Verge conspiracy! or not? XVG is up in the air
As the cryptocurrency markets settle down it is time to start thinking long term. Decentralized currency is not going away, but most of the thousands of startup coins will. This is the time to invest in the coins that will stand the test of time. I want to help you make the best decisions when it comes to putting your money where it can grow. Each week I will be posting about an altcoin with condensed research and my opinion on whether the coin will survive the storm. I am excited to start this journey on Steemit in the last week of 2017 and look forward to a great 2018!
Let us get to it
12/28/2017:
I have chosen to do an introductory post on #Verge (XVG) because of the recent rise and fall of price. According to CoinMarketCap.com on the 13th of December it was trading at less than one cent. By the 23rd it was trading at 28 cents. That is 2,800% gain in only ten days. Since then it has fallen to 11 cents. So why the big swing? It is all due to FOMO and FUD surrounding something called Wraith Protocol.
The most interesting part of this particular altcoin is the supposed ability to turn complete privacy on and off. This is done through a code called Wraith Protocol. There is a catch however, only the developers know where the code is. The extreme rise in price was due to people excited about the Wraith Protocol and the fall is due to a rumor that the developers quit and there is no such thing. Just yesterday XVG whale came out with a video explaining how the Wraith Protocol will be released by the end of the year. This means they have less than three days to deliver. This could mean another impressive price jump or that it will fall even further.
Overview:
XVG is an open source fork of Dodgecoin. In light of the surge of privacy oriented cryptocurrencies XVG has very promising potential. It has all the normal markings of a successful coin. Verge is decentralized, widely available on exchanges, has multiple wallet options, and is an improvement on many current blockchain options with regard to speed and scalability. Where Verge really stands out is that:
- It is already being accepted by a handful of small vendors. Early adoption is key. If they can continue to outpace their competitors in this area Verge will grow exponentially.
- Tor wallets are available which increase privacy. This is a characteristic of crypto that is very important to many.
- The ability to turn anonymity on or off. If a merchant wants transparent transaction records they will be able to do so. Of course this is contingent on the release of Wraith Protocol as explained above.
Verge also offers a wallet that operates on the Invisible Internet Project (I2P) which is an anonymous overlay network. Verge is trying to lead the way with peer to peer portals for Telegram, Discord and Twitter. There are many coins trying to be the widely accepted P2P standard and if Verge stays in the public favor then this could very well be it.
Information on the team is not listed on their website which is not the norm. There is only an article on Medium.com that was posted late October. On top of the seemingly ghost like team, a lot of people are complaining that they are not following through with promises. The last time a verge team member responded to issues on github was October 15th. They just [tweeted] (https://twitter.com/vergecurrency/status/945686336513757184) two days ago that everything was fine. Development takes time but if they are lying about when it will be released what else might they be lying about?
Conclusion:
Proceed with caution. As with any altcoin there is a lot of speculation when it comes to Verge. This sounds like a very promising coin even without Wraith Protocol. It is ahead of the curve when it comes to already released technology. If the team comes through with everything they have promised this coin is going to make a massive impact in the crypto world.
That being said, this all seems a little too good to be true and if they do not come through with Wraith by the end of the 31st I will be dumping what XVG I own. I hope I am wrong and we do not end up with another pump and dump but only time will tell.
Links:
Website
Whitepaper
I2P
You can trade XVG on Binance, if you would like to support more articles like this you can use this referral link to register for the exchange. Or if you would rather type it in yourself, https://www.binance.com/?ref=11992650
Obligatory disclaimer: You are responsible for your financial decisions. I have made this post to condense information and save time. Always be vigilant by paying attention to your investments while at the same time picking out the FUD & FOMO and ignoring it. The best plan is to be happy with modest positive returns and if you happen upon a lambo, so be it.
If you found this information helpful you can repay the favor:
XVG: DRKaK8J6ZMF1SpcKd9sW2GZtfh8Cwrs9yF
BTC: 1EsDCj7siusptrh8xGUK8fsLSNjCLG274t
ETH: 0x2eDBDbF4F88Cb8f670eDCcFc606486049B14e1D5
LTC: Lfubz9PPe8Rh8qdNj9tzWNeckXJJs4YKYa
Please let me know which coin you would like me to research next.
Disclaimer: I am just a bot trying to be helpful.
Great post, I do believe verge has great potential, alongside ripple and cardano. Those three will rule 2019, ethereum will rule 2018.
Thanks! Ripple is incredible, it was one of the first coins that caught my eye when I started researching. I guess I was not the only one 😜
I like XVG and I own and will hold. XRP was made for the banks and is really centralised... 80% of XRP belongs to them only 20% belongs to the market.
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STOPI'll admit that I bought Verge simply because it was "name dropped" by MacAfee. It's now in the top 20 currencies though, which is nothing to sneeze at. Any of the cheaper (read <$1.00) coins in the top 50 I think are game, especially if they're listed on the main exchanges, have been around for a while and seem legit. But I'll admit that alot of this is simply wild speculation in the middle of a gold rush.
It is mirroring the .com bubble but on a much larger scale. The good news is 47% of the companies survived the bubble bursting out from under the US tech industry. The bad news is this could have much worse effect on the world as a whole. I think in the long run blockchain and decentralization are a good thing, we just have to make it through this gold rush first.
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