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 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.”