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

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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.

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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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