Verge currency falls victim to 51% attack. How will its supporters respond this time?

After an embarrassing 51% attack week ago, Verge currency again fell victim to an additional 51% attack, proving its flaws are more severe than first thought.

Adding salt to the wound, Litecoin's founder Charlie Lee made a few jabs at the currency, which can be read in this article. This resulted in a Twitter spat between some of the people at Verge and Lee. The brief storm ended with Lee acknowledging his comment was negative and complimenting Verge for making strides in adoption.

This second bout with security problems in the coding will likely do significant damage to the reputation of Verge currency, but it is difficult to judge the extent of the damage right now as most of the market is seeing red today. Verge currency has been remarkably resilient when faced with bad news in the past and, despite this obviously disastrous situation, could still end up being a good buy once this most recent storm passes, if past history is anything to go on.

It does not do much for the reputation of the developers at Verge when the situation is examined with a little more scrutiny. Accusations have flown that lead developer Vendetta wasn't even aware that he was inadvertently forking the currency when attempting to fix things in the last go round. This level of competence - or incompetence - could have a more lasting negative impact on the team's reputation this time around.

What's baffling is how consistently Verge currency has bounced back from incidents like this. It seems like its supporters are more forgiving than the average person, or perhaps it is the "greater fool" theory in practice - buyers hoping that they can get a greater fool than themselves to pay more than they did.

Personally, I wouldn't recommend buying Verge at this point, even though it has bounced back so many time before following bad news. If you're holding Verge, you might want to wait before selling as it seems there are always traders waiting in the wings to buy XVG again. We will have to wait and see if this is the last straw for these weary supporters.

*This is not professional trading advice - it's just my opinion!

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source:

https://cryptocoinspy.com/litecoins-charlie-lee-weighs-in-on-verge-xvg-hack-and-verge-isnt-impressed/

image source:

https://cryptocrimson.com/news/verge-price-update-january-27