Connect with us
[ccpw id="998"]


Investors Overcharged by a Crypto Exchange

Samantha Mitchell



Bitcoin Exchange Coinbase

An outcry erupted online when one of the leading Cryptocurrency exchanges was discovered to have been overcharging its customers. This came after a section of Bitcoin traders who use Coinbase noted that their accounts were in negative amounts.

Coinbase Draining Users’ Accounts

A section of Cryptocurrency users decided to air their grievances on the Reddit platform after experiencing certain problems with their accounts. They claimed that they had used about 212 Euros on the virtual currencies before they noticed that their transaction had been repeated five times. This later saw their bank account run out of funds they had, forcing them to seek intervention.

Writing on the Reddit platform, these users made alarming remarks on how Coinbase took all the money from their accounts after they had initiated a transaction from their debit cards. They said they had made the transaction worth $300 on three leading virtual currencies; Ethereum, Bitcoin, and Litecoin on the 9th of February.

Across the three transactions, they were charged $300 before the transactions would be repeated some days later. They said that nothing had happened for almost a week and all they can boast of is a canned response to their tickets. The fat bank accounts they earlier had gone down to a negative balance, not forgetting the additional overdraft fee and $5 charges.

One user cried out how his rent check bounced later on leaving him at the merciless hands of his ‘not-so-good’ landlord. On the other hand, one user cried out how he had been knocked with a total of fifty duplicate charges, which summed up to about 47,505 Euros.

Similar Reports in the Past

One Coinbase user said that he had already talked with his legal counsel and will ensure that all that money lost in Coinbase is recovered. Following this public outcry, an official from Coinbase came out to offer an explanation of what might have happened.

According to him, the issue might have happened due to the change that was done in the classification for all transactions that were involving Coinbase trading. They stated that similar complaints on double charges on Coinbase customer statements had been seen in the past. He said that these emerged after they made a change to the classification of their credit cards.

They added that although they are not certain if that change had a connection to the current problem, they have launched an investigation to ensure that the problem is fixed. At the moment, the problem appeared to be affecting just a tiny portion of banks and only occurs when the clients use their credit cards.

According to the consumers who experienced this issue, one charge always shows up as a purchase while the other one occurs as a withdrawal.

All Affected Customers to Get a Refund

Later on, Coinbase took it to the Internet space to assure the affected customers that they would get a refund. Through a blog post, the company said that as the investigation continues, all the affected clients would be fully refunded for the additional charge.

Sharing is caring!

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Google Is Working On Its Own Blockchain Technology

Samantha Mitchell




Reports are emerging that Google is working on its own Blockchain technology. The technology in development hopes to boost Google’s cloud business. Google also hopes to put in use, the glorified technology in creative ways. The search engine company will face off fierce rivals right from its launch.
One of the ways Google hopes to utilize the Blockchain technology and digital ledgers is in securing the recording of transactions and in processing data over the Internet. This usage comes in handy in Google’s operation of reassuring customers that they are performing their task of protecting their information when it is stored in their giant network of computer servers powering its cloud-based services.

Google Entrusts Alphabet Inc.

The task of developing this technology is being entrusted to Alphabet, Google’s subsidiary. According to one of the officials, the unit is in the stages of developing Google’s own digital ledger that users and third parties can use to verify and post transactions. He, however, doesn’t give a timeline of its launch, though he adds that the company’s cloud services are what differentiate them from their rivals. The official also says that the company would provide a white label version that companies can use to run on their own servers.

Recent studies by the CB insights shows that Alphabet Inc. was still the leading investor in the field in 2017 despite massive pressure from Citi group Inc. and Goldman Sach Group Inc.

Several people have confirmed these developments by Google’s infrastructure group. Persons familiar with the company have in fact admitted that the unit has been in an active process of analyzing Blockchain protocols in recent months while reporting to the cloud’s Chief Diane Greene. The sources have however declined to be named citing that the company was unprepared to make statements on the same.

The sources also added that it was way too early for the company to validate the rumors officially. They, however, confirmed that Google was in its process of exploring blockchain potential usage.

Cryptocurrencies are empowered by digital ledgers. Their databases are regularly updated across computers over the Internet. Every entry is confirmed by their machines that are part of private and public networks. What many people do not know is that there are a variety of digital ledgers, and on the other side, Blockchain is only one.

Risks and Opportunities

Google is diving in a sea of challenges and opportunities. The distributed network of computers running digital ledgers eliminates the risk of holding information centrally. By adopting this decentralized approach to storing data, Google risks losing its status of being the largest information holder to new online services offering the same.

Even in light of this, the Internet pioneer is still very experienced in embracing new technology. It is reported that the search engine company analyzed HyperLedger consortium technology. The company is still yet to make up its mind on the type that will enable it to run millions of transactions efficiently.

Whenever there is a paradigm shift in technology, there exists an opportunity for new giants to emerge while at the same time giving incumbents the chance to adopt new approaches. The rise of the Internet and mobile taught people the hard way. So, don’t be surprised when you see Google, the incumbent spending unbelievable amounts onto the technology.

Sharing is caring!

Continue Reading


Bitcoin CEO Predicts Bitcoin To Become A Global Single Currency

Samantha Mitchell




Twitter and Square company CEO Jack Dorsey recently endorsed the Bitcoin Cryptocurrency, predicting it to be a future and single global currency. The billionaire trusts that the Cryptocurrency will dominate the Internet, widen its worldwide usage and overtake the dollar in importance to become a global Internet currency in only a decade or less.

This news has been positively received by Bitcoin users who have seen the currency push up by almost 1% as at press time to approximately $9,089 per coin. The coin’s market capitalization has ascended to over $153.9 billion as well. The previous year has seen massive success for Bitcoin, which saw its early adopters turn into billionaires in a matter of months; a success 2018 is yet to reveal-we shall see why.
The currency, which is the most popular right now, was created in 2009. Blockchain technology enables it to exist in the form of computer code strings in an un-editable public ledger. Bitcoin’s 2017 success saw the booming of rival Cryptocurrencies in the market.


Dorsey acknowledges that the currency will sure face intimidating technical challenges before it is predicted widespread. He also admits of the slow and costly nature of the coin at the moment but quickly enlightens that as time flies; more technological advances will make the system more approachable. More people will then acquire the currency in addition to the currency’s already massive base.
Does he mean it?

By Dorsey’s action in the past few weeks proves that he means business. He is among a list of contributors for the Lightning Network, a Lightning Labs product, working on technology to make the Bitcoin network cheaper and instant.

Only recently, the network launched the 0.4-beta, which coincided the seed-financing round. The event, which saw $2.5 million raised attracted high profile crypto and financial figures including Lite coin creator Charlie Lee, ex PayPal’s David Stock and Jackeline Rese and Jack Dorsey, both or Square Capital.
In addition to his funds support, Dorsey’s other company Square also announced its support for the Cryptocurrency. The company recently announced plans to extend support to bitcoin by facilitating the consumer to merchant payments via the currency.

Rough Times for Bitcoin

The billionaire’s attitude towards Bitcoin is divergent to the recent happenings in the crypto industry. Only last week, Facebook updated a policy that will see its network ban all crypto related adverts on its site, citing possible scams to its users as the reason behind. The ban will take effect beginning June 2018. This was only weeks after Google announced the same for similar reasons.

It was anticipated that Twitter would follow suit, especially in the wake of the implementation of new advertising policy early next month-April. The news of Twitter’s CEO support for bitcoin has certainly halted these anticipations. It will be interesting to note the developments.

2018, so far, has not been kind for the Bitcoin Cryptocurrency. Especially considering the boom in December 2017 that recorded an upsurge of nearly $20,000, what followed was plummeting of prices and February recording as low $6300 low. As at press time, the price was sitting at nearly $9,000. There is hope.

Sharing is caring!

Continue Reading


NSA Developed A System To Identify Bitcoin Users-New Leaked Document

Samantha Mitchell




According to some classified documents by whistleblower Edward Snowden, the National Security Agency can locate any sender or receiver of Bitcoin from anywhere around the world. The Intercept reports that the documents further revealed that the agency’s OAKSTAR program worked on an urgent call targeting Bitcoin users back in 2013.

The intercept is a publication devoted to adversarial journalism and was founded by Glenn Greenwald, Jeremy Scahill, and Laura Poitras in the aftermath of Edward Snowden’s disclosure of mass surveillance back in 2013.

The report seems to prove some conspiracy theories right. There have been extensive rumors and fantasies of existing spying in the booming digital currency. The fact that Bitcoin provides a nest for get-rich-quick spectators and offers discretions to financial transactions; it would be expected for the government to raise eyebrows.

Governments naturally have interests in the control and movement of money. The conspiracy theorists believed that there would be no way they would sit back and watch as they lose authority. And it seems like they were right.

How the NSA Managed

Well, according to additional documents supporting the expose, the NSA created a system for gathering, examining and processing raw digital traffic. They did this with the help of a program disguised as an anonymizing software VPN called the MONEYROCKET.

Bitcoin A Top Priority

The internal NSA reports that though the agency was interested in the surveillance of most of the competing Cryptocurrencies, bitcoin was the #1 priority.

But it was not just about tracking down users. The report further indicates that the whole OAKSTAR program went beyond analyzing public transaction ledgers, commonly known as Blockchain.
A supporting document further reveals that the agency went further and collected intimate computer user details. Passwords may have been obtained, Internet history examined, and unique device identifications gathered.

The report cites a memo sent to analysts on discussions to track IP addresses, timestamps and network ports as methods to identify Bitcoin targets

Wanted More Data

It did not stop there; the agency went ahead to verify user identification. A memo dated March 29 enquired whether analysts had validated and retained users. The memo exposes the surveillance power of the agency and ability to predict the technology used by Bitcoin in its operation in preparation to curb it. With the data collection tools on its hand and the kind of information available, putting a name to a Bitcoin user was very easy

Not Only Bitcoin

There have been proofs that the surveillance did not just target bitcoin. For example, Liberty reserve, bitcoin’s predecessor was subjected to the same monitoring and charges put up against it. Evidence against the Cryptocurrency is suspected to have been collected by the agency using the same tools and tactics as revealed in these document’s leaks.

The Cryptocurrency was then shut down and the founder arrested on charges of money laundering resulting in a 20 years jail sentence.

The surveillance of Cryptocurrencies is a cause for concern for those who value them for their anonymity and decentralization.

Sharing is caring!

Continue Reading



Copyright © 2016

Free Mining Newsletter
We Don't like spam, we will send you only our Mining Cards tests, Mining News and Tricks or Coins to Mine tips!
We respect your privacy.