Elon Musk sued for 258 billion USD over alleged Dogecoin pyramid scheme.

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Quote from: serjent05 on June 27, 2022, 03:23:11 PM

Quote from: davis196 on June 17, 2022, 05:20:09 AM

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

I am not a doge supporter but I think Dogecoin isn't a cryptocurrency that practices a pyramid scheme. There is no company that requires anyone with a fixed entry to enter the market. People are not required to recruit anyone and get a reward. Dogecoin is in an open market so anyone who is buying or selling dogecoin isn't forced to or doesn't have a compulsory amount required to enter the market. If you tag Dogecoin as pyramiding because of the notion of " buying low and waiting for someone to buy at a higher price "then everything in the market is a pyramiding scheme.

and thus, this is why i don't think plaintiff keith johnson will be successful in this case. musk is not the dev or owner of this meme coin in the first place. musk is just one of the supporters or owners of doge coin but not the owner. so don't know how johnson will win this billion-dollar case. and also, we all know that doge is not running a pyramid scheme. if someone is thinking about such scheme, then he really doesn't know altcoins specifically this old meme coin. he will soon understand that his legal move is useless. let's see...

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

I am not a doge supporter but I think Dogecoin isn't a cryptocurrency that practices a pyramid scheme. There is no company that requires anyone with a fixed entry to enter the market. People are not required to recruit anyone and get a reward. Dogecoin is in an open market so anyone who is buying or selling dogecoin isn't forced to or doesn't have a compulsory amount required to enter the market. If you tag Dogecoin as pyramiding because of the notion of " buying low and waiting for someone to buy at a higher price "then everything in the market is a pyramiding scheme.

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This is always the problem with trees bearing tasty fruits; they get thrown stones at to get fruits down. People want to grab something out of rich people, a bite kind of. Elon Musk is the richest man on planet earth. I expect controversies around him, whether justifiable or not. Let's critique this case at hand. How is Elon going to be held responsible for anyone's loss in Dogecoin? I haven't read where he told people he was a financial expert and that they should bring their cash to him for investment. Anyone who followed and read his tweets or posts to be a go ahead to invest in Dogecoin or any other crypto did so because they wanted to milk the situation and make money. So, if they had tripled their investment through him; would they've given him cuts or commission? Come to think of it, how is Dogecoin a Ponzi?

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Quote from: Cling18 on June 23, 2022, 11:54:53 AM

Quote from: GowithMi_GMAT on June 23, 2022, 11:41:45 AM

I just heard the news, nor am I part of doge coin supporter or elonmusk follower all the time. from the start I just thought of capitalizing on the hype on doge altcoin investment and exiting after making a profit. but there is no denying that what Elon said at that time has caught the attention of big investors by tweeting about "doge coin". But we also have to think that investment is high risk if you make a decision then you must also be prepared to face the risk. It is very unethical to have anyone sue or blame Elon just because they have lost big money after investing in doge coins.

Elon's statements before have convinced lots of investors but it's the people who made their decisions and he didn't force anyone to believe him. I mean, it's the investors who took the risks because they trust his statements. First of all, in all types of coins regardless of the hype, we should know what we're entering. We must keep in mind that crypto investment has its risks and it isn't always profitable because there will always be times when a coin might fail. We should be mindful of our decisions and not rely on others so we won't blame anyone in the end.

We will have to wait and see how things end up for Elon but I doubt this lawsuit is going to become successful precisely because of what you said, investors need to take responsibility for their actions and it seems to me the people that are suing Elon just do not want to admit that they let themselves become overly confident in a meme coin that at the end of the day holds no value, they are the ones that decided to invest in it and as such they are the ones that should have to deal with the losses.

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Quote from: GowithMi_GMAT on June 23, 2022, 11:41:45 AM

I just heard the news, nor am I part of doge coin supporter or elonmusk follower all the time. from the start I just thought of capitalizing on the hype on doge altcoin investment and exiting after making a profit. but there is no denying that what Elon said at that time has caught the attention of big investors by tweeting about "doge coin". But we also have to think that investment is high risk if you make a decision then you must also be prepared to face the risk. It is very unethical to have anyone sue or blame Elon just because they have lost big money after investing in doge coins.

Elon's statements before have convinced lots of investors but it's the people who made their decisions and he didn't force anyone to believe him. I mean, it's the investors who took the risks because they trust his statements. First of all, in all types of coins regardless of the hype, we should know what we're entering. We must keep in mind that crypto investment has its risks and it isn't always profitable because there will always be times when a coin might fail. We should be mindful of our decisions and not rely on others so we won't blame anyone in the end.

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I just heard the news, nor am I part of doge coin supporter or elonmusk follower all the time. from the start I just thought of capitalizing on the hype on doge altcoin investment and exiting after making a profit. but there is no denying that what Elon said at that time has caught the attention of big investors by tweeting about "doge coin". But we also have to think that investment is high risk if you make a decision then you must also be prepared to face the risk. It is very unethical to have anyone sue or blame Elon just because they have lost big money after investing in doge coins.

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Quote from: naira on June 20, 2022, 10:52:07 AM

Quote from: jaberwock on June 20, 2022, 10:18:21 AM

Quote from: davis196 on June 17, 2022, 05:20:09 AM

~snip

Don't worry I also think this was the first post here in the forum but I saw lots of this in my social media feeds. According to what I read elon isn't guilty about it. He didn't scam anyone but it was the fault of the people that follows what he tweets and I think Elon didn't tweet something like "buy doge coin as this is the best coin" tweets like that.

To the question if dogecoin is a pyramid scheme? I think no? Because, dogecoin still has some use case and many top platforms accepts it but a real pyramid scheme coin, cant be like that and the only way for them to gain a value is when more people gets in and then the founders will exit the project, taking all the money of their investors.

I see this as the opposite, how the claim arose from the victim of Dogecoin price manipulation that Elon tweeted. Elon Musk is not guilty or coercing his followers, but as we can see, every tweet has boomeranged which is considered mandatory for followers to follow. The funny thing is they think that by dropping millions and even billions of dollars on Doge hoping to get a higher multiple.

As a twitter user, Elon also has to pay attention to what he says is a weapon that can be deadly.

However in order for the charges to actually go somewhere those which accuse him will have to prove that Elon did in fact benefited from such statements and that they were made with that intention from the beginning as a way to manipulate the market, and this is something that is doing to be incredibly difficult to prove no matter how I look at it, so I do not think that the charges are going to have any chance of actually being proven.

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Quote from: fuguebtc on June 17, 2022, 09:58:21 AM

Quote from: crypto-project on June 17, 2022, 09:38:49 AM

I'm still confused why would anyone want to sue Elon on the grounds that Dogecoin is a pyramid scheme? if you follow what Elon says and buy dogecoin hoping that in the future that token will go up and then you lose and blame Elon, then that's your stupidity, why do you believe what he said? To be honest, from the past until now I didn't buy crypto because of someone's opinion, I bought it because I really believe in the token, not because of what Elon said.

Most likely Johnson is the doge holder and he has suffered a heavy loss. He didn't want to blame himself so he came up with a silly way to blame Elon. It is true that Elon has a good word for doge but he clearly does not force or guarantee doge holders will never lose. He's like all the shillers out there, putting his own interests first. If you entered investing through someone's word without doing any research, it's your fault.

Yeah, that's what I thought too. It's possible that he's at a loss and wants to get some free money by suing Elon. Even though he lost it because of his stupidity.

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Quote from: Psynthax on June 20, 2022, 05:52:39 PM

as far as I know elon himself never really pursue anyone into investing in dogecoin...

I can't refute or confirm your words, but I know for sure that a year ago Elon Musk bought Dogecoin for his one-year-old son, which he tweeted about: https://twitter.com/elonmusk/status/1359519541219500033 After the publication of this message, the price of Doge immediately increased by 31% from 0.06 to 0.081 dollars.

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Quote from: nicedreams on June 20, 2022, 12:28:33 PM

Quote from: wheelz1200 on June 20, 2022, 10:26:07 AM

It's not a pyramid scheme but last year it definitely acted like it. No reason for that run up and now people are paying the price. Didn't help that you have someone like elon who has nothing to lose pumping the coin with his dumb tweets. Getting sued though is rediculous. People don't take financial responsibility when they make dumb moves. Own it.

No, when you are a famous figure or influencer in US, everything you do can be sued if people found of your influence does have an impact on people's decisions. I said the case is pretty legit since even you agree there was acted like it last year.

My point is that we have gotten away away from personal responsibility now adays. Like the old adage goes if he told you to jump off a cliff would you? I mean the coin was made as a joke and is basically a clone coin that even the creators said took about 10 minutes of unique coding otherwise it's just copy paste, change the parameters and poof. If you are dumb enough to stick anything significant into that project than shame on you regardless of who is pumping it. Why can't people think for themselves anymore?

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see the tweet that Elon wrote recently about that Elon Musk still fully supports Doge. so I don't think the lawsuit bothers Elon too much. so he seemed to be relaxed about it. because indeed Elon never directly tried other people to buy doge or invest in doge. so i think the evidence will not be strong to sue elon so i guess this lawsuit will sometimes be withdrawn.

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Quote from: tvplus006 on June 19, 2022, 05:21:14 AM

It seems that this lawsuit did not scare Elon Musk, as a few hours ago he posted another tweet in which he said: "I will keep supporting Dogecoin" - https://twitter.com/elonmusk/status/1538406040374595585 This means that Elon Musk understands the absurdity of this lawsuit and will continue to shill Dogecoin.

as far as I know elon himself never really pursue anyone into investing in dogecoin, he just make a silly tweet with some kind of hints, starting out as a joke and later on so many these so called memecoin always consider elon's tweet as their divine clue of investing in meme coins.
I guess these lawsuit just gonna be a bygone since it seems so and suing elon feels kinda illogical.

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Quote from: Retainly_Collie on June 20, 2022, 04:06:28 AM

I also have a lot of problems with this market manipulation by the big influencers in this market, not only for dogecoin but other things when someone says good or makes FUD about it. Although to be honest, Elon is funny when he talks about Dogecoin too much, and it is also an excuse for other bad guys to manipulate prices and negatively affect the market, creating trends that I find ridiculous. kid. But the person affected by the loss should also learn to blame themselves rather than blame others. When the decision is in your hands and you are taken advantage of, it is easy to blame.

I agree with you, I hate that these big names (and he has like 100 million followers so it matters) manipulating the market and that is a terrible thing. But the crypto world is not in the financial security of any specific nation, it is an independent thing.

So, places like SEC can't say that he is doing manipulation, SEC can't sue you for manipulating Nigerian stock market for example, or like British stock market, those are out of their jurisdiction and they can't do anything about that. This is the same thing with crypto as well and it is not up to SEC to see if Elon manipulated or not, even if he did that doesn't say that he did the wrong or right thing.

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Quote from: wheelz1200 on June 20, 2022, 10:26:07 AM

It's not a pyramid scheme but last year it definitely acted like it. No reason for that run up and now people are paying the price. Didn't help that you have someone like elon who has nothing to lose pumping the coin with his dumb tweets. Getting sued though is rediculous. People don't take financial responsibility when they make dumb moves. Own it.

No, when you are a famous figure or influencer in US, everything you do can be sued if people found of your influence does have an impact on people's decisions. I said the case is pretty legit since even you agree there was acted like it last year.

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Quote from: jaberwock on June 20, 2022, 10:18:21 AM

Quote from: davis196 on June 17, 2022, 05:20:09 AM

~snip

Don't worry I also think this was the first post here in the forum but I saw lots of this in my social media feeds. According to what I read elon isn't guilty about it. He didn't scam anyone but it was the fault of the people that follows what he tweets and I think Elon didn't tweet something like "buy doge coin as this is the best coin" tweets like that.

To the question if dogecoin is a pyramid scheme? I think no? Because, dogecoin still has some use case and many top platforms accepts it but a real pyramid scheme coin, cant be like that and the only way for them to gain a value is when more people gets in and then the founders will exit the project, taking all the money of their investors.

I see this as the opposite, how the claim arose from the victim of Dogecoin price manipulation that Elon tweeted. Elon Musk is not guilty or coercing his followers, but as we can see, every tweet has boomeranged which is considered mandatory for followers to follow. The funny thing is they think that by dropping millions and even billions of dollars on Doge hoping to get a higher multiple.

As a twitter user, Elon also has to pay attention to what he says is a weapon that can be deadly.

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

About time. Elon Musk is an egomaniac Steve Jobs 2.0 with absolutely nothing of worth to support his huge ego. The richer he becomes the more of an egomaniac he turns into. Why anyone adores him is a mystery to me.

Literally everything he does is to stroke his own ego. He is not a scientist and certainly not an inventor. He gets other people to invent half-baked stuff for him and just hypes it up. Dogecoin is just him playing the market for personal gain and fame.

His cars catch fire arbitrarily, his rockets rarely land the way they should, he has already basically scrapped the mars plan and is now concentrating on stroking his massive ego with smaller projects and his space internet (Even though he has to keep sending up satellites because they keep falling out of orbit)

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

It's not a pyramid scheme but last year it definitely acted like it. No reason for that run up and now people are paying the price. Didn't help that you have someone like elon who has nothing to lose pumping the coin with his dumb tweets. Getting sued though is rediculous. People don't take financial responsibility when they make dumb moves. Own it.

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

Don't worry I also think this was the first post here in the forum but I saw lots of this in my social media feeds. According to what I read elon isn't guilty about it. He didn't scam anyone but it was the fault of the people that follows what he tweets and I think Elon didn't tweet something like "buy doge coin as this is the best coin" tweets like that.

To the question if dogecoin is a pyramid scheme? I think no? Because, dogecoin still has some use case and many top platforms accepts it but a real pyramid scheme coin, cant be like that and the only way for them to gain a value is when more people gets in and then the founders will exit the project, taking all the money of their investors.

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Quote from: avikz on June 17, 2022, 08:15:10 AM

I am not an avid supporter of Elon but I am not hapoy about this news. Dogecoin is not a pyramid scheme, it's just a normal POS coin. Elon indeed created hype about dogecoin in the market using his influence over the social media and probably made couple of millions from this activity.

But one thing we need to understand that Elon is one of the most prominent supporters of cryptocurrencies in general. While the confidence about cryptos are low, we need someone like him to raise his voice to support cryptos. Instead he is getting sued. That's unfortunate!

We knew something like this was eventually going to happen as Elon is simply too powerful and any type of comment about in which coin to invest could have been taken by someone as a recommendation coming from Elon, so when they lost their money they were mad and now they are suing him to get that money back, do I think they will succeed? No, but that is going to be enough to reduce the number of comments Elon makes about dogecoin.

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I also have a lot of problems with this market manipulation by the big influencers in this market, not only for dogecoin but other things when someone says good or makes FUD about it. Although to be honest, Elon is funny when he talks about Dogecoin too much, and it is also an excuse for other bad guys to manipulate prices and negatively affect the market, creating trends that I find ridiculous. kid. But the person affected by the loss should also learn to blame themselves rather than blame others. When the decision is in your hands and you are taken advantage of, it is easy to blame.

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Quote from: zasad@ on June 19, 2022, 06:00:50 AM

"The lawsuit is written to represent the people who have lost money while trading Dogecoin since April 2019. The exact numerical figure on the lawsuit comes from Johnson’s claim for $86 billion in damages, which his lawsuits requests be tripled."
https://en.as.com/latest_news/why-has-elon-musk-been-sued-after-dogecoin-pyramid-scheme-accusations-n/
Who cares how these people lost about $86 billion?

SEC care if they see there is strong evident show Elon Musk using his influence to pump the price of Doge (which he did) and then dump the coins he accumulated beforehand. Of course, the latter will need some serious evidence to make the accusations true.

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Although I don’t own the smallest fraction of Dogecoin and personally I don’t believe in the coin, i still don’t think that Dogecoin is a pyramid scheme, rather I choose to view Dogecoin as a memecoin that wasn’t heading anywhere until it got its major influence from one of the richest men in the world and an obvious business tycoon this support boosted Dogecoin to unimaginable height and I believe it must have also shocked the owners of Dogecoin that they could do such high numbers, I believe this all this commotion won’t affect Elon musk in any way.

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I think almost all cryptocurrencies are a kind of pyramid scheme because those who buy at the beginning will not be affected by losses like we buy at the end, it's just that other crypto coins always have the utility to make the coins seem to be of good use. While degocoin has basically been abandoned by the core team and left to the community, it's very unlikely to go up to nearly $1, this is considered a big ponzi to some.

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Quote from: erep on June 19, 2022, 10:28:48 AM

Quote from: eaLiTy on June 19, 2022, 09:36:33 AM

There is no substance for this lawsuit, Elon Musk never asked anyone to invest in anything even though he was teasing about Dogecoin through his social media pages and that is the sole reason the meme coin trend even started during this rally.

In a court of law it is not that hard to prove that Elon Musk is not involved in anything involving Dogecoin and his lawyers will squash them in no time.

There is no accurate factor that can prove Elon Musk's guilt in court because it is not proven related to the invitation to invest in Dogecoin, so I agree that Elon Musk will easily get rid of all lawsuits about the solicitation of Dogecoin investment because in the coin meme market everyone invests due to influence hype is not solid analysis and research.

I guess it's not Elon Musk's mistake if people are listening to the hype and let themselves get manipulated by a person's influence. He will surely get rid of this case simply because he has the money and there are grounds to prove him guilty of scamming people. It's the people's initiative to listen and invest in Dogecoin but he didn't scam anyone.

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Quote from: eaLiTy on June 19, 2022, 09:36:33 AM

There is no substance for this lawsuit, Elon Musk never asked anyone to invest in anything even though he was teasing about Dogecoin through his social media pages and that is the sole reason the meme coin trend even started during this rally.

In a court of law it is not that hard to prove that Elon Musk is not involved in anything involving Dogecoin and his lawyers will squash them in no time.

There is no accurate factor that can prove Elon Musk's guilt in court because it is not proven related to the invitation to invest in Dogecoin, so I agree that Elon Musk will easily get rid of all lawsuits about the solicitation of Dogecoin investment, because in the coin meme market everyone invests due to influence hype is not solid analysis and research.

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

No, why would an ordinary pump&dump project, which was created for fun, suddenly be a financial pyramid? It's just an object to manipulate and siphon money from the crowd. And notice, DOGE for almost 5 years had utilitarian properties among crypto community, because it was used for arbitrage and value transfer between exchanges, because commissions were kopecks. But then Musk appeared and decided to get high on this project and use his mediocrity to manipulate DOGE price.

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This lawsuit is always ridiculous, it seems these kind of person that invested in meme coin always make the worst decision they could make in their life, suing someone over their own financial decision is honestly sounds so foolish.
Elon in his stance is just merely tweeting some jokes in regard of memecoins in general and most of these so called shitcoin traders always think elon musk is recommending them to invest.

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

There is no substance for this lawsuit, Elon Musk never asked anyone to invest in anything even though he was teasing about Dogecoin through his social media pages and that is the sole reason the meme coin trend even started during this rally.

In a court of law it is not that hard to prove that Elon Musk is not involved in anything involving Dogecoin and his lawyers will squash them in no time.

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Quote from: Shasha80 on June 19, 2022, 07:11:52 AM

...So we really can't blame Elon Musk if he wants to promote Dogecoin, as investors, we must make wise decisions and be responsible for every decision we make.

We can't know exactly how much Dogecoin Elon Musk holds at the moment. Perhaps he, as well as his followers, has a negative result, holding a losing trade. But it is known for sure that Tesla, headed by him, has a loss of $500 million from holding a position in bitcoin. So this indicates that it is impossible to treat Musk words as financial advice and everyone should make their own decision.

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

Keith Johnson can accuse Elon Musk for a variety of reasons, but Keith Johnson will not be in a position of victory in his lawsuit. Because crypto price fluctuations are normal. Not only Dogecoin, even almost all crypto drops today. Will Keith Johnson also sue other cryptos?

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Elon Musk is a world famous person has millions of followers and has done all kinds of manipulations for dogecoin. I wonder what the outcome will be from this case. Today's Twitter post of Elon Musk draws attention and said that he will continue to support DogeCoin. Some things are going on, but I wonder what will happen next.

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Quote from: Shasha80 on June 19, 2022, 07:11:52 AM

Quote from: tvplus006 on June 19, 2022, 05:21:14 AM

It seems that this lawsuit did not scare Elon Musk, as a few hours ago he posted another tweet in which he said: "I will keep supporting Dogecoin" - https://twitter.com/elonmusk/status/1538406040374595585 This means that Elon Musk understands the absurdity of this lawsuit and will continue to shill Dogecoin.

Elon Musk already knows the crypto world quite well and Elon Musk understands that what was done to Dogecoin did not violate any laws.
Of course Elon Musk believes the lawsuit will not stop him from continuing to support Dogecoin until Dogecoin can hype up again.
So the issue of the lawsuit is a small thing for Elon Musk, so I believe Elon Musk will not be found guilty and will never provide compensation
to the plaintiff. Although I do not like Elon Musk who continues to promote Dogecoin, but what Elon Musk did I admit is not something that is
against the law. After all, Elon Musk has never forced his followers to buy Dogecoin, so when someone buys Dogecoin it's on their own decision.
So we really can't blame Elon Musk if he wants to promote Dogecoin, as investors, we must make wise decisions and be responsible for every
decision we make.

If investors made the right decisions, then they would not listen to crypto clowns. But I have an opinion that there are a lot of people on Twitter who like degen trading. On such fools, Elon Musk and other manipulators earn a lot of money.

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Quote from: tvplus006 on June 19, 2022, 05:21:14 AM

It seems that this lawsuit did not scare Elon Musk, as a few hours ago he posted another tweet in which he said: "I will keep supporting Dogecoin" - https://twitter.com/elonmusk/status/1538406040374595585 This means that Elon Musk understands the absurdity of this lawsuit and will continue to shill Dogecoin.

Elon Musk already knows the crypto world quite well and Elon Musk understands that what was done to Dogecoin did not violate any laws.
Of course Elon Musk believes the lawsuit will not stop him from continuing to support Dogecoin until Dogecoin can hype up again.
So the issue of the lawsuit is a small thing for Elon Musk, so I believe Elon Musk will not be found guilty and will never provide compensation
to the plaintiff. Although I do not like Elon Musk who continues to promote Dogecoin, but what Elon Musk did I admit is not something that is
against the law. After all, Elon Musk has never forced his followers to buy Dogecoin, so when someone buys Dogecoin it's on their own decision.
So we really can't blame Elon Musk if he wants to promote Dogecoin, as investors, we must make wise decisions and be responsible for every
decision we make.

KaliLinux

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Quote from: aioc on June 17, 2022, 08:39:04 AM

Quote from: davis196 on June 17, 2022, 05:20:09 AM

I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

The accuser just wants to make money

Quote

Johnson is seeking $86 billion in damages, representing the decline in Dogecoin's market value since May 2021, and wants it tripled.

if every investor who loses their investment investing in Cryptocurrency will demand and charge the developers we will have thousands of lawsuits every month, the accuser is in a dream world he doesn't know the reality of investing in Cryptocurrency, it is the investor's action that will make him lose and profit in the market, there's a lot of pump dump and manipulation in the market, you don't want to lose? get out in the market and put your money in a bank.

Did the accuser lose $86 billion in investment? and I understand that tripling that amount of $86 billion will be coming close to Elon Musk's Net worth, Maybe his aim is to bankrupt Elon Musk Grin

I don't think this will fly though. Didn't People profit from Elon Musk Dogecoin shilling? I also believe that he believes he can make some sought of money from the lawsuit even if he is not going to get what he is requesting.

Jackl87

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

I just took a quick read through the article that you posted and it seems that he gets sued by a single dogecoin investor. So for me this means that it is pretty safe to say, that this legal action has zero chance of being successful, especially when you look at the amount that this guy wants as a compensation. I think the guy who sues Elon Musk definitely knows that but still sued him to make a statement or to make this issue more public again.
In the end the Dogecoin shilling of Elon Musk was very good for those guys that were already invested into dogecoin before the shilling happened, but also very bad for those that only bought Dogecoin because of the shilling of Elon Musk. I mean in the end it is also the fault of those guys that just buy a coin because someone famous is making tweets about it.
I also think that the shilling of Elon was bad for the crypto market as a whole because it was basically the starting point of the meme-coin hype and because of that we saw hundreds of new shit-coins every day and attention was took away from real projects.

zasad@

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"The lawsuit is written to represent the people who have lost money while trading Dogecoin since April 2019. The exact numerical figure on the lawsuit comes from Johnson’s claim for $86 billion in damages, which his lawsuits requests be tripled."
https://en.as.com/latest_news/why-has-elon-musk-been-sued-after-dogecoin-pyramid-scheme-accusations-n/
Who cares how these people lost about $86 billion?

tvplus006

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It seems that this lawsuit did not scare Elon Musk, as a few hours ago he posted another tweet in which he said: "I will keep supporting Dogecoin" - https://twitter.com/elonmusk/status/1538406040374595585 This means that Elon Musk understands the absurdity of this lawsuit and will continue to shill Dogecoin.

Ketesnuko

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The end result is already here, the accuser only want to make money out if this and if things go his way many suing will come after Grin

Elon will easily win this though as he has the upper hand here, whatever the accuser claim might be Elon Musk isn't at fault at all.

DapanasFruit

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As of now, there is no specific law that prohibits anyone to be shilling any coin or token in the cryptocurrency market...this remains to be unregulated market and therefore it would be hard for this case against Elon Musk to really prosper. Now, had it been done with stocks or similar regulated investment vehicle then maybe it can be a different story. Another thing is that Dogecoin is not owned nor started by Elon so he is just another holder who then believed in its potential and there are so many out there who made the same similar posts. I am then sure that this case can be another impetus for governmental agencies to really push for a clear-cut crypto regulations.

coin-investor

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

If Dogecoin is a pyramid scheme then all the other coins or the entire market is a pyramid scheme, and the accuser will have a hard time proving this in court he needs outstanding lawyers against Elon Musk's battery of lawyers, this suit will go nowhere and the accuser just want to make money because he loses a lot from making bad decisions in the market, lovers loves to blame people for their misery

keyscore44

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Quote from: dogemoon on June 18, 2022, 11:01:06 AM

Dogecoin is a currency with real use

https://www.teslarati.com/spacex-joins-tesla-in-accepting-dogecoin-for-merchandise/

Those who create pyramid schemes are those who buy at any price only to sell it to someone else for a higher price

In any case, if someone disagrees with Elon, he already knows what to do. When he announces that Dogecoin will be Twitter's currency, DO NOT buy Dogecoin

All your arguments are wrong, which only shows how easy it is to manipulate new users like you.
Adaptation of DOGE, so the possibility of paying with it, is only a contract between members of the community, not a "use case".
Elon Musk never announced that DOGE would be Twitter's currency.
Your definition of pyramide scheme is just stupidity.
BTW - Such posts should be deleted to not spread stupids.

As for the lawsuit, of course it is only there to make media buzz around the person who sued Elon. It is clear that the accusations are unfounded. However, thanks to this case, more people will learn how secure blockchain is.

0verseer

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I'm sure it won't cause a dent to Elon Musk or to his worth. But hopefully, it could hurt his reputation to lesser his influence in cryptocurrency. Make his tweets which shill and pump a coin less likely to work. Guess no more free ride pump for Doge holders.

dogemoon

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Dogecoin is a currency with real use

https://www.teslarati.com/spacex-joins-tesla-in-accepting-dogecoin-for-merchandise/

Those who create pyramid schemes are those who buy at any price only to sell it to someone else for a higher price

In any case, if someone disagrees with Elon, he already knows what to do. When he announces that Dogecoin will be Twitter's currency, DO NOT buy Dogecoin

asriloni

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I shall not feel worry about that and that guy as the richest guy in the world and this means nothing. People are so dumb, they were following high risk investment but when they were loosing and they were starting to search for the thing to be brought into the court. If elon was abandon them and elon will be fine. Crypto was an open market and so elon was not making any fault here. Anyone can buy and sell crypto as they want. They were stupid by following the pump and bought at the peak price.

Johnyz

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Quote from: tvplus006 on June 18, 2022, 07:50:55 AM

It will be difficult to prove the guilt of Elon Musk, because despite the fact that he shill Doge, there was no open call to buy this coin anywhere. And in general, it is unclear what the plaintiff was guided by when he determined the amount of the claim in the amount of $ 258 billion. Obviously, he wants to get all the money and assets of Elon Musk.

There might be no direct point on advising to buy DOGE, but his tweets talks a lot about DOGE before and we know how influential he is and the effect of his simple tweet is very devastating to others. Now that this is on the court, let's see the possible decision with this case. Though the case is not directly about DOGE but of course, whales can create a trend and for sure, they are already playing with DOGE. Elon musk answer this allegation, let's see if there's a legal basis for this.

tvplus006

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It will be difficult to prove the guilt of Elon Musk, because despite the fact that he shill Doge, there was no open call to buy this coin anywhere. And in general, it is unclear what the plaintiff was guided by when he determined the amount of the claim in the amount of $ 258 billion. Obviously, he wants to get all the money and assets of Elon Musk.

Wexnident

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It's clowns leaving their circus I suppose. I guess after their ringmaster (Elon) stopped paying attention to them they started to riot. This is just a dumb lawsuit that would probably be dropped immediately since it's basically a situation where people want to blame someone cause they're, well, dumb. It's like making you blame your landlord for being unable to make you rich. Makes no sense right? Same thing with the lawsuit imo. They probably need to go back to understanding what trading and crypto are in the first place before anything else imo.

Though I kind of get their side/point, it's also their fault for entering the room without reading the rules posted outside of it.

so98nn

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That’s insane. Why would they do it without even referring to the white paper. They for sure don’t know anything about the crypto currencies. First bitcoin was pyramid and Ponzi scheme and now here they come with another plot twist regarding DOGE being the pyramid scheme. Lolz.

The case will drop right after the first court session and no one’s gonna get that much money. They are not getting 258 billion USD if that’s what they willing to do. It’s his net worth (almost), are they nuts about it. Since DOGE has documented papers regarding its POS nature and it’s existence is way before than Elon musk encountered the connection with it, the case shall dismiss early.

zasad@

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Damn clowns.
Elon Musk does not have $258 billion, and in order for the applicant to win the trial, such damage must be confirmed. This news will provoke people to sell their coins, and then the manipulator will buy back these coins. Don't trust Elon Musk.

sunsilk

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So that person sued him out of his losses by holding and buying Dogecoin. He should have known at the beginning that Dogecoin is just a meme coin and there's no actual future on it and Elon is just being him having fun with his tweets.

This is the reason that you shouldn't rely your investing decisions to the influencers that we have in the web. You only make decisions based on what you know and what you understand so that you won't get up to the point that you'll sue that person you think was once a hero to you.

Renampun

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

even to this day the news about this sue has not been heard how it goes...

This is not a lawsuit that will be easy to process because Elon Musk has not been proven to directly invite people to invest in Dogecoin.

Quote from: inthelongrun on June 17, 2022, 11:54:00 PM

Dogecoin are listed in US regulated exchanges Coinbase and Bittrex. Whatever words and posts Elon Musk is doing are just part of his freedom. Unless he was forcing people to invest in Dogecoin then there is a valid case. Dogecoin with or without Elon Musk hypes still probably made an ATH last year just like most of the other top 100 coins due to the bullish season in the crypto market.

The fact that the complainant mentioned that they are aware since 2019 that Dogecoin has no value, made him just a sore loser in an open market regulated by US authorities. It is more reasonable for the complainant to question US authorities assigned for allowing exchanges like Coinbase to list Dogecoin.

right, I think the complainant should have properly reasoned his lawsuit and been more thorough in his lawsuit report.

inthelongrun

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Dogecoin are listed in US regulated exchanges Coinbase and Bittrex. Whatever words and posts Elon Musk is doing are just part of his freedom. Unless he was forcing people to invest in Dogecoin then there is a valid case. Dogecoin with or without Elon Musk hypes still probably made an ATH last year just like most of the other top 100 coins due to the bullish season in the crypto market.

The fact that the complainant mentioned that they are aware since 2019 that Dogecoin has no value, made him just a sore loser in an open market regulated by US authorities. It is more reasonable for the complainant to question US authorities assigned for allowing exchanges like Coinbase to list Dogecoin.

worle1bm

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There will be nothing that will lead to the success of this case as Elon was supporting the coin although it was rising under his influence but don't think that will be reason the victim will get this much compensation.Have said before also that doge was just meme coin and treated the same way but people invested their life savings in it and now results are in front of them.So be safe instead of investing money solely under the influence of anyone else but use your brain.

hd49728

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Sue does not mean Elon Musk is guilty about it. Everyone is innocent before any decision is made by jurisdiction.

With your time in crypto market, do you think Elon Musk will be charged because of his tweets? I don't think he will be charged. Price of Dogecoin today is still better than two years ago. Per rules of zero sum game, from under $0.01 to $0.7, there are lot of trades between buyers and sellers, between losers and winners. Winners will consider Elon as God, losers will consider Elon as evil. It is not fair.

If you are not careful and responsible for your decision, you are deserved to lose, in Dogecoin, Bitcoin, Ethereum, whatever coin.

bussybuddy

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Not only dogecoin but ElonMusk also influenced a bunch of other memecoins as many parties tried to take advantage of his influence to create unrelated products. I remember there was a time when he posted anything on social networks that was used to create memecoins, but looking at dogecoin, Elon Musk's influence on it is undeniable but there are both big winners and losers, so I think this is just a small story around this market.

lornadane

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Quote from: ?? on ??

Quote from: davis196 on June 17, 2022, 05:20:09 AM

I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

Elon Musk is a very famous person in the world. He also has a great influence in the world. I think it is very unreasonable to say that dogecoin is a Pyramid scheme. My point is that if that really happened, then there would be a terrible "domino effect" that would befall Elon Musk including all of his companies. Even though he didn't tell us to buy dogecoin but still, we all know people buy dogecoin because of Elon Musk.

Yes it's true that they have followed Elon Muks so far without thinking about what will happen in the future.
Treand Elon Musk appealed to their sympathy to buy the Doge Coin and with this news, will Doge Coin continue to be kept or be released.

MadeMen

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I don't see them winning the case over Elon musk because there's no way we can prove that dogecoin is a pyramid scheme and the cryptocurrency industry is decentralized, giving everyone the liberty to make their decisions. Most of the people who invested heavily did that out of their own greed and Elon musk is not the owner of dogecoin, he played his game like every other influencer.

Iyeman

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This is really ridiculous, elon himself didn't force even a single soul to follow his investment. So basically suing him is actually isn't a thing.
Moreover shitcoins has always been being called as gambling, I think anyone that invested in shitcoins know that, but alas only then after they are losing they realize that kind of warning before hand exists for reason.

serjent05

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Quote from: aioc on June 17, 2022, 08:39:04 AM

The accuser just wants to make money

Well, blame that on the flaws of the judiciary system. But regardless of the demand of the complainant, market manipulation is a crime and has serious penalty.

Quote from: shinratensei_ on June 17, 2022, 04:58:42 PM

This is the reason anyone should make their own financial decision, it just simply ridiculous blaming anyone else for our own mistake in choosing the right investment instrument, no one forced us to invest in all these meme coins, and investing in meme coins is really bad idea in general.

But the case is, that not all investors' failure is due to a lack of deep research but most of it is due to price manipulation. Just like the case of Doge when Elon is actively hyping dogecoin and cashing out at the end.

Quote from: aioc on June 17, 2022, 08:39:04 AM

Also, meme coin investing is like gambling, most of the ones that invested just gonna lost their money, the smaller fish getting eaten by the bigger fish, that's how memecoins mechanism in general.

It is ok to have losses in a trade as long as there are no people behind that manipulate the price movement.

shinratensei_

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This is the reason anyone should make their own financial decision, it just simply ridiculous blaming anyone else for our own mistake in choosing the right investment instrument, no one forced us to invest in all these meme coins, and investing in meme coins is really bad idea in general.
Also, meme coin investing is like gambling, most of the ones that invested just gonna lost their money, the smaller fish getting eaten by the bigger fish, that's how memecoins mechanism in general.

gurunanakji777

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If an influencer is promoting some project it does not mean he is forcing you to join it ultimately we have to make a decision but Elon following is quite high some people follow him blindly. He was also a big holder of Dogecoin but don't know whether he is still holding it or not so people also bought doge blindly and now the price is very low as compared to its ATH but we can not blame ELON for all this. He is a businessman and what is wrong in making money but he never forces anyone to buy Doge and hold it so we should not blame ELON. Doge is a very old and trusted coin in the crypto market and in the present market, most of the coins dropped like this Doge so we should wait for the bull run and hope Doge will also recover. I will not say Doge is a pyramid scheme it's not an MLM coin its a meme coin. One thing I must say in the year 2020 doge hype started and thus the lots of investors invest in the dogecoin but the sad part is many of the investors hold it instead of selling and booking the profit so most of the investors are stuck now who hold it.

ryzaadit

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I know ELON.

Back while he making a meme on his social media before knowing crypto, and now since he already crypto & doing a shout out name of cryptocurrency. First things weird from my perspective is why Doge.

I realize because the picture, and he is memeing ~XD

virtualdn

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Very good. Musk destroyed Dogecoin and turned it into his toy, made it a garbage coin. I'm happy that someone is actually doing something about it. Musk is only a manipulator and I wouldn't trust that snake about anything. Look what he is doing with Twitter. If he buys Twitter he will turn it into his playing ground promoting his toys and promising people "free speech"; give me a break. People already have free speech they don't need a platform for that. He will only get richer and more narcissistic.

Morningstarr

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Quote from: yurez on June 17, 2022, 11:47:30 AM

Quote from: davis196 on June 17, 2022, 05:20:09 AM

Elon Musk is about to get sued for an alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

I think it's all one big game and will end up dumping and pumping Dogecoin. There will be a lot of negativity in the press during litigation and weak hands will sell their coins at any price. In my opinion, after some time, Elon Musk will win this case and Dogecoin will be pumped.

Wow great again pump and dump scheme rich become richer and people who believe Elonmusk and Doge lose their money.

yurez

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

I think it's all one big game and will end up dumping and pumping Dogecoin. There will be a lot of negativity in the press during litigation and weak hands will sell their coins at any price. In my opinion, after some time, Elon Musk will win this case and Dodgecoin will be pumped.

cabron

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Doge maybe a shitcoin but had legitimately established its position as a topcoin.

I dont see Johnson winning against Elon. Although such amount of money is nothing to Elon, he wouldn't waste it. Elon is battling with people who are crazier than victims of ponzi scheme. The twitter board members are far powerful than Johnson.

PrivacyG

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Suing Elon for something Dogecoin is not makes the entire lawsuit look silly if you ask me. Maybe if they sued him for intentionally manipulating markets it would have made much more sense, but even then you still wonder if that could even be properly proven in court.

And then you take a look at the damages they are trying to claim and that makes the lawsuit look even silly, maybe trollish. But after all, all of this might only be an attempt to bring FUD to the masses. File a lawsuit, advertise it and see a few here and there selling in total panic.

-
Regards,
PrivacyG

jrrsparkles

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If someone is stupid enough to get influenced by the simple Twitter post from Elon Musk then they don't have any reason to accuse them. Is Elon actually involved in anything? He just used to create hype and make some money with no investment and he is successful with his strategy.

cryptoaddictchie

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Thats bullshit and clearly a fud. Maybe its his first time to invest on memecoin. Cause is if his not, then clearly the guy just wanted to milk some money from Elon. First of all, crypto is a risk investment and no one forces him to put his money is. Elon is a shiller of dogecoin amd for him its just a part of volatile sequence of crypto. If this the case, then all rug and fall down projects must be sued.

Ulven

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to me, if you don't know the risks of investing in altcoins, especially Doge, then it's definitely not a good idea to invest.I think it's ridiculous that this man is suing Elon Musk because he knew the risk but still invested!!!

fuguebtc

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Quote from: crypto-project on June 17, 2022, 09:38:49 AM

I'm still confused why would anyone want to sue Elon on the grounds that Dogecoin is a pyramid scheme? if you follow what Elon says and buy dogecoin hoping that in the future that token will go up and then you lose and blame Elon, then that's your stupidity, why do you believe what he said? To be honest, from the past until now I didn't buy crypto because of someone's opinion, I bought it because I really believe in the token, not because of what Elon said.

Most likely Johnson is the doge holder and he has suffered a heavy loss. He didn't want to blame himself so he came up with a silly way to blame Elon. It is true that Elon has a good word for doge but he clearly does not force or guarantee doge holders will never lose. He's like all the shillers out there, putting his own interests first. If you entered investing through someone's word without doing any research, it's your fault.

crypto-project

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I'm still confused why would anyone want to sue Elon on the grounds that Dogecoin is a pyramid scheme? if you follow what Elon says and buy dogecoin hoping that in the future that token will go up and then you lose and blame Elon, then that's your stupidity, why do you believe what he said? To be honest, from the past until now I didn't buy crypto because of someone's opinion, I bought it because I really believe in the token, not because of what Elon said.

erick94

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Quote from: avikz on June 17, 2022, 08:15:10 AM

I am not an avid supporter of Elon but I am not hapoy about this news. Dogecoin is not a pyramid scheme, it's just a normal POS coin. Elon indeed created hype about dogecoin in the market using his influence over the social media and probably made couple of millions from this activity.

But one thing we need to understand that Elon is one of the most prominent supporters of cryptocurrencies in general. While the confidence about cryptos are low, we need someone like him to raise his voice to support cryptos. Instead he is getting sued. That's unfortunate!

In this case I think elon musk is not guilty at all because he only tweets on dogecoin which he thinks is worth investing in, I have never found his tweet that invites other people to invest in dogecoin, so far investors are too looking at the hype without caring about the risk after The hype ended, I think it's quite ridiculous that the person who sued Elon Musk because actually he knew the risks of investing in altcoins, especially Doge, but still he invested.

aioc

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Quote from: davis196 on June 17, 2022, 05:20:09 AM

I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

The accuser just wants to make money

Quote

Johnson is seeking $86 billion in damages, representing the decline in Dogecoin's market value since May 2021, and wants it tripled.

if every investor who loses their investment investing in Cryptocurrency will demand and charge the developers we will have thousands of lawsuits every month, the accuser is in a dream world he doesn't know the reality of investing in Cryptocurrency, it is the investor's action that will make him lose and profit in the market, there's a lot of pump dump and manipulation in the market, you don't want to lose? get out in the market and put your money in a bank.

avikz

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I am not an avid supporter of Elon but I am not hapoy about this news. Dogecoin is not a pyramid scheme, it's just a normal POS coin. Elon indeed created hype about dogecoin in the market using his influence over the social media and probably made couple of millions from this activity.

But one thing we need to understand that Elon is one of the most prominent supporters of cryptocurrencies in general. While the confidence about cryptos are low, we need someone like him to raise his voice to support cryptos. Instead he is getting sued. That's unfortunate!

davis196

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I'm sorry if there's another forum post about this topic. I couldn't find anything about this news, so I'm posting it here.
Elon Musk is about to get sued for alleged Dogecoin pyramid scheme. We all knew that his Dogecoin shilling will come back and bite him in the a$$. Grin

Is dogecoin a pyramid scheme? Is this a rhetorical question? Grin

Any doge supporters here?

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

Topic: Elon Musk sued for 258 billion USD over alleged Dogecoin pyramid scheme. (Read 550 times)