Monero Hard Fork: Should you Fall in MoneroV (XMV) Trap?

Fork mania has touched the base for the blockchain of Monero network. There are plans to fork and give an airdrop to holders of the altcoin, named MoneroV. The money grab could be an approach to reveal the individual characters of the individuals who use Monero in case they fall into the trap. Here, is all about MoneroV (XMV) and why you ought to carefully consider holding these coins.

What’s so terrible about an airdrop on the Monero network? Is it free cash? Not really; a few people say there’s no such thing as a free lunch. As bitcoin has encountered, at times the guarantee of free cash has brought about malware or phishing assaults.

All you need to know about MoneroV (XMV)

MoneroV is almost similar to Monero; however, they have few differences.

• MoneroV has a fixed supply of 256 million XMV with 158 million being released during the fork which differ from Monero.
• The website asserts that ‘MoneroV will administer new protocols that will be a solution to scaling issues facing Monero and some cryptocurrencies like Bitcoin.

The site additionally expresses that XMR holders will be airdropped 10 XMV for each XMR, with the hard fork and drop happening at piece number 1529810 on generally March fourteenth. Sounds awesome, isn’t that so? Everybody likes ‘free coins’, however, many are cautioning clients to avoid MoneroV.

Reasons why you should be cautious about MoneroV

The project finer particulars remain very unclear in spite of the website assertions. The Monero holders should be cautious due to the following several issues:

• No Support for exchanges – The MoneroV website states that no exchanges have reported the support for the XMV. If this is real, it should have exchange support.
• No Support from My Monero – A current blog entry from the My Monero team says expressly that they won’t bolster any non-local hard forks. They additionally express that they consider MoneroV to be a peril to clients.
• To Claim XMV you need personal keys – In order to claim your coins you have to enter your personal keys into the closed-source MoneroV wallet. On one hand, the wallet may record all the entered personal keys which may lead to XMR theft. On the other hand it could allow attackers to expose Monero holders’ identities by exposing information about unknown Monero blockchain.
• Unknown Team – While much of Monero team is not known, with this many doubts the project cannot escape by being unaccountable.

Here is What Monero Users Should Do

As a Monero user the best thing to do is to avoid claiming the airdrop for the chance to dump XMV and garble their funds by ‘churning’ strategy to improve the overall functionality of the system.

It is also recommended that they should wait. Individuals may claim their MoneroV shortly after it is available; this implies that there will be a relatively large proportion of “bad” outputs at this time. If Monero users can wait a few days after everything is solved, their transactions avoid most of the risk.