When Dogecoin started as a cryptocurrency people flocked to this new cryptocurrency because of the ease to mine the big rewards and the humour it added to the cryptoscene. Dogecoiners are known to tip all the time, and without hesitation for the slightest of things. The humour aspect was what mostly kept the people going and the community growing. Dogecoin has since managed to overcome mining difficulties by implementing Auxpow which allowed it to be mined by other coin miners.
In January 2014 Dogecoin community created the Dogecoin Foundation, which raised nearly $30,000 in Dogecoin to fund a real-life Jamaican bobsledder’s Sochi Olympic Team. Another shibe, Eric Nakagawa, set up a fundraiser, Doge4Water, that raised $32,000, almost entirely converted from dogecoins, for clean water in Kenya. Dogecoin also sponsored a Dogecoin driver for Nascar, John Wise. It was the first time a NASCAR vehicle had been sponsored through cryptocurrency crowdfunding.
People started tipping like crazy. Some days we saw more than 150,000 dogecoin transactions in a 24-hour period. It was the work of one man though Alex Green, founder and director of Moolah, the preeminent company that exchanged dogecoins for other kinds of currency that created controversy.
So along with the good things that happened evil people came that wanted to profit off the community. Scammers and people that wanted to get money abused subreddits and giveaways making money exploiting faucets, tipbots and online wallets with the final nail to the coffin occuring with Moolah. Alex Green a man that almost destroyed Dogecoin with the scams he did. Lots of money were lost along the way with Dogecoin becoming more scarce as time went on and mining was not as profitable anymore. Then the community started turning in on its self a bit more in late June 2014, after /r/dogecoin attacked a gaming accessory company called Ultra PRO after discovering it had filed to trademark “doge” for a line of products based on the Shibe meme.
Notable scams against Dogecoin
The community now is hanging by a thread on its remains. It needs to regroup and fight scammers and ponzi schemes recreating that healthy spirit we had at the beggining. Days are going through and not a single giveaway taking place in the subreddit. In the old days at least 5-10 giveaways were taking place daily with minimum tips ranging from 1000 dogecoin and upwards.
Don’t lose faith and help bring back the spirit