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Verge (XVG) sinks, and even Pornhub can’t come to the rescue

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Cryptocurrencies have already proved themselves as profitable ventures with more and more of them emerging while many companies continue to show interest in using them.

Some companies have even gone further to launching their digital coins that have navigated the waters to advance and become relevant. However, many emerging cryptocurrencies fail to consider one crucial fact adequately, and that is network security.

Blockchain Safety

Many people will agree to the fact that they have heard news of blockchains being secure and transparent mediums of transacting. However, this might not be entirely true to all blockchain technologies; blockchain is still a relatively new technology, and in its initial stages that require a lot of further enhancement and development, especially in the area of security.

Because blockchains are the platforms that are holding virtual currencies that are in demand in the current time, makes them a bigger target to hacks and bug attacks. The legal repercussions associated with hacking or attacking a blockchain are quite high and severe, but if successfully done, the attack is likely to bring huge rewards to the hackers.

The Problem with Verge (XVG)

Late last month, Verge suffered yet another 51% attack that affected about 35 million XVG digital coins in less than five hours. This was shortly followed by a 14% Verge’s XVG price decline in the time duration of 24 hours. The recent attack is not doing any justice to the privacy coin, Verge (XVG), denting their credibility and image as a viable cryptocurrency.

In April, an unknown hacker managed to gain entry to the network minting XVG coins while blocking other users, at the time, from making any transactions. Other attacks have followed since them, and they are severely affecting the prices of XVG.

Now trading at $0.038 and assuming a market cap of roughly $580 million, the position thirty-four as per Coinmarketcap virtual currency is significantly falling in value, and the end doesn’t seem to be near. The general perception by many now is, Verge (XVG) is not a secure platform.

Pornhub and Verge Relationship

When Verge (XVG) announced their partnership with MindGeek and Pornhub, the entire cryptocurrency community was left tongues wagging. The media referred to it as the “biggest partnership” in the history of virtual currencies. Many commended Pornhub for trusting cryptocurrency as a payment option although the decision to settle with Verge was highly disputed.

The partnership entailed allowing consumers of explicit content to pay for premium services in Verge while allowing performers the chance to be reimbursed in XVG. The partnership was catching momentum, but a change of tune is currently being witnessed.

According to a recent release by Anna Lee, the pioneer of Virtual Reality Porn, the adult site is experimenting with Vice Industry Token (VIT). She went to her twitter page to announce the “casting call” the website’s initial annual Pornhub Games, hosted by Asa Akira that promises to pay the top three performers $10,000 equivalent of VIT.

Although the new partnership between VIT and Pornhub is not officially announced yet, the rumor mill has it that VIT will be the elite sponsor of this years Pornhub awards. The virtual currency is quickly making a name for itself in the industry.

And clearly, this all shows that even Pornhub is not interesting in rescuing Verge while it depreciates. But of course, I, as a crypto enthusiast would not want to see any coin on the market fail, including Verge. Let’s see how it goes.

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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 Pxhere.com

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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