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Tron (TRX) should not shoot itself in the foot too often as Verge did

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Tron Verge

If you’re a cryptocurrency aficionado, you have probably seen plenty of news about Verge (XVG) over the last few months. Some of those have been pretty bad and while the maxim goes “there is no such thing as bad publicity” Verge’s deeds and performance seem to be the exception to the rule.

Let’s quickly review the most recent things that have put Verge in the limelight and why they’ve not been so great.
First of all, a few weeks ago, Verge’s leadership made a lot of hype around the announcement of a new partnership. Then Porhub turned out to be the partner in question. 

It didn’t go down very well anywhere in the crypto community. Getting involved in porn was always going to be a controversial move, for a start. And then all that previous hype created disappointment as observers were asking the question “all this because of a porn site? Really?”.

Don’t get me wrong, the Pornhub partnership was and will remain a very savvy business move, but its implementation was so clumsy that all the advantages it should have had regarding coin performance and rising price have been hampered because of the controversy. But this is peanuts. The enormous amount of new users Verge is acquiring through Pornhub, along with the demand it creates for the asset, will end up boosting the coin’s value, long as it may take.

The other main problem with Verge is way more severe and, unlike the Pornhub vs. performance issue, really endangers the whole project and it won’t just go away on itself. Verge has been hacked three different times over the last three months. That’s not the worse thing.

The worse thing is this: the very same attack was used all three times to create Verge tokens outside of the blockchain successfully. And not only the same kind of attack but almost the same type of procedure every single time.

There are two reasons for which the news about the hacks is so terrible.

Firstly, the whole point in the Verge project is supposed to be in the creation of a cryptocurrency that privileges the security, anonymity, privacy, and reliability as the project’s core values. Getting hacked three times in the very same way undermines the project credibility seriously.

Secondly, the fact that it happened three times in three months suggests that the project’s leaders and developers are doing nothing to fix the issue.

All the issues mentioned above have prevented Verge’s rise in price and even made it drop at times.

How on Earth is this related to Tron, I hear you ask. Fair question. Let’s talk about hype first. Justin Sun (who is never afraid to create lots of hype when every new Tron’s milestone comes close) announced a fortnight ago the publishing of secret new project by the end of the current month.

Because of Jack Ma’s and Justin Sun’s close friendship, one of the speculations in this regard is a partnership between Tron and Alibaba. That would indeed be huge. 

On the other hand, if Tron pulls a Verge and announces something that the community deems to be disappointing, that will hurt both Sun’s credibility and Tron’s TRX price.

If such disappointment would drive Tron’s price even lower it would be pure hell for them since the current bearish trend in the market is already hitting them.

The eternal problem with markets is the conflict between long-term and short-term value. A company or product that gets its fundamentals right and has real-life usefulness and value will always end up producing wealth.

It’s called competitive advantage. But in the short term, it’s all about fears, rumors, expectations, irrationality and other factors that have little to do the company or the product itself and everything to do with the market itself. That is why an to overhype could be so dangerous for Tron.

All that being said, if a general disappointment does happen, it could just be an excellent opportunity for rational investors as well. Tron’s fundamentals are such that they make it one of the most solid projects in the cryptosphere. It’s both a foundation and a cryptocurrency with a clear purpose, the ambition and the resources to make things happen so we think that even if it could have some hiccups at some point, its long-term high value is one of the better bets you will find among all digital assets.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Maxpixel.net

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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