There have been a lot of concerns regarding specific altcoins as of late. In the case of Verge, its recent publicity stunt is backfiring in quite spectacular fashion. It goes to show that good intentions can often result in criticism, mainly because the campaign’s overall approach leaves a lot to be desired.
Stirring the Verge Hornet’s Nest
To put all of this into perspective, the Verge team has tried to make a social campaign come to life. While that is not uncommon in the world of cryptocurrency, this particular approach raises a lot of questions which can’t be answered in a quick manner. More specifically, the project’s team is excited about a new partnership, yet they will not be able to reveal it without community involvement.
According to their tweet, it seems the Verge team needs quite a bit of funding to make their partnership stick. Doing so requires donations from the community, as the team needs 75,000,000 XVG to meet the necessary threshold for this mysterious partnership. One would expect the developers to cough up this money themselves, but instead, they are relying on community engagement.
— vergecurrency (@vergecurrency) March 22, 2018
At the time of writing, over 65 million XVG had yet to be raised for the goal to be met. At the current price, this means the developers need to cough up nearly $3 million for a partnership no one knows anything about at this point. What makes this even more worrisome is that the message on Twitter talks about a “potential partnership” rather than something that is set in stone.
The tweet makes reference to an organization with a “vast network of high traffic sites”. It remains unclear what this means exactly, yet it is clear the mystery company has no ties to cryptocurrency as of right now. Moreover, this company wants to use Verge as its main payment method, which seems somewhat dubious. In this day and age of shenanigans and exit scams, very few people see this opportunity as a legitimate venture.
It is certainly possible there is a big company out there which sees Verge as the go-to payment method of the future. At the same time, Verge is a currency which has not made much of a market impact other than for speculators. Combining this with the fact that the company remains unknown and a total of 75 million XVG needs to be raised before the partnership can even be announced, things are understandably not adding up for a lot of people.
For the time being, we will have to wait and see how successful this campaign becomes. With the window for raising the money ending on March 26, it does not appear as if this particular venture will be successful. Only time will tell whether the goal gets met, and if so, whether or not it was worth the money and effort. Rest assured a lot of people will remain cautious regarding this “opportunity”, as the lack of information alone is a reason for concern.