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To us, it was 100% evident that DogeMoon is a scam. We have reported anything to do with DogeMoon with bitter sarcasm… Yet, we have, ourselves, “invested” a significant amount of Doge in the fake operation to demonstrate our personal involvement in the cause and to be able to reject accusations of bias.
Though considerable, the “investment” was discarded as a loss, from the beginning. There was nothing exceptional about DogeMoon; we will invest actual funds acquired from faucet activity in reviewing Eobot (the only cloud mining platform which yet has retained a legitimate reputation), the Luckygames online cryptocurrency casino, etc. However, reviewing every scammy service out there is beyond what we can afford, is quite boring (they are all the same) and would be a constant repetition.
There are basic rules to follow when deciding whether a service is a scam or not:
If it seems too good to be true, it probably is.
A history of payouts means nothing; even if the payouts are real, the nature of Ponzi schemes implies that the first users are paid.
Advertised on a legitimate service? It does not matter.Cointiply advertises scammers all the time. Whatcha gna do?
Registered company? Registered address in the UK? Warning bell, if anything. Extreme secrecy and extreme openness are equivalent. Registering a company in the UK costs about £15 and takes about 15 minutes. A registered address for a company also costs nothing compared to scammers’ profits.
Social media presence means nothing. Twitter and Telegram groups/accounts appear and disappear. Sue them.
Take Freebitcoin‘s annual interest paid to you as a benchmark; 4.08% annually paid to you for an investment is about how much you can safely expect to receive for clicking “send” and doing nothing. 5% a day? Warning bell!
How long does the website exist?Years? Months? Weeks?.. “Since 2015” = good. “12 days…” = sign of a Ponzi scheme.
Just yesterday we wanted to warn that, despite the changes of the price of Dogecoin, Dogemoon.cc “faucet” did not react and pretended to pay out the minimum amount which did not change.
Freedoge.co.in slashed their minimum roll win from 0.22 to 0.09, Moondoge (MoonDoge.co.in is a legitimate faucet which has nothing to do with DogeMoon.cc!!!) have also reduced the speed of gathering Dogecoin by more thant half, while DogeMoon.cc did nothing. It was a clear warning bell, but we have warned our readers so many times that we decided that it was unnecessary…
To all those, who have invested their Dogecoin in Dogecoin Cloudmining services = NOW IS A VERY TEMPTING TIME FOR SCAMMERS TO MAKE A RUN FOR IT WITH YOUR INVESTMENTS.
Dogecoin is inflationary, which means current price rise is exceptional and cannot last forever. Hence, we sense many cloud mining sites shutting down.
Remember Jetco.in? The faucet used to function well (interestingly, its method of work “accumulating” Bitcoin was very similar to Mydoge.co.in‘s “accumulating” DOGE system). Jetco.in used to pay out, the owner used to provide feedback, the faucet used to earn Bitcoin and distribute Bitcoin amongst its users… Until the “distribution” and “feedback” part were removed from the equation.
NOTE: Not all faucet users, whose faucets pull a “magic sleep with you tonight and disappear in the morning act” because they are inherently evil. A faucet’s income fluctuates due to various factors (e.g. an upsurge in competition, percentage of users using AdBlock) and its costs can skyrocket since fiat income will not even begin to cover cryptocurrency costs (remember Bitcoin price December 2017?).
The faucet owner might lose interest in the project. Admittedly, an unimaginative faucet can bore a buddhist monk to death. Or just fail. Failure is no excuse, – exit strategy is an integral part of a business in a turbulent market such as that we find ourselves in. For fuck’s sake, though, even bankruptcy can be executed elegantly. Simply apologise, show your balance sheet, pay out what you can, describe what happened.
NOTE: We at DMYF firmly state that a cryptocurrency faucet can be made into a bulletproof and extremely profitable hassle-free online business. We’ve seen the nations faucets rise and fall, witnessed successes and failures, analysed business models. Mostly, we facepalmed; though at times, we applauded. We know the do’s and don’ts; we have the know-how, ingenuity, experience, knowledge, case studies upon case studies, figures upon figures and we could create a unique, market-leading faucet in no time with minuscule costs and immense ROIs. Our expertise is based upon statistical analysis, market research, prior first-hand experience, a wealth of knowledge and education. In actual fact, designing a profitable faucet is no rocket science; it all is based on the following principles:.. (copy-pasters at the ready? Yeeeeah, right, dream on). Q: Why not do it then, smartass? A: Because we are way more passionate about DMYF and we believe in the future of our project. At DMYF we do what we love doing without the obligation of screwing our clients over. We have dedicated a lot of time and effort into something very few believed in. We have a plan. And once we prove those who paid us no mind wrong, the world shall tremble.
On a more serious note: below, you will read about a BitcoinCloudmining scam called “Tesla Mining“. Funny thing is; we stumbled upon Tesla Mining banner while browsing one of the faucets which we consider legitimate. Naturally, adverts are faucets’ bread, if not bread and butter (with an exception of Freebitco.in and Freedoge.co.in, – the must-have faucets which are 100% ad-free; damn, FBC even offers a Captcha-free hourly Bitcoin roll option!).
Where have the shady ICOs moved when Google & co. kicked their adverts where the sun don’t shine? Faucets. Where are you promised 1000000000% ROI in three hours on some CloudMining website? Faucets.
Yet, do faucets need a source of revenue to pay their users? Yes. Do users like higher payouts? Yes. The morality comes into play when one remembers that “Common Sense 2018” is still not the most popular malware protection software. Besides, how many faucet users are young people working from home?.. What percentage of the target group is gullible?.. How difficult is it to make the connection of legitimate faucet = legitimate adverts?..
Yet, morals are morals, balance sheets are balance sheets and bonuses are bonuses. C’est la vie. DMYF is not some Order of Knights Hospitalier. Neither are we some self-righteous witchhunters or lawful good cryptocurrency paladins (chaotic good would do). Alas, we prefer exposing scammers, not depending on them for a living.
Sadly, most faucet owners’ “business model” is as copy-pasted as their faucets’ scripts, – “advertise, overpromise, attract, generate as much revenue as you can, pay out as little as you can, cut all costs and eventually go bust, – with luck, months after last payout the faucet will generate passive income… Go on a holiday…Rinse, repeat”. Registered at many faucets? Let down by most? Surprise! Chances are, you were scammed by the same person, or group of people.
There are faucet owners who seem to care, but give up too early, thereare honest few simply lacking in financing and/or imagination, or those who genuinely care, but are cursed with the rare “doing everything wrong at the worst possible times“ disease. Others do not seem to have the capacity or desire to learn and are happy to ebank cents, not dollars, – cause hey, – thinking is hard and stuff. Thinking outside the box? Wait, there is a box?..
Narrow-minded, lazy, stingy, greedy, selfish, impatient, arrogant, petty… knowing close to nothing about cryptocurrencies, – typical “gentleman’s kit” of an average faucet owner’s/administrator’s character. We do not predict future, but even applying the 90% rule and saying that 90% of faucets are basically walking dead is sheer optimism.
Market conditions? No, market conditions have nothing to do with it. Reality check: as a part of the market, you are also, to a tiniest degree, hold responsibility for its health.Scamming, cheating, lying, – stop ruining the game for everyone.
Q: Why so misanthrope? A: Cause welcome to the world of cryptos and DMYF, that’s why. Too much negativity? Feel like losing time/=money and get fuck all in return? Navigate yourself to Faucethub’s forum.
Notice how little we mention FaucetHub, despite its “influence”? FaucetHub stands for everything we stand against: nonexistent faucet quality control, draconian fees and lies, lies, lies. Want to waste your time, not get paid and end up used? FaucetHub is your ideal holiday destination.
Want to learn how to earn, or learn how to learn? Want an honest estimate of how much you can “earn” via visiting faucets? Want to read articles written by those, who feel genuine guilt for making one or two mistakes, writing (unpaid) positive reviews about scammers?
Welcome to DMYF. “This is Sparta.”
In isolation, a Faucet’s faulty email address, or even a lack of response, should the address be operational is not a reason to sound the alarms. Wait for the first payout, reports of payouts, or lack of such.
DiceMine’s administration was very responsive when it came to e-mail correspondence.
Coinpot.co is very reserved. Nevertheless, the communication with its users via the “News” section is timely. May the multi-currency wallet live long and prosper.
Dogemoon.cc “Dogecoin cloudmining” operation’s administration is “very busy” to respond. Busy with what? Making the design even more minimalistic? Scheduling a “fun’s over, guys” date? Preparing the next scam mine? Creating a pointless faucet? Or just preparing for hatemail?
As cloudscammingmining goes, Tesla Mining responded promptly, but sank quicker than if the weight of Donald Trump’s ego would be added to the mass of Titanic.
(sidenote; anyone who has read the articles, saw multiple warnings not to invest in Tesla Mining; it was an obvious scam; we only registered there to expose the scam before it got too late and the referral link was added as a “come, check what these guys are really about”. And, we must admit, as a part of a social experiment: how greed can overpower common sense. Probably, Tesla Mining’s promises were just too sweet and our warnings not enough. Greed is one of the main motivators iof human nature.We sincerely apologise to the referral who invested his or her Bitcoin into that scam, however we have nothing to blame ourselves for; we never, ever, ever encouraged investment in Tesla Mining. Quite the opposite. Oh well… Lesson learned, we hope)
Hyper-reactive Support is also not necessarily a good sign.
NOTE: Ask yourself, if your “company”, preparing for an ICO would be composed of a registered address and your mom’s basement, or your “cloudmining” operation would consist of a website designed by that friend of yours who “knows photoshop”, use the cheapest hosting/domain, would you not try to imitate business activity and, at least, respond to e-mails? Twitter accounts, Facebook accounts and even Telegram groups are free.
P. S. While navigating MyDoge FAQ, we discovered the following:
Bad English (another warning bell, by the way) aside… What in the actual holy hell?!
A faucet asking for donations?! For running a script?! Or Cancer Research?! Seriously?!
Do not donate to businesses which are supposed to generate revenue themselves.
We are asking for donations to cover basic expenses, such as quality hosting and a first-level domain.
However, we do not expect any: the rules of free market will determine whether the service we provide to our readers deserves voluntary contributions. In addition to that, we assume that our readers believe that we get a hefty income from referral links (false – i. e. we do not have a single referral on MyDogeco.in).
Other than that, DMYF has no other sources of revenue. Yet we give Dogecoin and Bitcoin away to our readers (eventual goal being a 100% referral income giveaway).
29.01.2019 update: this is an archived article. Learn from our mistakes! Do not take our warnings lightly!
Since we just do not learn from our mistakes and despite our own recommendations regarding never ever ever “investing”ANYTHING into “mining” websites, 99.9% of which are Ponzi schemes (you will get lucky if you jump on the train early on and you will lose all your moneys if you are late to the ball), we have come across a recommendation on (!) FaucetHub (!) forum (!!!) which we followed (!!!) and “invested” our entire DogeCoin savings we earned from MoonDoge Faucet into testing another “Cloud Mining” company.
We previously reviewed Tesla Mining, which boasted promising free hashpower, so we did not have to actually spend any crypto then. Now, we decided to go all in. Why?
Not really. We want to make sure that DogeMoon pays out what it promises to pay out.
However, being careful and cautious, we go to the FAQ section to find out that…
In addition to the minimum withdrawal amount, there is a 4 Dogecoin transaction fee.
Red Alert! Warning bell!
Because Dogecoin notoriously charges very little for wallet to wallet transactions. 4 Doge commission on 50 Doge is nothing but robbery.
Coinpot.co charges nothing for Dogecoin withdrawal (50 Dogecoin minimum).
CoinExchange, a cryptocurrency exchange charges 2 Doge for withdrawal.
LiveCoin, a cryptocurrency exchange charges 2 Doge for Withdrawal.
Why is this important?
Because it is a sign that MoonDoge is a Ponzi scheme and not a legitimate operation.DogeMoon’s primary source of income should be mining, not transaction fees.
Contemplating on that, we remember another issue: it is well-known that Coinpot.co addresses often do not work for deposits. We have contacted Support about this issue (waiting for a reply). Since we do not want our Doge lost in transition, we want to change our withdrawal address. As expected, there is no such function anywhere on DogeMoon.
Our only option is to contact Support. At the very end of the FAQ page, we find the following:
Only very important questions, otherwise we will not answer. email@example.com”
Oh, wow. ORLY??? Do not even bother to contact the administration with a general knowledge question. Make sure your question is important. The administration is very busy trying to multiply your Doge.
Dear Readers, please note that it takes no more than a few hours to construct a website like DogeMoon for a small team of experienced web designers. Maintaining the website is not building the Great Wall of China either.
Now, why is it so difficult to reach the owners of Ponzi Scheme Cryptocurrency Mining websites?..
We have sent an intro e-mail prior to depositing the Doge. Naturally, we received no response. Now we have sent an email asking whether it is possible to change the Dogecoin withdrawal address. We will be surprised if we will receive a reply, however hope dies last…
Staus quo: 50 Doge lies on DogeMoon hanging.
We are not sure we will receive the profits to our Coinpot Doge address, -previously we received an “invalid address” error when trying to transfer Dogecoin from CoinExchange cryptocurrency exchange to coinpot.co, so instead we transferred the Doge to LiveCoin cryptocurrency exchange wallet, as we thought the issue had to do with CoinExchange…. The transfers to coinpot.co wallet were intended to benefit from low exchange rates (but that is a story that deserves another article). Both LiveCoin and CoinExchange are reputable companies, unlike DogeMoon which is, pardon our French, dodgy as fuck.
Since we do not expect a reply for hours and, besides, we do not even know whether our query is important enough for the DogeMoon administration, we are choosing the worst possible option.
As sceptical we are regarding DogeMoon’s legitimacy, we do not doubt that the Dogecoin payout figure is correct. However, what one must focus his or her attention on is how many days DogeMoon has been running for. Hopefully, “why is it important” is a hypothetical question. Subjectively, we feel that our investment is in serious risk.
Circa 20% of our initial investment is ready for withdrawal on day 5.
If you have 100 Dogecoin, you can trust in goodwill of DogeMoon’s owners and “invest” the funds in their Cloud Mining operation. There is no evidence that DogeMoon actually uses the funds acquired from investments towards expanding their mining business.
All you need is a Dogecoin address (do not use your Coinpot address as we did!), which acts as a login. You do not need to create an account to start “earning” the advertised 4.5% ROI a day. Minimum withdrawal is 50 DOGE, minimum investment is 100 DOGE, minimum reinvestment is 100 DOGE. Your earnings are calculated in real time. Other users’ investments and payouts are demonstrated in real time.
Q: What is a Ponzi Scheme? You keep mentioning it in relation to mining websites…
A: See above. A Ponzi Scheme is a financial pyramid which is sustainable as long as investments in the system grow exponentially. Ergo, the first “investors” will receive their “profits” which are generated by people who “invested” funds at a later stage. There is a timer before it all explodes. Since cryptocurrency market is poorly regulated, the amount of scammers using a century-long trick to fool people out of their money is incredible. We are doing our best to warn and educate users about a simple fact: if something is too good to be true, it is too good to be true.
Practical example: Tesla Mining.
Further reading: https://en.wikipedia.org/wiki/Ponzi_scheme
Q: If you are so sceptical about DogeMoon, why did you spend your Dogecoin?
A: To demonstrate the degree of our involvement in testing cryptocurrency services. To show that we are not lying when we state that our mission is to make the crypto world a tiny bit safer. The doge invested in DogeMoon were earned through Moon Faucets. We do not like reviewing mining businesses; alternatively we would have used the Doge to test out LuckyGames, – a cryptocurrency casino!
Q: Are there LEGITIMATE Cloud Mining operations?
A: So far, Eobot’s Cloud MIning service has not gone out of business and has been around for a long time, as these businesses go. Apart from Cloud Mining, Eobot offers a faucet and some other features. Our review of Eobot is pending. In comparison to DogeMoon, Eobot seems more legitimate.
Aside from that, the only vehicle which we would trust when depositing our funds is Freebitcoin.
Q: If you keep repeating how risky Cloud Mining investments are and review DogeMoon negatively, why do you post referral links to their website?! Isn’t that hypocrisy?! A: No. First of all, referral links help us track the number of people interested in our articles. Secondly, should a visitor find the article informative, decide to create a DogeMoon account and manage to make a profit, why should we say “no” to some extra income from DogeMoon? The referral income does not come out of a user’s pocket. Finally, this article is merely part 1 of the review. We will publish part 2 in five days time; a lot might change in five days.
P. S. We do not offer investment advice, we do not recommend investing in Cloud Mining operations, we do not offer financial advice. All information mentioned above is a reflection of personal experience and is published for entertainment purposes. When making a financial decision, please contact your financial advisor.
Ergo, Cointiply is not down. According to the “News” section…
Cointiply “had problems with their SSL certificates”. Whether you want to trust them or not is up to you. We do not trust anyone by definition. A SSL problem is fixable in a matter of days at most.A “technical issues” excuse is a century-old trick that online businesses use to avoid paying you.
Q: Is Cointiply legist or is Cointiply a scam?
A: So far nothing indicated Cointiply being a scam. However, a security error which scares visitors away and which appeared around the time when people have reached their payout thresholds…
We do not think Cointiply is cashing out and shutting down, but the certificate error is a warning bell. We clearly remember what was happening with CCRB website when the time to pay their customers (they never did, of course) came, – at one point, their “portal” was reduced to one (!) page which screamed “buy our tokens!”.
Q: Can Cointiply just “disappear”?
A: Hell yes. Tesla Mining even had a registered company address on their website (buying a mailbox for business purposes costs almost nothing in the UK, – NEVER be fooled by a “London address”). Then Tesla Mining just disappeared, going on a summer holiday along with your “investments”. Do you know where Cointiply is based? (we do) When we asked Cointiply a simple “where are you based” question, they have given us a rubbish “anonymity” answer.
We are not saying that the faucet will disappear. What we are saying is that a persistent security issue is not a good sign.
P. S. We have contacted Cointiply asking for some clarity in the matter. We will keep you posted. For now, do not purchase their premium account and consider reaching for a withdrawal. Do not give up and do not let a faucet win, – always make them pay you for your time.. At least once.