When I had posted this here about the sudden jump in Bitcoin Cash and the corresponding fall in all the other coins bar the privacy coins, little did I know I was jumping the gun.
I had invested in Verge (XVG) on the recommendation of an analyst and had then seen it get trashed by its own community on Reddit - must have been the case here as well but I wasn't around - when they underwent the Wraith Protocol fiasco.
For those who don't know, basically they had, or some of their team-members had announced the release date for their Wraith Protocol, and the price boomed in the lead-up to that. When the date came and went and no release was forthcoming, the price tanked and the development refused to take any responsibility about it. Or at least none that could appease their followers.
I might have sold out too. I had had one bad experience like this, having faced something similar during the Ripple-Swell 'fiasco' when the price had spiked in the lead-up to the conference from which a lot was expected but nothing came through - nothing for those expecting a lot. As far as I remember, the price tanked about 30-35% in a matter of a day or two and I lost some notional money there (made more than I imagined I would when Ripple touched USD 1 earlier this month).
But I held on. Not very sure why but one of the reasons was to do with the fact that even after the dramatic fall in the Verge price following the Wraith issue, it was still above my purchase price. Not a very financially sound strategy one might argue, but I held on in the belief that I might sell it if it really goes a good deal below my purchase price.
It never did. It remained stagnant for a bit before going up and touching the 0.8 cent mark and that assuaged my thought-process - it had found it's new stable level.
Soon, I was focussing on other coins, which I was trading on. Siacoin, Spread, LBRY, FunFair, DNT and a couple of others were all bought and some were traded and I held on to a few. I had an eye on Verge but it was happy to remain at those levels, plus or minus a few percentage points and I was happy to let it remain there.
Then suddenly it jumped. The spike took it to the one cent mark.
And then higher.
Five cents. Seven.
11...12...13...and what not.
I suppose I was too frozen through most of this rise to sell any but I was also enchanted, enthralled and what not, to say the least. I have been a stock investor but my best returns ever have been 20-30% per annum. To then see something give such kind of returns boggled the mind.
I also understand that whatever goes up, will come down and the world of Crypto is right at the forefront of that theory. And yet, having read up on Verge and based on what my understanding is, it can be expected to ride the troughs and move upward over the next few months or so.
My earlier plan for Verge was to hold on for a year and take a call then. Now, I am not too sure. If and when it reaches a one dollar mark, I will look to sell off a few and finally book some profit.
If it crashes from here on, well, then so be it. I am still bullish on it and giving it a 12-month time-frame anyway. Beyond that, I am quite sure there are a lot of factors that one cannot account for right now - country-related policies, global crypto market and the performance of the coin itself are three I would be closely looking at.
So there, you go! Would be glad to know what you think of Verge or if you have such a story of your own.