According to theripplecryptocurrency.com there seems to have been an astoundingly blatant case of market manipulation conducted by a certain twitter user.
A tweet by @6BillionPeople, a user with 4.63 million followers interested in his cryptocurrency predictions and advice, sent the Verge cryptocurrency market into chaos on Christmas Day
The tweet followed an announcement on Reddit and caused the Verge Price to tank by nearly 70%, during Christmas dinner, which means that some people would have lost thousands when their limit-sells were triggered while tucking into their Christmas Turkey.
On the same day as the above tweet was posted, a new verge wallet was created, which quickly started buying up Verge, and now holds 14% of all Verge, worth half a billion dollars.
The Verge team later confirmed that there was no problem with the development of the currency, and that this was a blatant example of fake news.
@6BillionPeople claims that his twitter account was hacked, but given that he posted the same message on Patreon and Discord at the same time...it's quite a coincidence that all three were hacked simultaneously....
There's quite a furore on twitter about the issue!
I hold about 9K Verge, which is a relatively small amount, but I'm still glad this all washed over me, it's a great warning to be very very cautious about the advice being given out be even 'credible' investors.
What I'm not so glad about is that if this guy now holds even more Verge than before, and the market remains unregulated, surly this means he's now got even more of an opportunity to do it all over again?
It also raises the question of how do we trust our sources when it comes to advice.
Hopefully (begrudgingly?) Verge will bounce back!
Does anyone know what made Verge take off to begin with. I had a bit of Verge and then after watching it stagnate for a few weeks while all my other holdings were climbing I dumped it to buy something I thought would have better prospects. Of course it was at this point it 20x WTF.
I have no idea TBH - I only bought some 'cos a guy at work recommended them. I have no idea what makes them unique. just try not to think about it 'what ifs', and there's a couple of cents to start your compensation fund!
I think steem is the place to be - at least you can do something with the currency! I'm gonna try and get more involved in the collective education/ curation side of it via discord - one of my little new years projects.
That's cool, I really like STEEM because of what you mentioned but also because it doesn't have to go up to make money if you put in some effort. Although I think with well over 400k accounts they should be trying to get paid advertising that could be inserted in a side bar or as ads every 20 posts or something and the advertising would of course be paid in STEEM or SBD and could be burned just like the current ad section which is dysfunctional. They could even automate the USD to STEEM conversion so advertisers wouldn't need to know anything about crypto.
wow Very interesting Really beautiful work, ThankS you for sharing
Damn it.! I follow this guy on twitter but luckily i wasn't foolish enough to follow his advice and dump my verge. A lot of people dumped their verge and are regretting now. These big traders bought back a large amount of verge now. Verge will gain a lot of attention in 2018 and then these selfish bustards will gain a lot of profits.!
I've heard about dump scams, but to actually see what appears to be such a blatant manipulation is disheartening! Glad you held onto it! I'm currently trying to figure out why blockfolio isn't updating the verge price?! It's frozen at $0.06 -
Nice post, please you guys should upvote my posts. Thanks