Coins, Editor's Choice, Featured, Mining, News, Scams

DogeMoon” Dogecoin Cloud Mining Investment – Review (part 1)

29.01.2019 update: this is an archived article. Learn from our mistakes! Do not take our warnings lightly!

DogeMoon dogecoin invest review
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.

invest dogecoin
Goodbye, hard-earned Doge…

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?

Off-topic:

DMYF is a non-profit portal. What little we earn from referring users to Faucets (and spending hours writing guides, articles, news, etc.) we use for:

– Testing Exchanges
– Testing Faucets
– Testing Wallets (e. g. how fast Coinpot releases funds)
– Exposing scammers, – making sure a criminal does not run away with thousands of your dollars.
– Improving our Website (this is where we need your kind help, – read more)
Giving it away to you, our readers.

As you can see we are willing to spend our own crypto to test a service or expose a scam. For the sake of your safety.

We believe in our cause.

Back to DogeMoon.

So, it took about a DAY for our deposit to reach DogeMoon‘s autogenerated deposit address. We were starting to get nervous, but eventually…

multiply your doge
A deposit of 252.18 Doge has reached the Cloud Mining service. DogeMoon offers 4.5% a day from amount of your deposit.

So, not so long ago we checked our balance to find out that…

dogemoon legit or scam.png
…we have reached the minimum withdrawal.

Now, we are faced with a dilemma: DogeMoon offers its users to “reinvest” the Doge they “earned” instead of withdrawing them. Tempting?

moondoge withdrawal.png
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…
moondoge minimum withdrawal amount.png
In addition to the minimum withdrawal amount, there is a 4 Dogecoin transaction fee.

Red Alert! Warning bell! 

Why?

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:

“HOW CAN I GET IN TOUCH WITH YOU?

Only very important questions, otherwise we will not answer. admin@dogemoon.cc”

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.

Since we believe that money should always be working to make more money, we decide to “reinvest” our “profits. 

invest doge multiply doge doge mining doge profit mining passive doge mining cloud doge mining
…only to find out that…

invest doge low minimum payout

The minimum reinvest amount is 100 Doge.

Was it mentioned anywhere in the FAQ section?

Hell no.

Red Alert. Mayday, Mayday! Warning Bell!

What’s the panic? Well… CloudMining Websites are short-lived.

DogeMoon Dogecoin Cloud Mining Investment Vehicle: Preliminary Summary and Part 1. Conclusion:

how old is dogemoon how old dogecoin cloud mining
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.

Note: your deposit lasts 30 days.

Q: Is 4.5% daily ROI a lot? 
A: It is insanely a lot. Freebitcoin offers 4.08% annual return, or 0.0109589% daily return on your Bitcoin savings, – that is realistic. What DogeMoon promises is viable only as long as new users keep registering and sending their Dogecoin to the website’s address. That is, unless the creators of DogeMoon know something about economics, cryptocurrency, investments and mining that we don’t.

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: Is DogeMoon associated with MoonDogecoin?
A: NO! DogeMoon is exploiting the name of a popular, legitimate faucet which does pay out Dogecoin. Want to add legitimacy to your shit brand? Try to associate with something popular. CCRB’s CEO shakes V. Buterin’s hand on a summit CCRB sponsored? That photo was the reason CCRB sponsored the forum. Vitalik Buterin will NEVER appear anywhere close to a CCRB official. CCRB’s CEO signs a deal? The caption mentions “Canary Wharf offices”. Tesla Mining mentions an address? They have an office! Moreover, it is a London address! Must be legit!.. Disgusting, right?..

…or maybe, sometimes Moon is just a Moon.

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.

To be continued…
Featured, Guide, Mining, News, Scams

Tesla Mining – “free” Bitcoin Mining… What’s the catch?

As we have previously mentioned, we created an account with Tesla Mining, a “Bitcoin mining” company(website) which offers 200GH/s lifetime hashpower to anyone who creates an account… for free. 

DISCLAIMER: We created the account in order to find out more about “mining” companies and we are NOT advertising Tesla Mining. Moreover, we do not recommend investing in “mining” companies which advertise their services online as most of these companies are scams

Since the minimum payout is 0.0005 BTC, while monthly “base” “earnings” are 0.0006 BTC, we are extremely curious as to whether Tesla Mining will pay out, since the hypothesis is that it is merely a prime example of a ponzi scheme, its business model is based on client network expansion and it is unsustainable in the long run.

Not only Yesla Mining offers 0.0006 BTC monthly, but 7% of referral earnings, so… What is the catch?..

Well, finally, it became evident that, unless a referral makes a purchase, you will not earn anything. Voila!

Is that mentioned on the company’s website? Hell no!

tesla mining bitcoin mining cloud mining free hashpower scam
LIE!!! In truth: YOU WILL EARN NOTHING unless your referral makes a purchase.

According to “support” which, surprisingly, responded to our question (note the English of a customer support representative who works for a “UK-based” “company”):

tesla mining faq

Surprise!.. Naturally, our second question was left unanswered:

tm
If you will see anyone advertising the opportunity of making a purchase from Tesla Mining… You get the gist.

Ergo: Tesla Mining inadvertently encourages registrants to promote its paid services and its FAQ provides misleading information. “Support” avoids answering uncomfortable questions… All signs of a scam.

To be continued.

Giveaway, Mining, News

Tesla Mining

It is known that most “mining” companies actually “mine” users’ deposits (Ponzi scheme) and disappear, once the pyramid crumbles under its own weight (when new deposits are not enough to cover the payouts to those who made deposits earlier).

Tesla Mining offers its users 200 GH/s active hashpower for free, though. Yep, for free. Which results in…

free bitcoin mining.png

…and sounds completely unsustainable.

The FAQ section boasts:

mine bitcoin tesla mining free hashpower

…yeeeah, riiight.

At the moment, Tesla Mining houses circa 1500 users, according to its front page, which is young for a “mining” Ponzi scheme.

Time will tell whether the “free hashpower” is a simple scammer’s trick, or miracles exist.

We have registered on Tesla Mining and will post “insider” reports.

NOTE: Can’t resist the FOMO? Feel like being a part of the experiment? Feel free to sign up using our referra link, but DO NOT EXPECT ANY PAYOUTS, or ANYTHING AT ALL, apart from entertainment value. Moreover, should you wish to register, we would recommend refraining from disclosing your personal e-mail address, or any other personal details. Moreover, we DO NOT recommend investing in Tesla Mining, or similar companies, as so far, it all screams “SCAM”.

Many Ponzi Schemes pay out to their first registrants, however in the end, they all fall. 

Typical signs of scammy “cloud mining” operations (questions you need to ask):

What is mined? Where is it mined? Who are the team behind the project? Can you contact the developers?  Is the website well-designed and well-written? What does Google say? Does the business model seem sustainable?

Be careful out there.

Coins, Markets, News

NEWS: Ripple under fire, Google “bans” “mining” extensions

ripple

Reportedly, Ripple tried to buy its way onto Gemini and Coinbase, offering exchanges millions of USD-worth of incentives, should XRP become listed within Ripple’s desired timeframe.

“It’s not necessarily unusual to pay for a cryptocurrency listing. Costs range from $1 million “for a reasonably regarded token, to $3 million for an opportunity to get quick liquidity,” – report from Autonomous Research

In Ripple’s case the narrative of the report is rather negative, – the underlying message being “shouldn’t the brand sell itself by now’?. However, Ripple’s marketing campaign is often aggressive to the extent of desperation.

Meanwhile, “mining” extensions are removed from Chrome’s official store. Although in this case, the decision is simply common sense, unfortunately, the news are worded as if cryptocurrencies suffers yet another “ban”, which does not improve the overall health of the market. The “ad ban” was actually beneficial to the market altogether, according to some; the mining extension removal was just a matter of time.

“The only people who are going to be worried are the people who don’t have good intentions. If you allow these bad apples to remain, you lose consumer confidence from the masses.” – Arran Stewart, co-owner of Job.com

Read more:

https://www.bloomberg.com/news/articles/2018-04-04/ripple-is-said-to-struggle-to-buy-u-s-listing-for-popular-coin

https://www.wired.com/story/cryptocurrency-industry-might-benefit-from-ad-ban/

https://ethereumworldnews.com/beware-avoid-these-7-cryptocurrency-scams-happening-right-now/

https://www.bloomberg.com/news/articles/2018-04-03/crypto-exchanges-charge-millions-to-list-tokens-autonomous-says

https://www.ccn.com/google-crackdown-on-all-cryptomining-extensions/

Bugs, Mining, Scams

Make sure that…

…you regularly run a malware check using reputable antivirus software.

Finiding hidden mining scripts injected in your browser by an untrustworthy faucet (or even an “ICO” site or a “crypoinvestment portal” are not a joke.

malware

Look through your browser’s extensions; under “security” categories you should find a few anti-miner plug-ins.

Coins, Important, Mining, News

New mining solution… Bitcoin is coming!!!

Mine coins while… Heating up your house. Bright minds at Quarnot, a French company, came up with an interesting mining solution: a device which uses the heat generated from Bitcoin mining for heating up a space. Profits from heating/mining can be monitored through an app or the heater’s LED screen. The insides of the heater are: two AMD graphics processing units (GPUs) (Sapphire NITRO+ Radeon RX 580 with 8GB of RAM). No operating system, or a hard drive are included.

“The heat of your QC-1 is generated by the two graphics cards embedded in the device and mining cryptocurrencies or blockchain transactions: While heating, you create money.”

NOTEQarnot doesn’t take a cut of the crypto your QC-1 mines!

If you are mining bitcoin using QC-1, the price of $3600-per-unit might scare you off and some sceptics, i. e. Jayce Wagner claim that “Nobody is going to buy one of these things and strike it rich, that part of the cryptocurrency boom is probably over”.

(source – https://www.express.co.uk/finance/city/929758/cryptocurrency-news-bitcoin-news-cryptocurrency-space-heater-crypto-news-bitcoin)

That’s it, guys.  Cryptocurrency mining boom is over. You will not trike rich. Mr. Wagner has spoken. The end.

🙂

We wonder whether Mr. Wagner has contemplated that the profitability of mining Bitcoin and the profitability of mining an altcoin can vastly differ in favour of the latter?

“The GC-1 mines ether by default, but the user can direct the device to mine another cryptocurrency, such as litecoin or bitcoin. Using the current price of ether as a base, Qarnot estimates their cryptocurrency heater can mine an average of $120 worth of ether per month.”

easily mine bitcoin altcoin etherium while heating up your house
This is what the heater/miner looks like.

Read more: 

Official Site: https://www.qarnot.com/crypto-heater_qc1/

Futurism article: https://futurism.com/cryptocurrency-heater-qarnot/

Important

Moon faucets claim earnings calculation

Below you can find a breakdown of Moon Faucets’ payout accumulation structure,  relevant to the 6th of Match 2018. Please use the table as a reference only: it does not take into account the mystery bonus, loyalty bonus, mining bonus, offerwall earnings or referral bonus. With advantage of the bonuses, the figures can be multiplied by 300%, excluding referral earnings; the table of earning will fluctuate in accordance to the market changes. Continue reading “Moon faucets claim earnings calculation”