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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

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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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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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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