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Verge (XVG) Unexpectedly Surges by 11% After Code Malfunction

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Verge
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Verge (XVG) is a well-known privacy coin that was believed to have a lot of potentials until it was discovered that its mining code contains a vulnerability that allows several types of attacks. After this discovery was made, the project was attacked multiple time, suffering at least three time-warp attacks, and even one 51% attack in 2018.

After the crypto community realized what has happened to it, the coin started losing support, as well as users. So much so, in fact, that its price dropped to barely a fraction of a cent throughout 2018, after it reached its all-time high of $0.27 in December 2017.

With that in mind, it is clear why a recent 11% surge surprised the crypto community, even after the project’s developers announced that they are considering a transition to PoS (Proof-of-Stake).

According to TradingView, the coin’s price at the time of writing is at $0.00626768, although this is once again closer to its regular levels. On March 3rd, however, the coin’s price surged to around $0.00705712.

It is unclear what caused the surge, or why the coin has dropped back down after the jump, particularly due to the fact that this was the largest change in the coin’s price since the bull run that ended on February 24th. Even then, XVG did not manage to approach this value.

The recent string of bad news regarding Verge only adds to the mystery, and even on the VergeCurrency subreddit, the coin’s community is questioning the event.

One theory is that the surge was caused by a March 1st tweet shared by Verge’s lead developer and founder, Sunerok. In a recent tweet, he supposedly accidentally shared a sign-up process that was supposed to be revealed yesterday, March 4th. The tweet was deleted afterward, with Sunerok explaining his error.

Verge suffered more than most in 2018

While 2018 was not a friendly year to cryptocurrencies, the fact is that not every coin suffered equally as much. Verge experienced both, good and bad in 2018, although its reputation may have been destroyed after the bad.

On the positive note, the project managed to partner with MindGeek, which is an adult entertainment company that owns Pornhub. However, many in the crypto community were questioning whether or not it is a good idea to associate Verge with this type of content.

However, such issues quickly became irrelevant after Verge started suffering time warp and 51% attacks, which also caused it to make numerous headlines. The project lost a huge amount of coins during the attacks, which eventually caused it to sink on the list of largest coins.

The issues also caused Pornhub to turn to TRON and Horizen, making Verge less exclusive as it previously was. For now, Verge seems to be returning to its former levels, price-wise. However, the project may soon shift towards PoS, if its developers choose to go through with their recent announcement.

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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 staceyjoy via Flickr

Altcoins

Is there a Real Value to Binance Coin (BNB)?

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Binance Coin
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Binance Coin (BNB) is one of the most interesting cryptocurrencies at the market right now. The coin was developed by the largest crypto exchange by trading volume in the world, and it only works within the exchange’s ecosystem. However, it still managed to achieve what many believed was impossible — it stopped following Bitcoin’s lead, and it started carving its own path.

At the very least, the coin is highly intriguing, but does it hold real value? This is a question that many in the crypto community have been asking for a while now, uncertain whether BNB is a worthy investment or not.

What gives BNB its value?

Binance Coin cannot be used for purchasing goods and services, like Bitcoin. It currently does not fuel a development platform like Ethereum. It cannot even be used as XRP for sending international payments. However, the coin had still managed to triple its price in the last three months and to surge when most other cryptocurrencies were seeing losses due to the last remnants of the crypto winter.

BNB managed to achieve all of this because of its use cases within Binance, but also because of its future potential. First of all, Binance is the largest crypto exchange in the world, with millions of customers, most of which use the exchange on a daily basis.

This means that the exchange inspires…

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Top 3 Reasons To HODL Binance Coin (BNB)

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Binance Coin
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After 2018 crypto winter began, everyone involved with cryptocurrencies experienced quite a difficult period. The prices were down, weak projects started failing, and even the strong ones appeared to be in more trouble than they could face. The year was especially difficult for HODLers, as they expected that the coins’ prices would continue to skyrocket. Instead, they lost a fortune, not even knowing if the prices will ever start returning to their former heights.

These days, things do not seem so bad anymore. The prices are still down, most of the coins are still at their newly-found bottoms, but smaller bull runs are improving the situation, while a massive one still remains somewhere in the future, at least according to optimists.

However, among the coins in the vast and diverse crypto market, one token stands out. Binance Coin is not exactly a typical cryptocurrency, and for many reasons. The biggest one is that it is one of the few tokens out there that does not follow Bitcoin’s lead, at least not anymore. Whether that will change in the future remains to be seen, but for now, BNB appears to be going its own way, carving its own path through the crypto market.

Its price has increased by several hundred percents since the year began, and for now, it continues to grow. As such, it is perhaps more worthy…

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Why Binance Could Become The First Centralized Company To Achieve Total Decentralization

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Binance DEX
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At this point, pretty much everyone who knows anything about cryptocurrencies knows that they are based on the concept of decentralization. The same is true for the blockchain technology. While there are some exceptions, such as certain stablecoins, most digital coins follow this principle.

This means that these coins, as well as their network, have no central authority, no single entity that would make choices and decisions that would impact others. However, while most coins managed to achieve this through different complex mechanisms and algorithms — one aspect of crypto trading still remains heavily centralized. We are, of course, talking about crypto exchanges.

Centralization of crypto exchanges

Most of the largest crypto exchanges out there are designed as companies, rather than community-operated platforms. The exchanges have their employees who designed them and developed special tools. They act as customer support, developers, innovators, and alike.

They also get to decide which coins will be listed and which are too weak, uncertain, or not fit to be found on the list. Exchanges are also responsible for keeping the traders’ and investors’ funds safe, which is why they typically develop their own wallets. As such, they are often targeted by hackers, as the coins are stored in an exchange wallet, waiting to be withdrawn, sold, or converted into different currencies.

This makes them extremely unsafe, and investors and traders are always…

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