Bitcoin Global News (BGN)
April 26, 2018 -- ADVFN Crypto NewsWire -- When the big partnership
announcement was made and the donations started, the Verge team was widely
criticized for possibly perpetuating an exit scam. When the partner
was announced as Pornhub, the tune changed to one of ridicule and
confusion. Why hype up such a partnership so much?
First of all, it apparently
involved two adult sites, Pornhub and Brazzers. Secondly, the price
movement of the currency after the announcement appears to indicate
a rapid loss of confidence, which stands in opposition to its
movement before the announcement. Specifically, one report
indicated that the currency lost about 25% of its value in the week
following the news of who the partnership was with.
Two days ago, it was reported that
Verge and Pornhub representatives appeared on Wall
Street, effectively dressed as if they were about to rob
a few banks in an attempt to publicly spread the word about their
partnership.
Despite the strangeness surrounding
this event, it is important to keep in mind numbers like the
average traffic that hits a site like Pornhub. Specifically,
Pornhub boasts 81 million visitors a day, according to a Coindesk
report. On the flip side, given that Pornhub appears to advertise
its site as 100% free, one could really start to question where any
value is in this partnership, beyond spreading awareness of it to a
select group of people.
Given the fact that Pornhub runs a
largely free business, this partnership could be logically
considered as shaky at best. Secondly, but of equal importance, the
Verge founder, Justin
Valo, already has a sketchy past. It’s interesting that
other outlets have minimized his past with statements to the effect
that his arrests were all minor offenses.
Judging by public court
records, Valo has actually been arrested for a wide array of
offenses, from traffic offenses to trespassing to property damage
between $200 and $1000 dollars. These offenses are only the tip of
the iceberg, however. He has apparently also failed to appear at
his hearings more than once, as well.
In addition to all of this, Verge
also experienced a leak of private transaction information from its
users, which was reportedly posted on a mysterious
website.
Keeping the facts about this
partnership and this cryptocurrency’s founder in mind, one could
argue that it is best to steer clear of everything involved with
this situation. It is not entirely implausible to assume that the
Verge team could make away with any XVG coins that are still in
their hands at any time. Despite this, all of this must be
clarified as supposition based on limited facts, at this point.
Even so, investors would do well to steer clear of a currency that
has been fraught with risk from several directions.
By: BGN Editorial Staff