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Verge (XVG): The case of copying ‘hack fix code’ and staying dishonest

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Verge XVG hack fix code dishonesty
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Verge (XVG), an age-old currency in cryptocurrency time, seems to be a darling to controversy and headlines. From announcing blown up big bombs news of their partnership with Pornhub to the more recent headlines of copying hack fix codes and denying it, the cryptocurrency seems to be creating a space for itself in the market.

The secure incognito virtual currency that uses multiple anonymity-centric networks that utilize open source protocols based throughout the world has been a victim of two protocol hacks in a span of two months with the latest one being last week.

It took Verge developers about three days to bring the situation under control and fix the problem, which some critics say hasn’t been fixed at full, leaving the platform vulnerable for another attack through it might be harder to perform.

Like that wasn’t enough bad news for them, new information emerged claiming the ‘fix’ was copy pasted from an obscure digital currency that launched in November 2017. How does the Verge team react to this news? They try to spin the story and give conflicting information to look like they were the victims of this cyber-robbery.

Records from Github show SHIELDcoin, who claim to be the original owners of the code had implemented the ‘fix’ code around a month ago while Verge records show they did so about three days ago.

It’s not uncommon for programmers and developers reusing others’ codes for their benefit, in fact, copying open-source codes that are not protected by patent rights is legal and morally acceptable. Nevertheless, lying about it and claiming ownership of the code is just intellectually corrupt and morally wrong.

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Verge forgot to fix the difficulty calculating code and thought changing the block time was enough. This backfired on them. It is also worth noting that Verge (XVG) developers are alleged to have copied Bitcoins code in creating their platform.

XVG is evidently a fork of a fork with the above two alleged plagiarism being the third time the developers ‘just copy pasted’ other people’s codes to suit their convenience. They still stand on their ground that ‘hack fix code’ might have been their first time to copy paste.

Now, they are working round the clock to come up with an entirely new codebase seemingly because they hardly knew how the current codebase operates, and apparently because they have now learned how to code rather than just plagiarizing other people’s work. Verge development team is not heading to any pressure to accept their offense; they claim it’s the later who copied from them.

More interestingly, it seems Verge (XVG) fans do not care about these allegations as they chose to continue preferring this digital currency in their online transactions refusing to burg under the pressure of the media.

To be considered a ‘serious’ cryptocurrency in the market, a crypto must be good at not only knowing how exchanges work and how mining pools work, but you must also know deep understanding of cryptography, platforms, economics, hardware and many other factors. Anything less from this paint a shaky image on your currency for investors to have confidence. So, it’d be better for Verge (XVG) team to be more transparent and put-in the ‘real’ efforts.

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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 Janeke88 via Pixabay.com

Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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Altcoins

Litecoin Cash (LCC): The potential mover?

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Litecoin Cash
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Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.

Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.

While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.

For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.

Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.

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The Stage is Set for Stellar XLM vs XRP

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XLM vs XRP
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The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.

xRapid Factor

The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

Stellar’s Cross-Border Payments

The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.

Stellar Acquiring Chain

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