Crypto has a lot of growing up to do...
Some day in the future, we will look back on these days with disbelief.
It has been quite the epic few weeks for Verge currency. I have detailed this in previous articles, so I won't burden you with more details of the past here. Suffice it to say, this is one currency that has created more than its fair share of controversy.
I have tried to remain neutral on the subject of Verge and treat it simply as one of my day-trading currencies that I play with, regardless of my opinion of the development team and its sordid history. Having bought Verge back before the huge pump in November and then re-buying it after the fork controversy, I have benefited from the market fluctuations, so I can't really complain.
Most recently, I have been waiting on the market's frothy behaviour to stir up prices as we approach the announcement date of Verge's "huge" world-changing partnership that had required a massive fundraising drive to gather up 75 million XVG to, as the team explained it, show the community's support and to cover costs of the partnership. The community managed to raise about 15 million XVG in donations and a Verge partner, TokenPay, covered the rest of the bill - the vast majority of the bill, in fact.
This seemed a little odd, but hey, it's nice that this partner could help out, right? They must really believe in the partnership. This whole fundraising scenario wouldn't even happen anywhere else except the wild west of crypto-land in the first place.
Today, things took a turn for the even wilder. A large sum of XVG, roughly similar to the amount raised by the community (not by TokenPay), was moved from the partnership wallet, apparently to pay for the integration of XVG on the Ledger Nano hardware wallet, the devs said. This is odd for a few reasons. Firstly, this money was intended for this important upcoming partnership which is to be announced on April 17. Secondly, Ledger's team has stated they know nothing regarding this integration of XVG and Ledger wallet functionality. Thirdly, it has to be more than coincidental that the quantity of XVG being withdrawn roughly resembles the amount raised by the community, yet money raised by TokenPay is being retained. Finally, it's the ideal time to liquidate Verge as it has reached a peak price that could make selling this large quantity pretty profitable.
Now, I'm not one for trying to stir up FUD, and I have, myself, owned (and traded) some Verge on a number of occasions over the past few months for profit, but I have to say, this is pretty darn suspicious behaviour. If you are holding a substantial quantity of Verge -- this is just my opinion and not professional trading advice -- I would start clearing out inventory before the bottom falls out of this situation.
I do plan on keeping a small quantity -- I'll be taking out all the profits I gained and just leaving the original seed amount -- so I'm not really losing much if Verge tanks, as I expect it likely will, come Tuesday morning. But I could be way off here and, honestly, I can't prove any of this behaviour to actually be problematic, so it could be a huge win on Tuesday.
It is so rare for news like this to outshine all the crazy rumours like PayPal, Amazon, or even Pornhub being partners (all of which are completely ridiculous and unrealistic), I just can't imagine people not being even a little disappointed following the announcement - and that's if this whole thing doesn't implode like BitConnect. It's really that iffy.
You've been warned, pard'ner.
*This is not professional trading advice - it's just my opinion!
If you're interested in trading cryptocurrencies, check out Binance by using the link in my profile @xsid and sign up today!
image source:
https://www.tribality.com/2017/06/14/frontier-5e-campaign-setting-overview-part-1/wild-west-setting/
Verge was my first. Did take my profit and ran! So emotionally I will always attached to it. But glad it is out of my portfolio. Still I will call myself stupid when it ever reaches$1!
Thx for the warnings!
Yeah, @fullcoverbetting, like I said, I only kept my original "seed money" in Verge, just in case. I've already made more than the original money off it, so any further profit is gravy. I might even reduce my holdings further if prices spike Sunday / Monday night.
Interesting article, subscribed, I hope for reciprocity!
I'm a fan of your ability to remain as impartial as possible. Smells like a scam to me as each day goes by, but we shall see.
The Dev did say that the crowdfund was to fund both the ledger integration as well as the marketing for the partnership. Having worked with a major retailer in the UK, I am aware that many promotional "partnerships" were actually funded by the supplier. So I do not find it strange that the new "partner" is looking for some kind of financial commitment by XVG.
Well, I was wrong. Pornhub and its owner, Mindgeek, are partners. Huge news. Glad I kept some heh.
The price dumped on the news, but it will rebound, for sure.
@gaman is on the @abusereports blacklist for being a bad Steemian! Bad spammer, bad!