Ok, friends, some breaking news...
April 04:
There's currently a >51% attack going on on XVG which exploits a bug in retargeting in the XVG code.
... the hacker is mining one block per second !
April 05:
The background is that the "fix" promoted by the devs simply won't fix the problem. It will just make the timeframe smaller in which the blocks can be mined/spoofed and the attack will still work, just be a bit slower.
Also the over 20 Million XVG which were unstained by the attacker won't be blacklisted, reverted, filtered or rolled-back in anyway according to the verge-dev
Source on bitcointalk.org
Fuck'n shit!
How can this happen to the coin with ~700M market cap? Just a few time passed after the last fundraising
I think I can tell you how...
A Small Preface
If you follow my posts you've probably noticed that I'm an ardent supporter of privacy and anonymity and I think this should be next problem cryptocurrency should consider solving. I'm sure anonymous cryptocurrencies are the feature, so a couple of months ago I've started my researches to find the best one to invest in. I liked Monero, Navcoin and DeepOnion the most and finally choose the latter, considering it was young and pretty underpriced. But that's another story, let's get back to the topic.
Briefly about Verge
During my research I've, of course, noticed Verge too, but didn't even took it seriously. In short, it was a fork of Dogecoin (and, please, don't tell me that's not true) with a Tor integration. Now I'm sure that I wasn't mistaken thinking that it's just another shitcoin. And the facts that this shitcoin could get to the top of Coinmarketcap's list shows nothing, but the crypto-communities illiteracy.
How it pumped?
If I'm not wrong, everything started with John McAffe's tweet making XVG "the coin of a day", which caused the coin's price pump and the growth of attention from crypto-community. And I must admit that these guys knew what to do with that attention... Not sure how things were before, but during last months they are just focusing on marketing, trying to create more and more hype, while developers were constantly failed the deadlines. All this, sooner or later, should lead to what we see now.
So, you know what? I'm not surprised now. I was surprised when McAffe wrote about XVG or when Verge's team did a successful fundraising or when it did +50% right after it, I don't even regret I've missed all that staying away from Verge.
What about XVG holders, this experience should show them, how important the discipline and proper researchers are.
That's all guys and girls, thanks for reading and following :)
Please, feel free to leave replies and share your opinion in comments!
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I've tried to go that way, but no one will notice and appreciate your work if you won't use bidbots or resteem bots to push it into trending :)
Thanks for this post... I actually came into crypto right around the time XVG and pretty much all crypto was being "pumped," by the likes of Trevon James, etc. (yes, incl. BitConnect :/ I fell for the hype with a very small investment into both cryptos; and then later, bought in to a company called Eristica at McAfee's suggestion. I still like the concpet behind ERT, but it's kind of a shit show lol. Anyway, good on you for staying away--I would do the same knowing then what I know now...
Hah, I made the same mistakes being newbie :)
Now, I know that media hypes like McAfee's ones are actually a bad thing.
I agree.
Everyone makes mistakes to begin with, BitConnect was even on my consider list for a while, but fortunately the price never corrected enough to take the risk ;-) Personally I think this is a lesson learnt to not have "all your eggs in the same basket", instead diversify your portfolio. For example I'm currently holding Zcash, Zencash, DeepOnion, as well as other privacy coins, as they are projects I believe will do well, but ultimately I don't know whether all or only one of them will go far. After seeing what happened to Verge, you can never know what will happen.
Quite agree with you on the need to diversify. You don't have a crystal ball to know which coins will pay a handsome ROI. No venture no gain, however!
Right. I am definitely diversify-city lol. I own zcash, monero, some xvg dust, etc... and those are just privacy coin lol. Personally, I liked monero, but, we know they--like most crypto atm--are having their problems.. On somewhat of an aside--especially for those following "privacy coins"--I believe the "dark web market" is a crucial market to observe, as that is where (again, imo) the bulk of not only privacy, but all crypto, atm, is being traded.
I also like DeepOnion.. they of course have the support of a solid, seasoned fanbase, and did things "the right way," it seems, and is taing things slowly but surely. Unfortunately, when I was looking at Onions, I was already by that point "overwhelmed" by what felt like a hunderd other tokens, so I passed it up. I may have to take a re-look... Thanks, guys!
Never understood Verge. It just a crypto that automatically uses TOR. If i wanted to hide my ip I'll just use tor for my bitcoin purchases.
An for all those Verge shillers, bitcoin getting better privacy tech in softs forks soon.
Onchain privacy: https://steemit.com/privacy/@sames/on-chain-privacy-how-bitcoin-plans-on-adding-privacy-fungibility
Off chain privacy: https://steemit.com/bitcoin/@sames/offchain-privacy-how-bitcoin-plans-on-adding-privacy-fungibility
This will put bitcoin in the same privacy league as current Monero-until Monero uses the same tech but still :)
Thanks for reply, mate! Checked out your posts, really interesting reading!
Thanks. You never know if you like to read more content like this ;)
Apparently McAfee tried to blackmail Verge for $1 million!
Nice post - I will say though, although Verge was called Dogecoin Dark, it was actually forked from Bitcoin/Peercoin.
Thanks for the reply :)
I think you're right about McAffe :D
About the Dogecoin, I saw some guys posting links showing the similarities between Doge and Verge, also Verge's team removed the copyrights from source codes, even the Bitcoin's, so it would be hard to understand which coin they've forked.
Yeah they are definitely connected. I believe there was a disagreement between Doge contributors/devs and some left and created DogecoinDark which later became Verge...
That's one thing that's always put me off Verge. How can price be so much higher than Doge's? Even when it had a smaller market share and the main reason Doge is so cheap is the enormous coin supply - which Verge also has... Definitely agree with you on shitcoin mate! :)
Wow, really? I could see it lol. I trusted him AT FIRST, but, after learning a bit more, I owuldn't touch him with a ten ft pole. Unfortuntaely, that wasn't before I happened t invest in my first "ICO" at McAfee's suggestion; a company called Eristica, which, I actually did do my due diligence, and like the concept, but, I was still rather wet behind the ears myself, and still ahev a lot to learn. Luckily I only put in like ten bucks ;) lmao. (Then I actually won like 4x that in one of their "contests.." anyway. Yeah, I'd be leery of McAfee.
Thanks for info! I thought it was a fork from dogecoin as it has a lot of the same code...
I was wondering why Bittrex disabled my XVG wallet this morning, had me a little worried when I couldn't even sell. lol
You could't even sell? Wallet maintenance shouldn't affect trading though?
It didn't even show my balance
I’m really annoyed about this and I wonder if this may be industrial sabotage, due to the pending partnership announcement (if it still happens) Why did they hard fork instead of performing a roll-back? I’ve also heard that the hard fork has now caused problems with the syncing of wallets, but I haven’t checked my Electrum wallet yet. There are some conspiracy theorists saying that the partnership announcement could just be part of an elaborate exit strategy by Sunerok, but I doubt that. Apart from the Tweet about a small attack, it doessn't help that Verge have gone so quiet. A lot of this may be FUD, emanating especially from the Monero community, that falsely called the privacy state of Verge into question.
Seriously, I don't think Monero's community need to worry about Verge :)
This post is resteemed and upvoted by @bestboom
i think something should be done about that bug.
I used to be a huge Verge fan. I 300x-ed on Verge. Even now I get nostalgic when I hear of Verge.
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I like verge because it is a privacy coin but being hacked is something else
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So you think community will notice my posts if I won't use bots to push it up to trending? Unfortunately I don't think so...