Although the market is inundated daily by unoriginal altcoins, innovative projects occasionally emerge, like precious diamonds amidst mounds of coal. PrimeCoin, NameCoin and DarkCoin are examples of currencies that offer more than a new logo. New technology, or the promise of new technology, is enough to put a speculative mania into motion. In this endeavor learning how to ride the big waves is not a difficult as learning to ride the small ones. Vericoin, which offers a suite of useful features crafted by a dedicated team of talented programmers, is poised to become a typhoon.
Patrick Nosker said he and other VRC were “disappointed in the lack of innovation and general stagnation in all coins besides Bitcoin. We were also tired of pump and dump schemes that got the developers very rich for almost no additional work.” Baron Rothschild’s famous advice comes to mind whenever an asset drops precipitously. Vericoin’s price dropped after the infiltration of MintPal, a credible and widely used exchange. This was a tremendous blow to investor confidence. The attack resulted in the theft of nearly 8 million Vericoins, which prompted a hard fork of the VRC codebase to retrieve them. The intruders also stole Bitcoins and Litecoins, but these had been put into cold storage and were easily returned to their owners. The situation has been rectified, but its effects were tangible and are now just beginning to dissipate. To be clear, the problem was not with the Vericoin client itself, which is based on thoroughly audited Bitcoin code, but with MintPal’s servers.
Through Veribit VRCs can be sent to any merchant who accepts Bitcons. Those who have Vericoins in their wallet can accrue interest. Yesterday I predicted VRC would reach a low of 10 cents (technically its low point was $0.999995565) before rebounding to 12. This forecast, though supported by technical analysis, was based more upon the psychology of the crypto markets. At the moment it is somewhat bothersome to acquire in comparison to BTC as it requires one converts a fiat currency into another cryptocoin first. Vericoin could easily be a long term investment for those who fail to see the appeal of day trading. Over the next year its price, based on the quality and originality of its code, will continue to climb. It may fall again, even go as low as 5 cents. It will not skyrocket to a dollar tomorrow or next week, perhaps within a few short months it will topple its father and its grandfather. 10 cents to 10 dollars. This would be quite a feat and it is far from impossible in this wild age of wonders in which we are so fortunate to find ourselves.