Verge (XVG) Dumped After PornHub Announcement

Just before the end of March 2018, privacy based cryptocurrency Verge (XVG) launched a crowdfunding round to pay for a secret partnership. As a result, over 75 million XVG were donated by the community which at the time, was worth over one million US dollars. The community thought they were going to get an announcement once they raised the funds but lead Dev Justin Vendetta decided to set a date for the announce on the 17th of April 2018.

Two weeks later, after several announcements of the announcement, the official statement: Pornhub now also accepts Verge as a means of payment for merchandise, video-on-demand and streaming services.

In response to the announcement, Verge took a dive.

The Lead Up

A couple of months ago Verge was not a common name that was mentioned when we talked about cryptocurrency let alone privacy coins. However, with questionable marketing efforts such as the paid John McAfee pump, Verge is now on the community radar. The advantage of Verge its offers anonymity to its users but also has a small market cap which is enticing to new investors because at the end of the day, money calls. 

Verge faced FUD and attacks from every direction which at most times was true. Verge continually set deadlines for products releases such as the Wraith Protocol which pumped the price only to fail on delivering the product on time. There was very little to no updates on progress and the community was only left disappointed after the deadline when the price dropped.

Verge XVG Chart

In familiar Verge manners, the community hyped the announcement so much that on April 17, everyone was staring at their computer when Verge lifted the curtain. The telegram groups did not rest for a second – pictures of Lambos and Moons, as far as the finger can scroll. Speculation at the time was that verge was partnering with the like of PayPal or Amazon.

But then the news hit twitter 30 minutes early; Verge was partnering with Pornhub.

The anticipation, which was reflected in the massive pump, could not be maintained. As soon as the news spread, the Verge dumped hard. From nearly 12 US-cents to just under 8 US-cents, the Verge price fell.

This reaction seemed like the market did not approve of the partnership. PayPal would have been preferable to many as a partner. However, the speculation before the announcement was so wild that a disappointment was inevitable. Especially when prominent people in the Verge community led many to believe this was the biggest deal in cryptocurrency to date…. we think not.

Conclusion

The cryptocurrency is dubious: the code copied from another project, deadlines not met, begging the community for money, a 51 -% attack, internal pump – & – Dump collusion. Worst of all, is the promise of privacy which Verge can’t even offer. Transactions in Verge are not anonymous and those who really want to hide the pornographic expenses from the partner (or the government) should opt for alternatives.

If you engage with the community, you notice that little value is placed on a technological basis whilst other projects such as IOTA, Cardano and Lumens are making real world partnerships. Verge seems nothing more then an orchestrated pump and dump.

Time will tell if the partnership with Verge and Pornhub will last

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