Tag: Verge

Trader Who Called Bitcoin Collapse in May Predicts BTC Will Keep Surging, Says One Altcoin Coiling for Huge Breakout

by Dailyhodl

With Bitcoin breaking through new all-time highs, a closely followed crypto trader is expecting bullish BTC continuation while one altcoin on his radar prepares for liftoff.

Crypto market strategist Dave the Wave tells his 82,700 Twitter followers that Bitcoin is appreciating within a rising channel with an upside around $75,000 and a downside around $55,000. In the short term, he expects BTC to jump up to $70,000 before consolidating further.

“Short term. Price still within the rising channel. To the 70K area followed on by a consolidation wouldn’t surprise me.”

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Source: Dave the Wave/Twitter

Over the next several months, Dave the Wave is anticipating Bitcoin to climb in that same channel all the way up to $100,000.

“Add in the time [Fibonacci] ratio and the price ratio hits the top of the [Logarithmic Growth Curve]…”

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Source: Dave the Wave/Twitter

At time of writing, BTC is trading at $67.591.

As Bitcoin continues its ascent higher, the trader is also keeping a close eye on the low-cap altcoin Verge (XVG). Verge is a privacy-focused blockchain seeking to offer a fast and efficient decentralized payments network that improves upon the original Bitcoin blockchain.

Currently, XVG is trading at just $0.026. From its current price level, Dave the Wave is calling for a more than 8,300% move as the bull run progresses into 2022, which would land the token at $2.00.

“Freebie from my alts page.

Looks to be coiling for a breakout.”

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Source: Dave the Wave/Twitter

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Source: Dave the Wave/Twitter

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Privacy-Centric Coin Verge Suffers Massive Reorganization Attack, Developers Say Funds Are Safe

by Dailyhodl

Pornhub payment option Verge (XVG) is suffering from a brutal attack that allowed malicious actors to orchestrate what appears to be one of the deepest block reorganizations in blockchain history.

Coin Metrics data engineer Antoine Le Calvez was one of the first to report the incident, highlighting that the attack involved more than 560,000 blocks.

Coin Metrics researcher Lucas Nuzzi adds that the attack erased more than six months’ worth of XVG transactions in what is likely the deepest block reorganization in a top 100 cryptocurrency.

A blockchain reorganization happens when miners controlling a majority of the hashpower collaborate to erase confirmed blocks from the blockchain. In doing so, the attackers can spend funds, erase the transaction, and spend the same funds for a second time.

Verge’s official Twitter account has acknowledged the attack and says the development team has released a fix that prevents damage.

In a new medium post, Verge core team member Alex Ederer summarizes what the attacker tried to do but failed.

“Mine on sidechain for months with reduced diff.

Spawn enough daemons to go + 50% of the total amount of full nodes.

The chain is rebuilt on top of that sidechain.

Top that with huge mining power on your new chain.

Use the Verge you just mined to pay for mining power.”

The coin, which is designed to facilitate completely anonymous transactions, has a history of being a target of bad actors. In April 2018 and May 2018, Verge got hit by two separate but less serious network exploits.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Verge of disaster: 200 days transactions wiped from blockchain

by Cointelegraph

Privacy-focused blockchain network Verge (XVG) has experienced a significant block reorganization, replacing transactions dating as far back as July 2020.

Despite being described as potentially “the deepest reorg that has ever taken place in a top 100 cryptocurrency,” analysts are yet to confirm that the incident comprised a coordinated attack.

Coinmetrics COO Antoine Le Calvez was one of the first to notice the reorg, sharing a screenshot on Twitter showing that at least 560,000 blocks had disappeared on February 15.

Le Calvez suggested the reorg could have been caused by a double-spend, in which a number of XVG tokens are used simultaneously for two separate transactions. However, due to the magnitude of the incident, Calvez admitted it will take some time for developers to comb through the data to establish the exactsource of the reorg.

As a result of this roll-back, any user who received or purchased XVG tokens since July 2020 may have lost their entire balance, with Deribit Insights’ researcher “Hasu” tweeting that “thousands of balances have simply evaporated.” One Verge investor tweeted that their wallet balance is now empty after the attack.

Despite the scale of the potential attack, Hasu believes it will be “pretty easy to counter,” advancing that “nodes will reject the attacker’s chain and restore the previous one.” Hasu stated the incident highlights the vulnerability of blockchains supported by GPU mining.

This isn’t the first time a reorg has been suggested to fend off would-be attackers, with Hasu referencing back to 2019 when Vertcoin succumbed to a 51% attack. The same year, after major exchange Binance was hacked for more than $40 million, founder and CEO Changpeng Zhao floated the idea of conducting a Bitcoin reorg to recover the funds, however, the idea was quickly decided against.

An unconfirmed screenshot shared by Twitter user @etn_electroneum showed XVG advisor AlexanDre stating the source is linked to some nodes who wanted to create a fork. He also added that there was not a 51% attack.

XVG advisor AlexanDre telegram announcement on Verge reorg. Source: Twitter

In the last six hours, XVG has dropped by almost 15% to $0.0224. This has resulted in it moving out of the top 100, according to Coingecko. Verge’s explorer is still down.

Privacy-focused blockchain network Verge (XVG) has experienced a significant block reorganization, replacing transactions dating as far back as July 2020.