First things first, the future of Verge (XVG) does not look good even after its recent partnership with adult content website, Pornhub. If this recent ‘misadventure’ proves anything, it is the fact that the team behind Verge (XVG) is doing nothing special. To explain it further, I’d like to add that Verge (XVG) has not done anything substantial to date to justify the need for its existence, let alone mass adoption. The coin is increasingly being used as a pump and dump instrument leaving most mainstream investors holding the bags as the whales take profits after each cycle.
A lot of analysts have been skeptical of Verge (XVG) from its very onset. Don’t get me wrong, I’m all for growth of the crypto market and I believe there is enough room for all projects to grow and thrive together. A lot of new traders ask me, “What do you think of Verge?” I reply to them, “It’s a more sophisticated Bitconnect”. What I mean by that is that scams like Bitcoin just take your money and run. Projects like Verge (XVG) keep you thinking that it’s all good and you can still make money. Now, there are traders who ride the way up and down and make money. Verge (XVG) has had some impressive rallies in the last few days and I’m sure skilled traders would have made a lot of money off those pumps. However, there are always some that are left holding the bag. It is a zero sum game; somebody has to lose in order for you to win. Now, this might be a little different for a coin like Stellar (XLM) or Cardano (ADA) or any other reputed coin that has a lot of future projects in the pipeline and hence a lot of pending investment coming its way.
As for Verge (XVG) there is nothing significant to show. The team had a very amateur response to the recent 51% attack. In addition to that, they are more busy announcing meaningless ‘partnerships’ in order to pump the coin instead of sharing progress reports or holding events and discussing achievements. Even the recent partnership with Pornhub is no big deal. Practically, any coin and I mean any coin could partner up with Pornhub the same way as Verge. To add insult to injury, they paid Pornhub 66 million verge coins! No reputed coin will make this kind of deal but for Verge it’s a necessity if they are to keep the project alive and attract more investor money because these ‘partnerships’ are the only thing they have got going on the ground. The charts for Verge (XVG) do not look any good either. In fact, the price looks ready to take a big hit on the first sign of a Bitcoin (BTC) retracement. The purpose of this article is not to stop anyone from investing in Verge or to create ‘FUD’ but to emphasize the need for proper screening of crypto projects and doing your research before making an investment decision. There was a time when Google and Yahoo did very well together. Today, many of you don’t even use it at all. All of this is happening again in the crypto markets but a lot faster.