Doge.crypto-fast.io Review Is Dogefast Scam or Legit Dogecoin Doubler

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The Dark Days of Dogecoin: How Scammers and Bandits Brought Down Crypto’s Friendliest Currency

Bailey Reutzel

The Dark Days of Dogecoin: How Scammers and Bandits Brought Down Crypto’s Friendliest Currency

It was a bustling, summer day in San Francisco just like any other for Jackson Palmer, a marketing manager at Adobe that a year earlier had co-created a parody cryptocurrency featuring a Shiba Inu dog meme.

When he sat down at his work desk and started answering emails, one in particular caught his attention. The subject line read: “moolah – Mr. Alex Green.” The first line: “Alex Green = Ryan Kennedy/Gentle.”

Ryan Kennedy was the founder and CEO of Moolah, a dogecoin exchange startup that Palmer and Ben Doernberg, a friend he met through the cryptocurrency’s non-profit foundation, had just interrogated via a public Skype video over its sketchy doings.

Palmer pretty quickly Facebook messaged Doernberg, who was on the other side of the US in New York, sending him screenshots of the email.

The message was from a group of people, one of which was an ex-girlfriend Kennedy abused, who said she wanted to expose him for running a ‘Magic: The Gathering’ scam in Bath, England. The note also accused Kennedy of many other past exploits as a scammer in the UK.

Later, Palmer received a dump of Kennedy’s entire C: drive from a laptop he had left behind after police had arrested him. (This was after his first crypto-scam on Bitcoin Talk). Some former roommates who were part of the group emailing Palmer had received the laptop from police once Kennedy didn’t return for it.

“Holy shit,” Palmer thought at the time, although, he and Doernberg had sensed trouble from the beginning.

The group had only put two-and-two together after reading a TechCrunch article about Moolah declaring bankruptcy. Palmer and Doernberg then spent several days putting all the evidence together before publishing it all online as a warning to the dogecoin community.

But the community still didn’t buy it, said Palmer. That is, not until Kennedy wrote a blog post admitting to changing his name, although he still denying responsibility for Moolah’s stolen funds.

The breaking point

Most cryptocurrency enthusiasts will remember the Moolah debacle.

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Kennedy came into the community under the guise of Alex Green, an entrepreneur wanting to make buying, selling and trading dogecoin easier. He threw around dogecoin, and not just a couple dollars worth here and there via Twitter, but tens of thousands of dollars at dogecoin meetups.

Plus, the company took the lead on several dogecoin-based fundraisers, including sponsoring the NASCAR driver, Josh Wise.

Because of all this, the community loved Kennedy.

And so it was more than willing to buy into Kennedy’s company, sending bitcoin and receiving a token equivalent to shares of the company (this was even before ‘initial coin offerings’ (ICOs) were part of the broader cryptocurrency lexicon).

Through that process, Kennedy raised somewhere around $750,000 from mostly wide-eyed teenagers getting their first taste of the cryptocurrency world, according to Palmer.

“I was skeptical of this at first, thinking [Moolah] was a shady, corporate interest taking the fun out of dogecoin,” Palmer explained, adding:

“It all seemed like a some kind of pyramid or Ponzi scheme, and Ben [Doernberg] and I started pushing back on it pretty hard.”

And the community, hypnotized by a manipulator, was not happy about this.

The Skype interview and the published evidence of Kennedy’s alleged scams “culminated in a backlash … and the community kind of ousted us for our opinions,” Palmer said. “We got shouted out and we just said ‘screw it’.”

A perfect target

This wasn’t the only case of fraud that swept through dogecoin. And that might seem strange given the cryptocurrency’s friendly outward appearance.

From the outside, the parody cryptocurrency featured a Shiba Inu dog and traded for less than a penny – it seemed cute and innocent, but under the surface, was a dark history, riddled with scams.

Initially, this piece was just a harmless oral history, but as I spoke with the people whose lives revolved around dogecoin several years ago, it became clear that the story would focus on fraud and as Doernberg told me: “I think that’s the only accurate way to tell the story.”

Dogecoin launched in early December 2020, cloned from bitcoin with a few adjustments (including a faster block time, the total number of coins to be released and the hardware needed to mine, oh, and the code was written in the Comic Sans typeface) that made the coin easier for people, especially those new to cryptocurrency to interact with.

The jocular tone brought a group of people to the community that didn’t take themselves (and the cryptocurrency) quite so seriously, and because of that, the dogecoin community was known for being far more friendly than the bitcoin community which could be sometimes cut-throat and haughty.

“The thing that was cool about dogecoin, I had just spent the past eight months or so learning about bitcoin, but the bitcoin community was full of overly serious know-it-alls. On dogecoin, there were all these regular people that just wanted to know more about cryptocurrency.”

Started as a parody because of the vast number of altcoins being launched after bitcoin’s initial rise, the dogecoin community never took itself that seriously.

When people came in determined to rally people around raising the price, most responded with memes and the disjointed dialogue of the ‘doge’.

That casual style not only caught newbies’ attention, but also scammers’. And with an industry still unregulated, it was a perfect target.

“Most scammers saw it as easy to pull off,” said Doernberg, adding:

“Because of the unclearness about whether cryptocurrency was legal, even if you ripped someone off, those people many times wouldn’t go to the cops.”

Long-time coming

It’s almost surprising dogecoin didn’t disband sooner.

The first hack happened less than 20 days after the cryptocurrency was launched. About 21m dogecoin, which at that time was equal to $12,000, were stolen from Dogewallet.

But the community was determined to keep the joke alive. The community decided to raise the amount of money stolen from the web wallet to reimburse the victims of the hack. According to Doernberg, nearly $13,000 was raised.

And that might have been the ‘aha moment’ for many of the community’s leaders, who then began brainstorming ideas for other fundraisers that the dogecoin community could participate in.

Plus, only three months later, Dogetipbot, a doge in a spacesuit that allowed users to send dogecoin tips via Reddit, Twitch and Twitter (functionality is currently only available via Reddit now) caught fire as well.

Josh Mohland uploaded the tipbot to Reddit and asked if people would upvote his post so he didn’t have to type in a Captcha every time the bot needed to send a tip. The next morning, 3,000 people had upvoted the post and “the thread took off and users started rolling in,” he said.

“Before we knew it, we had 5,000 users of the tipbot and hit 10,000 users in a month,” said Mohland, who’s now a customer champion at application automation provider Zapier.

Many people “saw it as a gateway cryptocurrency,” said Mohland, explaining:

“People would come to dogecoin because it was a nice community that was active in explaining cryptocurrency in a non-technical way that was welcoming.”

And to experiment the community decided to fundraise for charities.

The first fundraiser, sending the Jamaican Bobsled Team to Sochi, Russia, for the 2020 Winter Olympics, raised $30,000 in dogecoin in 24 hours.

And subsequent fundraisers for charities – including one that helped children with autism; one that worked with service animals; and one, Charity Water, which built wells in Kenya – all had similar success.

The dark side

But there was a seedy underground abounding with mining and wallet hacks.

“Dogecoin is only second to bitcoin as the shadiest thing in cryptocurrency,” Doernberg said.

According to him, while all this big-heartedness was going on, there were more sinister things happening in the background, including people threatening to attack mining pools unless they were paid, and the founders of digital wallets running off with customers’ money.

Doernberg dealt personally with an interestingly nefarious scam when the dogecoin community was raising money to send Shiva Keshavan, an Indian luge athlete, to the Sochi Winter Olympics. According to Doernberg, the head of the Winter Games Federation of India, began emailing Doernberg to send the money directly to him or his son, who was also an Olympic athlete.

It seemed that the head of the federation wanted to use the money on his son instead of on Keshavan. Keshavan, also in contact with Doernberg, allegedly told him not to send the money to the federation.

In the end, the dogecoin community raised about $7,000 for Keshavan, but it never got to its intended recipient. The Indian Ministry of Sports, who at first denied having the money to send athletes, agreed to pay Keshavan’s travel expenses and the dogecoin raised was returned to the donors.

Then there was Wolong, a pseudonymous character pretending, according to Doernberg, to be a Singaporean day trader on behalf of the Chinese. “That was the weirdest,” Doernberg said.

Wolong created an IRC (internet relay chat) channel that people had to pay to join. Further, people that wanted access had to buy his book of life advice.

Wolong apparently manipulated the price of dogecoin for a while before launching ‘pandacoin’, which he pumped and then, three days later, dumped – his millions of coins making significant money for himself while ripping off everyone else that had invested in the altcoin.

Money corrupts

Ironically, such pump-and-dump schemes were why dogecoin was created in the first place. But, it seems that nothing in cryptocurrency can be all fun and games, not when money is involved.

Even though dogecoin weathered the storm of a number of fraudsters and scammers, the Moolah incident created a fissure in the community that it has never fully recovered from, Palmer said.

Palmer and Doernberg would eventually be justified in their suspicions about Kennedy – about a year later, he was sentenced to 11 years in prison on several counts of sexual assault and rape.

Still, despite these negative events and characters, Palmer believes dogecoin offers an important lesson.

“Dogecoin’s value is in its history and lessons about community,” Palmer contends. “There are multiple lessons for other cryptos that can be gleaned from how dogecoin grew and how the community helped that. And at the same time, what [those projects] should strive for their communities to be like.”

And this is why a lot of people have stuck with dogecoin. And why those same people will be upset to see it fall into disrepair.

“It’s a sad thing, whether the coins you lose are worth much money or not, it’s like losing a piece, a fun piece, of the cryptocurrency history,” said one ‘shibe’ (the name adopted by supporters of the altcoin) who preferred to remain anonymous.

“I don’t have much dogecoin. It wouldn’t be a big financial loss, but it would be a loss of something important.”

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DOGECOIN

Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.

START USING DOGECOIN TODAY:

What is Dogecoin?

Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as “the internet currency.”

Get Started Now | Learn More

What’s with Dogecoin and the dog?

“Doge” is our fun, friendly mascot! The Shiba Inu is a Japanese breed of dog that was popularized as an online meme and it represents Dogecoin.

Learn more about Doge | Shiba Inu

The fun and friendly internet currency.

Dogecoin sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks just like you.

Reddit Community

How to get started with Dogecoin.

Setting up a Dogecoin wallet is as easy as 1, 2, 3. Seriously! Check out our Getting Started guide below.

Get Started Now

Once you’re done, join in on the fun as part of our growing community!
We’re a helpful bunch of people and we’ll answer any questions that you throw at us!

Reddit Community

So what are you waiting for? Start using Dogecoin today!

Getting Started.

Learn how to use Dogecoin.

Community.

Participate in the community.

Get Dogecoin.

Find out how to get Dogecoin.

Stores.

Buy with Dogecoin.
Created by Jackson Palmer & Shibetoshi Nakamoto. Website Design by /u/PowerLemons. Logo by Christine Ricks.
© The Ðogecoin Project

CHOOSE AN ONLINE WALLET:

Online wallets are the quickest and easiest way to use Dogecoin, but lack the security of storing your wallet on your local computer.


We recommend you only store a small amount of Dogecoin in an online wallet at any time.
There are several browser-based wallets available to choose from:

Note: These online wallets are not owned or maintained by Dogecoin. While we think the entities behind them are trustworthy – please use at your own risk.

LEARN MORE:

Dogecoin is a fun, new and rapidly growing form of digital currency.
This form of digital currency is called “cryptocurrency”; a type of digital currency.
Cryptocurrency is completely anonymous, decentralized, and extremely secure.

Dogecoin is used with a wallet on your computer, your smartphone, or a website.
You can use it to buy goods and services, or trade it for other currencies (both other cryptocurrencies or traditional currency like US dollars).

One of the most popular uses for Dogecoin is “tipping” fellow internet-goers who create or share great content. Think of it as a more meaningful “like” or upvote, with real value that can be used all across the internet.

It is very easy to start using Dogecoin.

  • Step 1: Get A Wallet.
  • Step 2: Get Some Dogecoin.
  • Step 3: Use Your Dogecoin.
  • Step 4: Stay Up-to-Date.
More information in the guide below.
Getting Started Guide

COMMUNITY:

Get involved with Dogecoin!

Participate in our Reddit community, chat on our IRC (Internet Chat) channel, or have fun on our forums.

  • Reddit Community – The Main Hotspot of the Dogecoin Community.
  • #dogecoin IRC – Dogecoin-based Internet Chat.
We are friendly, and we will be happy to answer any Dogecoin-related questions.
Try us, we promise we won’t bite!

GET DOGECOIN:

There are numerous amounts of ways to get Dogecoin. You can buy them, trade for them, get tipped, “mine” them, and more. They are surprisingly endless!

You can get tipped Dogecoin by participating in our community. If that’s not your style, the easiest way to have your first Dogecoin is to get them from a faucet.

A Faucet is a website which gives you a small amount of Dogecoin for free to introduce you to the currency! All you need is your Dogecoin address.

Here are a couple Dogecoin faucets:

  • Dogefaucet.com – Enter your address to get some free Dogecoin.
  • InDogeWeTrust.com – Same as Dogefaucet.

You can also buy them or exchange for them with regular money. This is an easy way to get Dogecoin.

Here are some trusted Dogecoin exchanges:

You can also get Dogecoin by “mining” it. Mining is when you use your computer to process Dogecoin transactions by other people, and in return you get Dogecoin.

Mining is intended for advanced users only, as it requires a lot of technical knowledge to do. If you are interested, read more here.

Note: These online faucets and exchanges are not owned or maintained by Dogecoin. While we are satisfied they are trustworthy, reliable services – please use at your own risk.

STORES:

You can shop for goods online with Dogecoin.

Dogecoin is safe during checkout, because you don’t put down any sensitive bank information! Just send your Dogecoin to the address specified by the merchant, and then you’ll have your item processed and ready for delivery in an instant!

Here are some businesses that accept Dogecoin:

Dogecoin’s 60% growth over Q2 proves it should be taken seriously – here’s what happened

Sure Dogecoin is fun, but it’s also a serious project

Story by
Matthew Beedham

Dogecoin has been in development since 2020. Its original creators, Billy Markus and Jackson Palmer, wanted to create a cryptocurrency that wasn’t as stuffy or boring as Bitcoin. They wanted to create a digital coin that was fun, in the hope that it would appeal to a much broader audience than conventional cryptocurrencies like Bitcoin.

Anyone that’s been involved in cryptocurrency for more than a few months will almost certainly have heard of Dogecoin. And if you’ve ever been on the internet, you’ll probably recognize the Shiba Inu “doge” that acts as the Dogecoin mascot.

Sure, Dogecoin might play on the popular internet “doge” meme , but when it comes to cryptocurrency, it’s a serious project.

Dogecoin was originally based on LuckyCoin which is essentially a variation of the Litecoin code, which is itself derived from Bitcoin. Dogecoin uses a similar mining algorithm to Litecoin, called Scrypt. As a result, Dogecoin has smaller block times compared to Bitcoin. The Scrypt algorithm also makes it more difficult to use specialist ASIC mining equipment to mine the coins.

Though it’s not all fun and games for Dogecoin. Back in 2020, the coin was used to successfully raise $25,000 for the Jamaican bobsleigh team to get them to the Winter Olympics in Sochi. It’s the stuff worthy of a movie deal.

One of the main differences between Dogecoin and other cryptocurrencies like Bitcoin, is that it’s inflationary. While there are only 21 million Bitcoins that will ever be mined, Dogecoin has no limit. According to CoinMarketCap, there are over 120 billion Dogecoins in circulation, at the time of writing.

Let’s take a look at how those Dogecoins have performed over the last quarter, but first, a quick recap of how it performed in previous years.

Dogecoin/USD historic performance recap

For two years between July 2020 and March 2020, Dogecoin traded between $0.0001 and $0.0004, with little variation. As with most other cryptocurrencies though, Dogecoin experienced its most notable price increases between mid-2020 to early 2020.

At the end of May 2020, Dogecoin’s trading price rose from $0.001066 on May 16 to $0.003747 on May 23, a 251-percent increase. By late September of the same year , the coin’s trading price fell back towards $0.001134. It continued trading around this price until late November when the coin began to grow towards its biggest rally to date.

Credit: CoinMarketCap Dogecoin’s early performance

Dogecoin reached its all time high price during the cryptocurrency boom across the winter of 2020 to 2020. On January 7, 2020, Dogecoin was trading at $0.017491, a staggering 1,442% up on where it was trading a couple of months earlier.

As was the case with other cryptocurrencies, Dogecoin’s prices fell sharply as 2020 progressed. There were two brief rallies which saw Dogecoin’s price increase noteworthy amounts. The first came in April when Doge’s price jumped from $0.002708 to $0.005868. The second came in late August when Doge’s price jumped from $0.002321 to $0.006575 over a two-week period.

Credit: CoinMarketCap Dogecoin 2020 performance and biggest rally to day

Ultimately though, Dogecoin ended 2020 a long way down from the high is saw in early January. On December 20, 2020 the cryptocurrency was trading at just $0.002360, 86-percent down on its lifetime high seen in January.

Dogecoin has shown few signs of ever reaching a trading price like it did during the 2020/2020 boom: since late last year through the first quarter of 2020 it has traded around $0.002. However, at the start of April, Dogecoin’s trading price started heading skyward. It has been on the up, slowly, ever since.

Credit: CoinMarketCap Dogecoin Q2 April performance

On the last day of Q1, Dogecoin was trading at $0.002075; over the next four days its price rose to $0.003854. This upward trend was seen across numerous cryptocurrency markets. Unfortunately, it was swiftly followed by a correction that saw Doge’s price drop to $0.002873. A notable decrease from its early quarter high, but still 38-percent up on where it opened the quarter.

Dogecoin had two notable rallies in Q2, the first came in mid-May and saw the cryptocurrency’s price rise from $0.002480 on May 10 to $0.003388 on May 16. However, within 24 hours Doge’s price dropped by 16 percent to $0.002849.

Credit: CoinMarketCap Dogecoin Q2 mid-May performance

The second rally came at the end of May, when the coin’s price rose from $0.002968 to $0.003578. As ever, this rally was followed by a dip which saw Dogecoin’s price drop to $0.003010 on June 6.

All these price rises and sudden drops might seem less than stellar for the long term outlook of the coin. However, stepping back and examining Dogecoin’s growth over the entire quarter will be more pleasing to long term holders of the asset.

It may have had its ups and downs this quarter, but Dogecoin started April trading around $0.002086 and ended the quarter at $0.003356, a strong 60-percent increase over the three-month period.

Major events in Q2

As you might suspect, Dogecoin is never far from the meme culture from which it was born. This is not necessarily a bad thing, it maintains interest in the coin and keeps conversations fun and lighthearted. After all, that’s what its creators set out to do.

At the start of April, shortly before the coin‘s major rally of the quarter, Tesla’s head honcho Elon Musk said that Dogecoin was his favorite cryptocurrency . He even changed his Twitter bio to read “CEO of Dogecoin,” it was changed shortly after to “retired CEO of Dogecoin.” Even Musk isn’t above the meme. Whatever the case, Musk’s musings certainly seemed to stir some extra interest in the cryptocurrency.

In more serious news, Doge was listed on Huobi – one of the world’s top 10 cryptocurrency exchanges by reported volume – in April. According to CoinMarketCap, Huobi is one of the top 20 markets for Doge (at the time of writing).

Doge was listed on Huobi on April 4, the day that the coin’s price started retreating from its early quarter high. Seemingly, the anticipation and speculation in the days prior to this listing served as a greater boon to the coin’s price than the actual listing did itself.

Rumors were also afloat that another of the world’s largest cryptocurrency exchanges, Binance, would be listing Doge in the near future. In early July, Binance confirmed rumors and listed Dogecoin, according to a support statement . Doge’s price pumped afterwards and had given a good start to Q3 for the cryptocurrency.

Looking forward to Q3 for Dogecoin

Indeed, Dogecoin getting listed on more exchanges can only be a good thing (assuming those exchanges aren’t ever hacked for Doge).

The meme-based cryptocurrency will have a long way to go if it is to maintain the strength it has shown in the most recent quarter. Given that in the months prior to Q2, Doge had shown few signs of life since the famous 2020 bull run.

But given Doge’s strong, but perhaps a little volatile, second quarter, the short term prognosis is looking good. Presuming it can maintain the interest that has fueled some of its latest rallies, Dogecoin looks many positive, much hodl, very good.

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Past performance is not an indication of future results. This is not investment advice. Your capital is at risk.

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