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Altcoin Report: Europecoin Is Back in Action

Source: bitcoin


GameCredits gets bigger than ever, privacy issues surface surround Monero, and an intimate look at Europecoin. Welcome to our second altcoin report! Read on to get the latest news.

Also read: Altcoin Report: Ethereum Classic Crashes From DOS Attack


London-based cryptocurrency platform GameCredits is not even two years old, but it’s making a massive name for itself with help from China. This country now lists it on Yuanbao, one of its largest digital currency exchanges. The company has been around since 2013 and boasts over 200,000 clients.

GameCredits is often touted as currency developed by gamers for gamers. Developers work to utilize the currency for “inclusion in mainstream games,” which are enjoyed by over 15 million registered gamers annually.

CMO Jon Comer expressed enthusiasm over the move, saying:

“For us, this is the ideal partnership at the perfect time. Being able to develop a relationship with Yuanbao in advance of our plans for the Chinese gaming industry is something we felt was very necessary.”


Monero is an altcoin slated as being so private, it has become the “mainstream” currency for drug-sellers on the dark net. Monero received widespread publicity on September 1, 216, when online drug haven AlphaBay announced it would support the coin’s usage on its platform, and its reputation continues to garner more users.

However, it appears Monero has experienced privacy issues in the past. Security firm MWR for example recently came across an “open wound” in Monero that made it vulnerable to thieves looking to steal it from third-party wallets.

Hackers must “fool a Monero user into visiting a web page to initiate the attack,” the firm reported. From there, a theft could easily occur. The vulnerability has since been repaired, but users are warned to keep an eye out for anything that may appear suspicious.


Developed in 2014, Europecoin did not have a successful first run among cryptocurrency advocates. The currency eventually disappeared into the mist, but has since been salvaged by developer Matthias Klees, who hopes to build it into something massive.

Eight months went by of retaining all the original coins. A new web-wallet was built to house them, and Europecoin has since garnered an impressive reputation thanks to its lasting independence from miners.

The team behind its success has grown tremendously, and Klees now looks to enforce Europecoin in areas like Belgium in the hope its blockchain-based abilities will influence political activity.

Know of any good altcoins that we should cover in our reports? Post your comments below!


Images courtesy of Quartz, bitcointalk.org

The post Altcoin Report: Europecoin Is Back in Action appeared first on Bitcoinist.net.

Altcoin Report: Europecoin Is Back in Action

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Bitcoin Users Are Getting Scammed On AlphaBay Deep Web Marketplace

Source: bitcoin

Bitcoinist_Scamming Bitcoin Users

With all of the focus on the deep web and underground marketplaces, there is a lot of discussion as to which deep web marketplace is the “best’ right now. Plenty of users seem to be for AlphaBay, and their subreddit is filled with a lot of illegal deals and complaints about Bitcoin users being scammed.

Also read: OpenBazaar’s ‘Ambitious Destination’

The AlphaBay Deep Web Market

There are many deep web marketplaces available to users, yet not all of them can be trusted. Any form of peer-to-peer marketplace needs to ensure both buyers and sellers are protected at all times, especially when they deal with Bitcoin as a payment method. After all, cryptocurrency transfers can not be charged back, and the risk of getting scammed is very real on these underground platforms.

AlphaBay is one of the leading deep web marketplaces right now, although it may only be a matter of time until platforms like these are shut down entirely by law enforcement. Not too long ago, the Norwegian police assembled a dedicated unit to shut down one of the most commonly used deep web marketplaces.

When browsing through the AlphaBay subreddit, it is not hard to picture what types of goods and services are being exchanged on this market. Most of the reviews and posts revolve around drug trades, which are facilitated by deep web marketplace solutions. Given the peer-to-peer nature of these services and no oversight in place, it is easy to buy and sell anything and everything to anyone in the world.

This concept attracts a lot of Bitcoin users from every region, but that does not mean they are safe from harm. Several posts have been made regarding AlphaBay users getting scammed. One Reddit user even pointed how he spent 1,200 EUR in Bitcoin and received nothing so far. There are many reasons as to why ordered products do not arrive, though, as they may be held at the border by customers, get stolen, or were never shipped in the first place.

Such statements may seem weird, as AlphaBay offers multi-signature escrow services to all buyers, to ensure no funds is released to the seller until the goods have arrived. There is also a dedicated guide to the buying process and how AlphaBuy users should protect themselves, but there are other issues the platform owners need to address as well.

The overwhelming amount of negative comments and users reportedly getting scammed is very worrying. Several allegations are made as to the administrators stealing user funds, as well as other users not receiving their orders. Moreover, there seems to be a fair amount of feedback shilling going on, with negative and positive feedback appearing out of the blue.

What are your thought son the AlphaBay deep web marketplace? Are they scamming Bitcoin users? Let us know in the comments below!

Source: Deep Dot Web

Images courtesy of Shutterstock, AlphaBay

The post Bitcoin Users Are Getting Scammed On AlphaBay Deep Web Marketplace appeared first on Bitcoinist.net.

Bitcoin Users Are Getting Scammed On AlphaBay Deep Web Marketplace