked as well as bitcoin and a few other crypto currencies? One could argue a hack could be considered a growing pain in fin tech wouldn’t you agree?
    Thirdly Pornhub helped Verge become a global brand. Did you know that xvg is in like 20,000 atms. Help me figure out what other coins do that please?

  2. You should probably quit blogging dude. You are wayyyy too emotional. You called Verge a “shitcoin” on many occasions. I’m sorry but most publications, and blogs about Verge – even if their bad, do not call the coin a “shitcoin”. Your choice of wording sounds extremely immature and makes you look weak, as if you’re sitting at your computer and typing with a giant frown on your face. Grow up bruh.

  3. Torsten. You do know that unless you can prove any of the things you say, especially about Sunerok, you can be sued for Libel and Defamation right? I am not in any way affiliated with Verge. I just find the crypto space full of ‘journalists’ and bloggers that aren’t careful about what they say and the legal ramifications their words have. So again, do you have any actual proof of wrongdoing by Sunerok? Or is this a piece about how you feel and not what is?

    • What is not correct in this article? I summed up real events (hacks, proven incompetence) and added my opinion about it. Which part should I be sued about? I am sick of reading and listening fluffy articles that uncritically shill shitcoins misleading gullible people to invest in worthless projects and lose their money. Those authors should be sued in my opinion.

  4. Did u lose money that’s why u talking shit about verge ? Lol. Your article is full of shit

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