Verge (XVG): What Lesson Has Been Learnt?
Privacy is a choice we make. Cryptocurrency can give us that. But sites like Twitter aren’t completely secure and anonymous.
The recent attempt to besmirch Verge (XVG) has without a doubt left us all with a lesson or two about how vulnerable we are. The twin hack of the twitter accounts of Verge and its lead developer was an unfortunate development for all cryptocurrency.
Is cryptocurrency one big FUD?
I can understand it if an event or someone triggered FUD unintentionally. It has happened before with events in China or South Korea. But was that Twitter hack unintentional? Not a chance!
The sad part is that several news sites went ahead to report it as if it was the Verge platform that had been hacked. And that’s where lesson one comes from: cryptocurrency won’t get anywhere with the unnecessary creation of fear, uncertainty, and doubt.
Fear, uncertainty, and doubt are part and parcel of cryptocurrency due to the state of many of the projects being bandied around. Since the unexpected circumstances that surrounded Verge’s Wraith Protocol, a lot of negativity has crept at the privacy coin. When I searched @vergecurrency in the aftermath of the hack, I was greeted with the following message.
You can guess what hit my mind at that moment. I asked myself, “how long till Verge disappears too”. It was a hypothetical question, tinted with an inch of irony. I knew it could happen to anyone, anytime. Yet, how do you come to terms with a privacy-focused coin whose privacy is dismantled?
Well, I knew it was just their twitter account that was hacked and not the Verge network. And I thought to myself “Everybody who wants to comment about this, I believe at the very least, should keep in mind that XVG and its network are secure. Nobody can hack that.”
We can bicker about how vulnerable we all are to hackers and such, but the least we expect is to see it used to try to pull a legitimate coin down. Love it or hate it, the emergence of privacy-oriented coins is a response to the weaknesses of the pioneer coins.
A cryptocurrency is as strong as its community
The Twitter account was restored to @vergecurrency and one of the things they said about it was that the FUD was the work of detractors.
And that’s where you should get the next lesson for your privacy: it depends on what your community wants for you. There is a lot of negativity in chat rooms on cryptocurrency-related sites like Reddit, Discord and so on. It all comes down to one thing though.
Communities try to rally around their investment and in the process trash-talk other cryptos. That’s not wrong at all, as long as it is about our feelings over this or that coin. The Verge community is perhaps the strongest in all of crypto-land at the moment.
In the aftermath of the hack, Verge (XVG) didn’t plunge to the bottom as many feared it would. In fact, Verge faired more else the same as many of the coins. The bearish market for XVG wasn’t catalyzed by the news and therefore, the cryptocurrency is poised to recover just like the rest of the market.
Compare the XVG 7-day price charts to that of Dash and Monero, the other prominent privacy-focused coins. You’ll find that the coins had more or else similar price trajectories for the past seven days. This tells us that Verge has emerged from that unfortunate hack unscathed. It would be safe to conclude that the value of its native coin won’t suffer much more than the rest because of the support of the community.
Privacy isn’t here yet.
The whole saga also drew in representatives of AT&T. They were tricked into divulging the personal SIM information of Justin Vendetta (popularly known as Sunerok). What lesson do we carry home from this? We can’t get privacy with centralized systems. Our weakest point is usually that which we believe to be the strongest.
We’ve seen exchanges hacked using information phished from employees, and millions of dollars lost. I have digressed there. Let me say that the hacking of Verge’s Twitter account should be a wakeup call for centralized data firms. Maybe it’s time blockchain and cryptocurrency got utilized in such social media sites as Twitter, Facebook and the like.
If Verge (XVG)’s Twitter account was compromised, whose in the cryptocurrency world won’t? Or was it really a case of someone else being culpable?