Vertcoin slumping, threatens to fall below $1m valuation

Vertcoin's (VTC) price decline continues, setting fresh 5-month lows.

VTC is trading at 0.354 mBTC on Cryptsy, its primary venue for exchange. Based on the current Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange rate, one VTC is worth $0.22. Its market cap is $1.38 million, ranking it 30th amongst all Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

VTC has been caught in a vicious cycle of decline since briefly peaking at 2.87 mBTC in mid-May. At the time, several new products and features were slated for launch. Its total valuation reaching $5.6 million, it made its way into the top 15 in market cap.

Its post-May doldrums pale in comparison to its precipitous decline from the altcoin-craze peaks of late January-early February. At the time, it traded for 7.92 mBTC for a total value of $10 million. This came after staggering gains of over 20-fold during a 4-day period. Since then, it has shed more than 95% (in BTC terms) and is danger of breaching the psychologically-important $1 million threshold.

Community investors are growing desperate for answers, while at the same time walking the fine line of reassuring colleagues that they are still believers- and that it's not just about price. Early days of Litecoin's trading in the $0.10-0.30 range are evoked. One reddit commenter shared his account:

"I just want to state - I've lost thousands of dollars. Several. And it was incredibly hard earned money. It was lost because I believe in decentralized currency and put it in Vert. Litecoin and bitcoin are moving TOWARDS centralization."

He goes on to express regrets for not having followed through with his original plan to invest 50% in Darkcoin and 50% in VTC. Had he done so, he'd now have $35k-$40k.

Vertcoin aims to achieve the elusive goal of ASIC-resistance, whereby the coin's algorithm prevents the domination of mining power/rewards by single miners using chips customized for mining.