Verge Wraith Protocol Missed Deadline.. Fail or FUD?

Wraith Protocol, the most anticipated release from Verge (XVG), was widely hyped and expected to be finalized before 2017 ended. However, as the Verge community stayed glued to their screens on new year’s eve, updates from the team were sparse.

Eventually, the midnight deadline passed without the release, leading to panic selling and a major price dip, from around 1,700 Sats to 1,260, before recovering momentarily and falling again, trading at 1,178 at the time of writing.

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The official Verge currency Twitter account posted updates later, citing issues with transaction fee handling to be causing the delay.

Finally, a few hours ago, the team confirmed that the OSX release of the XVG client with Wraith Protocol support was finalized and available for download. However, High Sierra users facing issues were asked to run terminal commands to iron out a bug causing the client to crash.

Update: Windows and Linux clients have been finalized and available.

Verge (XVG), has been the talk of the town for the past two weeks after it rose from relative obscurity and went from under $0.02 to around $0.30 when entrepreneur John McAfee Tweeted about it. It even became the most mentioned coin on Twitter on NYE, surpassing Bitcoin.

With all the hype and attention, what followed has been nothing short of a soap opera. A lot of critics have been calling Verge a useless, ‘scam’ coin, and recently, even John McAfee seemed to have distanced himself from the project, calling Verge overvalued beyond what he thought was reasonable.

With the coin surging in past weeks and then violently dropping due to expectations that the Wraith Protocol was to be released by 12PM ET New Year’s.. We decided to do a little digging into some of the rumors & bad press surrounding Verge (XVG).

The FUDDENING… It Begins

Leaked texts suggest antivirus pioneer John McAfee was blackmailing rising cryptocurrency Verge with threats of FUD.

Verge, a rising cryptocurrency that many pundits are expecting to have a strong 2018 on the back of a new privacy protocol called Wraith, has been in McAfee’s sights. He appeared to be a vocal supporter of the coin during the year, using his influence to help drive up the price of the coin by talking up its potential.

But McAffe has since flip-flopped. He claims that his phone was hacked and that some of the positive claims he made around Verge on Twitter weren’t true. But is that true? Some find it hard to believe a chief cybersecurity visionary who specializes in helping people not get hacked would get his identity stolen. Intrepid members of the cryptocurrency community also claim to have found his positive support for Verge across multiple social accounts, too, adding to the confusion.

What are the claims being made against McAfee?

There’s a prominent member of the Verge community who goes by the name XVGWhale. This person reportedly bought large sums of Verge when it was worth very little, and is now enjoying the fruits of its growth. He has since become something of the unofficial mouthpiece for Verge and is influential within the community, carrying 60,000 Twitter followers of his own. A pinned tweet, which remains at the top of XVGWhale’s account (see top image), shows him with John McAfee at the latter’s house.

Whatever good times were had there reportedly went sour. In the below tweet, you can see XVGWhale making the claim that McAfee’s phone wasn’t hacked as he claims.

XVGWhale argues that McAfee reversed his support for Verge because the creator failed to pay him US$1.1 million dollars in Ethereum (another cryptocurrency).

As proof, he also uploaded a number of images seemingly snapped off his phone that depict an alleged conversation between McAfee and XVGWhale.

In it, McAfee lays claim to single-handedly increasing the market cap of Verge by US$2 billion and that he should be rewarded as a result. McAfee claims he will bury Verge with negative commentary if he is not paid the money he wants. From then on, the two continue to negotiate. McAfee drops his fee to US$100,000, and XVGWhale offers US$70,000. What’s particularly concerning – assuming these tweets are true – is that McAfee talks of getting cash for comment from multiple other cryptocurrencies, and even calls out a US$23 million deal he has with sether.io. It’s alarming since – if true – it shows clear manipulation of the marketplace based on inaccurate information.

Verge cryptocurrency reportedly blackmailed by John McAfee ahead of Wraith launch

Key Takeaway:

XVGWhale has done a great job promoting XVG and getting the word out about Verge’s groundbreaking technology in the Wraith Protocol. That being said, he is not the developer, or head of marketing and his enthusiasm has put Verge in some tight spots.  He’s a young kid, and his inexperience is painfully obvious.

He should not be announcing deadlines (no one should for that matter) on an unfinished product.  It places too much pressure on the developer. Investors value trust.  Say you’re going to do something at a certain time, and they expect it to be done.  An hour or two late can be devastating to the price of the underlying cryptocurrency, and confidence in the Verge team.  I chalk this one up to inexperience.  Bush League move.

But the Much Anticipated Wraith Protocol drama didn’t end there..

ATTACK #2 MORE DRAMA.. 

(A Week Before Wraith Protocol was set to Release) Stick With Us We’ll Try and Tie Everything Together Nicely

Next up was failed Rapper and “Twitter Celebrity” Marquis Trill known as  @6billionpeople See: Verge Hoax Causes Cryptocurrency Investors to Lose Millions

Marquis apparently has been quite vocal about Verge XVG coin and often shilled the coin to his followers.  He advised them on upcoming dips and constantly reminded them that XVG was going to the moon.  That’s why it came as such a surprise- when on Christmas day, Marquis told his followers to sell XVG and retweeted a FUD post on Reddit that totally decimated XVG’s price and reputation.  XVG took a huge hit and crashed over 50% in seconds. Marquis also has a Patreon where subscribers pay a monthly fee of $5-$25 for more in depth “financial advice” and quicker access via videos and text updates.

Members said he also posted a message to his Patreon followers to sell XVG as well.  A few hours after the crash Marquis deleted his tweets and returned to Twitter to say “he was hacked” and those “last tweets were not him.”  He soon after privated his Twitter account, but still is influencing over 4 million people.

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He clearly wasn’t hacked and lacks the intelligence to respond in anyway that makes common sense to his fuck up (recommending the sale of Verge #XVG based on a reddit rumor)

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Fast Foreward to (19:00) for the most honest thing you’ll probably ever hear out of “Marquis Trill’s” mouth

“I’m brand new to this shit.. Altcoins are brand new to me, I don’t know shit about shit bruh, look at my skin color.”

I don’t think skin color has anything to do with this, the fact is he’s a fraud.  He admittedly is brand new to altcoins and investing in general and couldn’t even define what “blockchain” was when asked. (31:30)

Marquis Trill has now switched gears after damaging the reputation of Verge and recommending that his followers buy Verge.

The Bottomline

Marquis Trill admittedly doesn’t know a thing about Cryptocurrency or investing for that matter. The fact he charges a fee for his “Advisory Services” is both comical and dangerous.

@AltcoinAdvisory a former Head Institutional trader with an impressive track record- had one of the highest AUM’s (Assets Under Management) at a Top 3 Firm before leaving it all to pursue his interest and belief in the future applications of blockchain technology. He didn’t take to kindly to Marquis Trill playing pretend Advisor tweeted the following:

Unable to engage in any intelligent banter- @6BillionPeople did what he seems to do when people call him out for his front, or losing them money in his “Advisory Group.”  He blocks them and moves on to easier targets.

ATTACK #3

More Drama Than The Kardashian Show: Questioning Wraith and the Devs (old news and fake news)

Part of the FUD that got spread was this idea that the new privacy related update (The Wraith protocol) for Verge was not going to happen (In the past the devs dropped the ball on that). Well, it is true that the devs have dropped the ball in the past and missed deadlines)

This news sent the twittersphere into a panic and many sold thinking that no one had spoken to the developer, (which wasn’t true)

Next the most anticipated release from Verge (XVG), Wraith Protocol was expected to be finalized before 2017 ended. However, as the Verge community stayed glued to their screens on new year’s eve, it remained incomplete. Eventually, the midnight deadline passed without the release, leading to panic selling and a major price dip.

This Happened.

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As the developer rushed to finish remaining imperfections and updates to Wraith Protocol, more FUD was spread calling Verge “a scam” and giving panick sellers ammunition for attacks and spreading more lies about the Wraith Protocol, especially if the Wraith Protocol’s success would be detrimental to one’s holdings. (Say another Privacy coin like Monero)

ATTACK #4

FUDs Not Finished Yet..Leaked IP Address Rumor

Next came a rumor that was spread about Wraith Protocol leaking users IP Addresses which upon research has proven to be false.

Many of these Twitter experts must not realize they can be sued for defamation and libel for these false claims.

But Verge Currency proponents took it in stride, and Verge delivered. Wraith Protocol is here.. and Verge could go much, much higher.

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Key Takeaways

Verge failed to deliver by the deadline of one of the most anticipated releases in cryptocurrency history.  This coupled with a massive FUD attack created the perfect storm to send prices down as investors panicked, and understandably so..  Verge should not set deadlines that they can’t meet.  But, Wraith Protocol is here, and the possibilities for XVG are endless.

Right now (our opinion) XVG offers a phenomenal opportunity to buy into a groundbreaking technology that could revolutionize payments.  It offers something no other coin does (the option to send payments in stealth mode with complete privacy, or not.) Other coins offer one of the other, but not both.

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The Deadline fail and negative press/rumors have left a bad taste in investors mouths, but being a few hours or day late doesn’t take away from how huge this could be..  We see Verge adoption happening and the technology in Wraith Protocol being very successful.

This is a great opportunity to get in low on a coin that has been marred by extortion attempts, false rumors, calculated attacks irresponsible marketing.  Once the fear settles, rumors disproven and people realize the true potential for Wraith Protocol coupled with Verge’s upcoming additions to major exchanges.. the sky’s the limit for Verge Currency (XVG)

Verdict: Week or so until the dust settles and upside trajectory should be resumed.

Extremely Bullish. Long Term HODL

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16 thoughts on “Verge Wraith Protocol Missed Deadline.. Fail or FUD?

  1. Cyptoptimystic says:

    Something to also check out and spread around would be this Youtube video instructing how to install Wraith Wallet and use it. It also shows that the IP address is indeed different from the sender, etc.

    https://www.youtube.com/watch?v=xRWljFSSW8I&feature=youtu.be

    Hopefully all the noise will die down soon. Yes there has been lots of drama, but I truly believe in the concept of anonymity by choice all in one system. This is about the future of global human interaction and what that will look like. Really cool project and am excited to have learned about it in these early stages!

  2. buraktokak says:

    This is a great summary of my shitty new years eve.

    Also I love the site, and the professional sounding posts from author, I’m keeping an eye on this website, but you need to work on the SEO of your website.

    Addition to that, do you have any donation seeds or a way that users donate, you should put it on the footer.

    • CryptoCurrencyClarified says:

      Thank you I agree we could use some better SEO and a better site. We do have great writers! I took your suggestion and added a donate button. Of course we don’t expect anything other than hopefully reading our articles. But every little bit helps. Thank you for the positive criticism.

  3. Donna Vanderloo says:

    Thank you very much for this article. Your article took away some of my confusion being a total n00b! I am stunned. . I am on a steep learning curve on how any crypto-community can be attacked from the outside using naive people, greed and wild things 😉 like McAfee. Crypto-world is beginning to look like ‘Wolf-Street’
    But I rather would have seen the title more in line with the content of your article, e.g. like this: “Verge Wraith Protocol succeeded after missed deadline, so was it all FUD?!”
    The actual title could spread FUD again I’m afraid. Since people tend to only read titles and do not bother with text anymore. Solution: please record a vid or podcast of this, people do listen instead of read. Thanks again!

  4. Carlos says:

    I did not support Verge before I found out about Extortion attempts from scumbag disgusting pimp McAfee. Now I have put in buy order for XVG and I will not be selling. Fake news and bullies should not be allowed to win and profit from their disgusting behavior . If Verge is a scam why is McAfee and friends trying so hard to destroy them ? McAfee is a parasite and his word is worth USED toilet water.

  5. Nav says:

    Fantastic article/journalism bringing together all the FUD and rumours and an unbiased conclusion at the end.

  6. celithe says:

    Really excellent breakdown of the crypto drama created around xvg with a deliberate attempt to harm this startup with great potential. I’ve worked in software with development teams for more than 2 decades and the number of times a team misses a date vastly exceeds the much fewer times teams actually meet the deadline. Frequently this is caused by overzealous marketing and sales teams trying to keep a promise and the actual feat to deliver always falls to the developers to bring it in. The fact that so many people in this space who have technical backgrounds aren’t acknowledging the insignificance of missing the date by a day or so is pretty disappointing. How many times are we asked to hit a date because someone over promised? Thanks again for this excellent breakdown of events.

  7. Pingback: Recent Events “Hate” – Verge Currency

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