The curious case of Pandacoins

The following was sent in by a reader, and was complete enough to transpose into an article

I thought you might be interested in some of the stuff that’s been going on with Pandacoin. Specifically that there are three different Pandacoins now.

The first one, launched January 4th, is a Scrypt coin with a max of 21 million coins, a block reward that lowers every day, and uses the Kimoto Gravity Well. It had a 2% premine, but slightly more than half of the premine was given away. Overall, nothing too remarkable about the coin, and it has been fading away.

Then comes the pre-announcement for a new Pandacoin. This coin was created by a pretty well known trader named Wolong. The coin logo even says “In Wolong we Trust.” “Trader” is too nice of a term to describe him however. “Scammer” is much more accurate, as he has fooled dozens of people into giving him their BTC so he can run pump and dumps on multiple coins. Dogecoin, Earthcoin, Unobtainium – the list goes on. A blatant market manipulator.

He even collected over a million Dogecoin to “fund” a book about market manipulation. When recently pressed about releasing this book (as it is behind schedule), he freaked out and said that only his paid followers will get it, because the rest are unworthy. Those who eventually learned to question Wolong got exiled, and the rest blindly follow him with the devotion of a cult. He actually refers to himself as “God” in his private trading channels sometimes.

Wolong’s second Pandacoin has a 3% premine (claiming this is done for “stability”), a max of 100 billion coins (just like Dogecoin) and a block reward system just like Dogecoin. It uses Scrypt Adaptive-N (from Vertcoin) along with the Kimoto Gravity Well. It was made in partnership with the Unobtainium developers. The coin also has an IPO. 50% of the coins go to Wolong directly, “unable to be traded for 6 months.” Another ploy for “stability.” He repeatedly claims he will prevent a pump and dump on Pandacoin, but he is known for doing nothing but pump and dumps across the crypto markets. It’s a full-blown scam of the highest order.

Enter the third Pandacoin. It is being thrown together in a rush to release shortly after Wolong’s Pandacoin by an online group that has grown to absolutely despise Wolong. Its purpose is not to be an actual coin, but simply to directly call into question Wolong’s scam and why the hell he is ignoring the fact that there was already a Pandacoin in existence. It is using Wolong’s coin’s logo but with two minor changes: a subtle edit to make the panda look like it is flipping the bird, and the phrase “Don’t Trust Wolong” replacing the “In Wolong We Trust.” The extra twist here is that it is also a clone of Dogecoin, but does not use Scrypt Adaptive-N or Kimoto Gravity Well, and has no premine.

I hope that you will look into all of this and write up a warning for anyone who might be looking at Wolong’s second Pandacoin. He simply can not be trusted, and he will be creating a lot of bag holders while he runs away with insane amounts of BTC if it starts hitting exchanges.

For more information, I have a few pastebins of his group chats, with brief descriptions of what is inside.
The Dogecoin pump isn’t going his way, freaks out and gives a rant about moving the market.
More Dogecoin pumping, but in a private channel with his followers.
Pumping Earthcoin.
More Earthcoin.

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