Verge $XVG - FOMO, FUD, and You
Do you buy into the rumors, or sell in a panic?
(Image credit: vergecurrency.com)
Verge, the currency that could(?)
Verge (ticker symbol: XVG) began as DogeCoinDark back in 2014, and was rebranded as Verge in 2016. (My 2 XVG: I think this was a brilliant bit of marketing to increase the legitimacy of the project.)
Lately, this cryptocurrency has had a very exciting ride on the dips and rises of the market. The past couple weeks have been huge for Verge. It started around $ .05 USD two weeks ago, and climbed to an ATH (All-Time High) of right at $ .30. The past two days have been a bit of a rough patch for this plucky coin. Read on to find out why.
The GOOD
That's a HUGE surge, which was fueled in part by a tweet from John McAfee, praising the coin's tech. On that note, I do believe in the project. I think they have a very solid developer, and the marketing material they've released rivals that of the mega-giants in the advertising industry. The problem I see is with the detractors...
The BAD
There seems to be a LOT of FUD (Fear, Uncertainty, and Doubt) surrounding this particular project. Yes, they did miss their September deadline to implement the Wraith Protocol, but that's not a "nail in the coffin" scenario. It seems as though the individuals from the other privacy-based cryptos are taking it upon themselves to stroll into the forums, sub-reddits, and twitter channels just to promote negativity and bad vibes. Whether jealousy is to blame or not will remain to be seen, but I feel that it's entirely unfair for a project that has such a supportive community. The #vergefam (as they're called) don't find their way into other projects message boards to spread misinformation, at least not from what I've witnessed.
The UGLY
People underestimate the power of a tweet. Especially when that tweet is from someone with a boat-load of followers, all of which are interested in crypto. There was a recent "hack" of a prominent member's Twitter account, in which the "hacker" again spread FUD about XVG. This prompted a HUGE sell-off on Christmas Eve, and caused many to lose money via their stop-loss sell orders while they spent time with friends and family.
I'll be honest: I see this as a shameless attempt to manipulate the market and buy some cheap Verge by this individual. I'm not naming names, but I'm sure you savvy folks can kindly ask Google or Duck Duck Go for this information and form your own opinions.
The TAKEAWAY
ALWAYS do your own research! Don't you dare trust a random tweet or YouTube video, just because that person has a horde of people that hang on their every word! Don't trust me! Though I relay this information to you with the best of intentions, I won't be responsible for any decisions any individual besides myself will make.
Crypto is investing, plain and simple. Treat it accordingly.
I do feel this is a great project. I won't hazard a guess at a price target like some, but I'll say that I fully expect to be glad I invested. I even bought a portion at the ATH. #AintShook.
Full disclaimer: I'm (obviously) invested in it. That's only because I fully believe in the vision of what they're trying to accomplish. Again, please do your own research and invest (or not!) accordingly, as I have done. Best of luck to you all!
Merry Christmas, Happy New Year, and God bless!