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Visa the culprit in a glitch that overcharged Coinbase users

Himanshu Kumar



Coinbase Visa Money Charge
Source: Flickr

The latest news breaking out of major news outlets blaming Coinbase for their recent glitch where they over-charged users exorbitantly might actually not be their glitch at all.

All through the past few hours, there have been multiple unconfirmed reports of users being charged 20 or 30 times more for their past transactions. Some users even complained that their credits suddenly maxed out with the charges they were levied upon.

With multiple rumors about Coinbase allegedly stealing users money, now there has been some clarity on this issue, Coinbase traced the issue back to credit card processing rails which were traced back to Visa.


With major banks issuing notices of banning cryptocurrency purchases using credit cards citing risk, other banks changed their classification of credit purchases to ‘cash advances’. This means extra charges would be levied on transactions like this and affects only the user. This was done to discourage users from buying cryptocurrencies using credit cards.

Markus Paine, ex-CTO at Boston Financials spoke to AMBCrypto and says,

“Coinbase has seen a lot of technical glitches but this one was not their fault and they are getting blasted for it. Spending on an asset when you don’t have the right to own it is wrong, credit card purchases itself are wrong”

These transactions should technically be reversed but since there are multiple charges, users would fail to understand the double charges and consider it as a fraud. Coinbase in their blog reached out to its users and said,

“Coinbase will ensure that each affected customer will be refunded in full for any erroneous charge”

Diana Walsch, a Market Analyst at FX, says,

“Mistake or not, there are a lot of fraudsters out there and any mischievous transactions could make people lose trust in you. The change in MCC code is a sign of change not letting investors buy cryptocurrencies through credit card is a sign of stability for the crypto markets”

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Himanshu Kumar is part of the Editorial Team at AMBCrypto. He dropped his Engineering studies to pursue his passion in the research of Artificial Intelligence and Blockchain. He has an extensive three-year developer and editorial background in the space of cryptocurrencies. He currently does not hold any value or sentiment with any cryptocurrency or its projects.

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1 Comment

1 Comment

  1. Chiakompagniet

    February 16, 2018 at 12:34 PM

    Doesn’t matter whos faulth it is we want our fucking money back, morons!

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Litecoin [LTC], NEO, TRON [TRX] the upcoming giants – Sentiment Analysis – March 17

Vinod KA



Litecoin, NEO, TRON- the three giants - sentiment analysis
Source: Pexels

Sentiment Analysis is a segment born out of the less useful chart analysis of all coins which essentially follows the same pattern. We try to cover the sentiments of people involved with the specific token which includes coin specific investors, miners, skeptics, journalists, analysts and more from within the industry.

Litecoin [LTC]

Litecoin was launched in the year 2011 as a light version of the Bitcoin. It was launched in order to overcome the shortcomings of Bitcoin. The differences between Bitcoin and Litecoin are that the latter has faster Block Generation Time and uses the script as proof-of-work. In comparison with Bitcoin, it is less congested and as a result, it is cheaper and is favored by the traders.


Analysts are debating whether it has the potential to overtake Bitcoin as it currently is in the top five. Litecoin’s growth of 3855% is way higher than that of Bitcoin’s 539%. However experts do not predict that it will overtake Bitcoin anytime soon. Considering the percentage of growth, experts predicted that it will overtake Bitcoin Cash which is currently at the 4th rank.

The price of Litecoin [LTC] has risen remarkably over the past year. In the last 7 days, Litecoin had peaked at over 10 billion USD of market capital and dipped to $8.5 billion, with a 14% dip in the overall market value. Litecoin, at press time, stands at a price of $162.29 with a market capitalization of $9 billion.

Kristjan Dekleva, head of product development at Blocktrade remarked as:

“I also like the Litepal payment system and when we eventually see the launch of the Litepay debit card, then I can see Litecoin overtaking Bitcoin Cash.”

Mr Tekleva said:

“I don’t believe that Litecoin will overtake bitcoin. Litecoin does its intended job well for certain intents and purposes and has somewhat wide market penetration. Ultimately, it functions ok, but not well enough to break out of mid-market in the long run.”

Andrei Barysevich, Director of Advanced Collection at Record Future on an optimistic note says,

“Bitcoin is not going anywhere, everybody knows about bitcoin, in my view, it is going to remain as a gold standard. However in day to day operations, I think Litecoin is to become more dominant currency, as soon as we start to see established e-commerce websites accepting Litecoin”

Litecoin Prediction by Twitteratis

Litecoin Prediction by Twitteratis

In short, Litecoin has got a lot of potential for aggressive growth which the community is looking forward to since many are of the opinion that Litecoin will turn the tables upside down. Most of the respondents had a bearish opinion and feel that the next 48 hours could be potentially bad.


NEO was founded in 2014 and became a real-time open source platform on GitHub in June 2015. It currently ranks at number 7 on the list of top 10 currencies. Because of its position in the list, analysts call it a “stable” digital coin. Since February 6th of this year, NEO has shown a significant drama in the market. The use of Byzantine Fault Tolerance Consensus mechanism enables it to carry out more than 10,000 transactions per second.

As per the community, the factors by which the market trend is in “favor” of NEO are, the association with Onchain, the presence of various assets and improvement in technology. Various other factors like partnerships, governments and digital corporations and the upcoming Trinity project will serve to be useful in the growth of NEO.

The Trinity project aims at carrying out complex processes and transactions to be done off-chain, with only the final product running on-chain. This will eliminate the problem of congestion on the main-chain and thereby increase the scalability potential as compared to others like Ethereum. This also will get a drastic increase in the number of projects launching on the NEO platform, which is a plus to the value of NEO in the smart contracts space.

Pedro Bernardo, an analyst and a reporter says,

“Already NEO is way better than Ethereum in terms of costs and with trinity, you can expect the gap to widen even further. This will give NEO the extra edge it needs in its ride to the top, as the number one smart contracts platform”

The statistics show that there has been a considerable amount of decline in the market capital from $6.031 billion to $4.312 billion within the last 7 days. NEO, at press time, stands at a price of $66.53 with a market capital of $4.324 billion.

An altcoin miner says:

“Despite of the technological and strategical advances, NEO’s market price has dropped considerably. But this is not the end of NEO and cryptocurrencies as we know it. The world will know more and own more in near future.”

Taylor Matt, a financial advisor from Seattle says:

“The time when NEO hits $100 will be the time when it can attain some sort of stability. But right now feels like nothing is happening with them.”

To conclude, respondents feel that NEO has been bearish for a very long time and it could possibly be hitting bottom soon. Although markets follow Bitcoin, NEO supporters feel that soon it could break that pattern. For the next 2 days, respondents feel markets could drop further.


TRON is also a decentralized platform which uses the smart contract system and it empowers the users, utilizing blockchain technology.  TRON began on the Ethereum’s blockchain as an ERC-20 token project. TRON has plans of breaking away from Ethereum with its testnet is going live on 31st of March 2018.

In the span of 7 days, TRON has been experiencing a decline in their values. From its peak in market capital at $16.752 billion on the 5th of January this year, it has come down to $1.897 billion (press time). It is currently at the 16th position according to coinmarketcap. It is currently priced at $0.028 with a market capital of $1.9 billion.

A TRX believer Jim Duffy’s views on TRX on mainnet:

“At last, a definitive piece of work on Tron that outlines its usefulness and capacity for growth. Many investors, like me, are not looking for massive ‘lambo’ spikes. We want a medium term growth strategy that is built on tech and commercial acuity.”

An altcoin miner says:

“Once TRX has gone live on the mainnnet, its scope for a stable growth will definitely improve and it may also flourish. But, you never know, the market is never static.”

Murat Huggins, an ex Tron investor says,

“There is just too much distraction and no work happening here. Heard about the fake releases they do to hype up the prices. I really hope they live up to the investors expectation. Honestly, Tron could drop even further as the required trust is lacking”

To conclude, the respondents believe that Tron has a lot of potential but is not really living up to its name. They believe the price could drop further down under the pressure of the market and could possibly lead the way to a bull run when the market turns green.

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Stellar Lumens [XLM] the biggest loser with a 27% drop in the past week

Sthuthie Murthy



Stellar Lumens [XLM] the biggest loser this week
Source: Pixabay || Representational image only. No sarcasm intended

Looks like rough days are back for Stellar Lumens [XLM]. Irrespective of Stellar being in the news for all the good reasons like the shift of Irene Energy from Ethereum to Stellar, XLM accepted on Koinex and Stellar’s partnership with BluepanNet, it hasn’t made much difference in the market value of the coin. For a few hours post this news, there was a spike in value but it was short lived.

In addition to this, Stellar Lumens was in the limelight since it got listed in the 9th largest Cryptocurrency exchange platforms, HitBTC, a rapidly growing crypto asset for the Stellar payment network on the exchange.

Stellar has been crashing in the market for a while now and is becoming the next “troll” coin in the market for the same. The coin has dipped almost 27% and has continued to dip by an average of 1% for the past 3 hours. Stellar Lumens [XLM] is currently valued at $0.225 with a market cap of $4.17 billion.


Jake Higs, an XLM investor and crypto enthusiast says,

“XLM is going to the moon very soon baby. A lot of people trying to spread FUD in the XLM space. Not going to work here. Go back to your Bitcoin space.”

Rory Akens, a virtual investor says,

“Stellar is nothing but all mouth and no trousers. It’s ridiculous that people are even interested in this shitcoin.”

Aman Chawla, a Blockchain enthusiast commenting on HitBTC listing says,

“Insane fees, you cannot move coins off HITbtc. Avoid the website at all costs.”

Deepshan was slightly positive when he stated:

“Hey HitBTC is not that good but for Stellar, it is great to get more buyers.”

Karla Mckan, a virtual market speculator says,

“It seems like the whole XLM fam is dead. Nothing seems to excite them at all. Looks like it’s the end of Stellar for me.”

HitBTC doesn’t have a “good” reputation with users according to certain market analysts. Apart from HitBTC, XLM is trading on Binance, Upbit, Bittrex, Poloniex and many other major platforms with decent volumes. In the present scenario, there is no optimism or excitement to cheer up the market not only for Stellar but also for the general crypto markets.

Although market sentiments are bearish right now an earlier conversation with veteran cryptocurrency investors suggested that they believe Stellar Lumens has already hit bottom and it could probably go down to $0.19 at its worst but it will be all uphill from there. They believed that XLM could be one of the tokens to lead the bull run once the markets were out of the bearish grip.

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