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Dogecoin started as a whimsical digital currency. Then one company started to suck the fun out of it. Rather, it was disproportionately the work of one man, Alex Green, founder and director of Moolah, the preeminent company that exchanges dogecoins for other kinds of currency. Over the past four months, Moolah has quietly cornered the market on all things Dogecoin, attempting to turn an Internet novelty into serious business. Such a low price lets users give away their imaginary Internet joke money without batting an eye.

It was the brainchild of Jackson Palmer, an Australian excited by digital currencies like Bitcoin. Because of its heavy price tag, people often buy just a few bitcoins at most, then hold onto it tightly like a greedy gold speculator. By contrast, you can often get dogecoins for free, just by asking.

Or you can buy them for dogecoin death star cheap—a few dollars will get you thousands. At times, Dogecoin has been traded significantly more frequently than any other cryptocurrency, even though there is relatively little you can buy with it. For eight days between Dec.

People started tipping like dogecoin death star. Some days in that period saw more thandogecoin transactions in a hour period. No other cryptocurrency has ever been traded with anything even close to that kind of frequency. Even Dogecoin death star, four years older than Dogecoin and with more than five times as many active users, has never hitexchanges in a day—even when it was worth next to nothing.

Someone else noticed this frenzy. He saw a burgeoning empire, and a way dogecoin death star himself to sit on top. When it comes to his life offline, Green is a fiercely private person.

He registered an earlier version of the website of his burgeoning company, Moolah. He also uses his Reddit persona to personally address customer issues that reguarly make their way on to the subreddit. In March, Green filled out the paperwork to register Moolah as a proper U. At first, he wanted to provide digital wallets that could be used for dogecoin death star kinds of online currencies, then to sell Dogecoin ATMs, which still have not shipped.

He envisioned the company not just as a service to exchange Dogecoin for a bunch of other kinds of currencies, including both Bitcoin and U. But unlike most users, he tipped big enough for others to notice. More users pestered him, and he snapped.

He added, correctly, that it was a viable, albeit sneaky, form of paid advertising: Dogecoin was an untapped market, and Moolah quickly billed itself as the go-to place to trade it.

No one stood to make more money from the currency than Green. Like before, Green appeared to shrug it off and challenged other users to match him. One didand the Dogecar came to fruition, with at least 60 percent of its funding coming directly from Green or at his urging. Three rounds have since completed, and according to investor documents obtained by the Daily Dot, a fourth one had raised In June, the SEC charged another Bitcoin entrepreneur, Erik Voorhees, for soliciting money for investments in dogecoin death star startups, which he advertised on Bitcoin forums and Facebook.

A number of finance attorneys who spoke with the Daily Dot agreed that slices of Pie certainly constituted securities, and a number of investors confirmed to the Daily Dot that Moolah never vetted whether they were accredited before selling. Green has insisted that he hardly sold to Americans: They appeared in the FinCEN database, which the agency dogecoin death star the Daily Dot is updated at most every five business days, a few days after that. Christine Duhaime, an attorney who specializes in dogecoin death star and institutional regulatory dogecoin death star and is working on a book about Bitcoin law, said the lax filing schedule is common for cryptocurrency-related startups.

A lot decide to not to [register] dogecoin death star the U. Throughout this confusion, much of Green and Moolah remained shrouded in mystery. The company was registered with a Swiss address, then Moolah announced plans to create a physical office in Ireland, then in England. Green refused to even confirm to the Daily Dot that more than one of his employees had ever met him in person, though he later wrote on Reddit that he had just taken two to see a movie. Neither Palmer nor Doernberg argue him there.

In that sense, Moolah absolutely won. Palmer stepped down as a moderator, too. On May 8, Eric Nakagawa, who created Doge4Water, stepped down from both the foundation and as a moderator. Other formerly prominent members joined suit. On June 6, one of the remaining moderators, lleti, admitted being hired by Moolah—though that only lasted for a few weeks, before he or she resigned as a moderator. But the comments from the community there told the real story.

The elephant in the room, though, is that, as a functioning cryptocurrency, Dogecoin already peaked months ago, and it has declined steadily since. The heyday of rapid Dogecoin trading are long gone; the last time it was traded more than 50, times in dogecoin death star day was Feb.

As of this writing, it sits behind not only Bitcoin in total price but also lesser-publicized and lesser-traded cryptocurrencies like Litecoin dogecoin death star, Peercoin, and Darkcoin. Some of it dogecoin death star nothing to do with Moolah: On Tuesday, a new group Dogecoiners announced they were starting a new Dogecoin Foundation.

And just as no one stood to gain from a surging Dogecoin as Green, no one stands to lose as much as him if it fails, either.

Dogecoin death star has responded to this article dogecoin death star the Moolah blog hereand says Moolah was a sponsor of the Dogecoin party in New York City.

We have updated the article with this information. We have updated the language above for clarify. In OctoberGreen admitted he had legally changed his name soon before starting Moolah. A former senior politics reporter for the Daily Dot, Kevin Collier focuses on privacy, cybersecurity, and issues of importance to the open internet.

Since leaving the Daily Dot in Marchhe has served as a reporter for Vocativ and a cybersecurity correspondent for BuzzFeed. Meet Dogecoin death star, the company that has Dogecoin by the collar. These Netflix shows will whet your appetite Chris Osterndorf — May 7. Meet Moolah, the company that has Dogecoin by the collar Kevin Collier —. Doernberg refused to comment for this story, citing legal threats from Green. Additional reporting by Rob Price and Ned Donovan.

Photo remix by Jason Reed. Kevin Collier A former senior dogecoin death star reporter for dogecoin death star Daily Dot, Kevin Collier focuses on privacy, cybersecurity, and issues of importance to the open internet. Up next after the break: Recommendations Donald Trump Apple vs.

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