Reasons Why Verge (XVG) Is Still The Coin To Buy Today Despite Recent Attacks
If there is a coin that should be feeling the heat at the moment, then it’s Verge (XVG). Suffering two 51% attacks in quick succession isn’t a nice thing in an industry that is trying to convince the mainstream based on the pillars of security, immutability, and (transparency).
It would be right to say Verge is likely to lose all credibility as a serious coin. But what is happening elsewhere with regard to XVG adoption is just not in line with this narrative. Therefore, an assertion that the recent attack could be causing Verge partners jitters can’t be further from the truth.
Pornhub isn’t complaining (yet)
One of the top partners Pornhub has come out to strongly refute claims that they were uncomfortable as a result of the hacks. In response to an article that seems to suggest that that was the case, the adult entertainment leading site said this:
“There has been no conversation and what you are publishing are lies and misinformation that is damaging Pornhub’s brand. Please remove the article”
The hack exposes vulnerabilities that can be fixed and should be fixed. What they don’t do is to take away XVG’s strengths over similar coins. It’s privacy as a choice protocol will continue to be a factor for many users who want to use a privacy coin.
So even if the hacks did damage anything, at the moment XVG remains the currency of choice for crypto-related transactions on the site.
More partnerships every other day
The verge team may not be very good at handling the situation, especially in relation to communicating with its community. This came out clearly when they referred to the attack as just a DDoS attack instead of as a 51%. The technical issues bedeviling the privacy coin aren’t something any coin would wish for, but that hasn’t stopped XVG getting adopted and accepted every other day.
The Sunerok led crypto has landed a record number of payment providers, merchant sites, and vendors since April when Mindgeek came on board. That hasn’t dried up yet and more could be on the way if speculation turns out to be true.
MyFitStuff confirms accepting Verge payments
One more path to adoption that has been confirmed is with MyFitStuff. It is an online shopping site that focuses on fitness merchandise. The site becomes yet another of the many to realize the potential in XVG for payments. It has officially accepted the coin as a payment method for goods on the site. In a nod that augurs well for Verge, it’s the only crypto currently accepted on the site.
The Los Angeles based e-commerce shop accepts XVG via Coinpayments, a payment gateway that allows the use of Bitcoin and Litecoin for payments. It actually opens up more chances of further adoption, bearing the reach Coinpayments has.
The attacks give Sunerok and team chance to improve
This isn’t the best way to look at it, but that is what should happen. For the uninitiated and more gullible type, the thinking is that you should keep as far off from Verge as possible. The current tale doing rounds is that XVG is a coin prone to attacks. That may be true, going by the two attacks that have befallen the coin in 2018.
But the latest claim about another third attack needs to be taken seriously and lessons learned used to make the currency more secure.
The Verge team is yet to clarify their position on claims of a third attack. Nevertheless, they have pointed out that a new codebase will be implemented soon. Vergecurrency retweeted this message about the situation.
“In time the new @vergecurrency codebase will be implemented. Keep in mind that a lot of the additional tech development will see a direct benefit from that. Let’s get back to work while the haters keep spreading #fakenews.
Therefore, the notion that these orchestrated attacks could spell the end for the privacy coin is nothing but a lot of bedside stories.
XVG in the market
While the market has been unforgiving, the effect has been felt rather widely, including the top coins that have lost more than half their value in 2018. At the time of writing, Verge (XVG) was trading at $0.0388 against the USD. The coin’s value had risen by +7.02% in the last 24 hours. Even though is unlikely to hold, the potential with Verge is still there.