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

[lornadane]

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$$.
Is dogecoin a pyramid scheme? Is this a rhetorical question? 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.

[1715109858]

1715109858

[1715109858]

1715109858

[1715109858]

1715109858

[bussybuddy]

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.

[hd49728]

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.

[worle1bm]

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.

[inthelongrun]

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.       

[Renampun]

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$$.
Is dogecoin a pyramid scheme? Is this a rhetorical question? 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.

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.

[sunsilk]

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.

[zasad@]

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.

[so98nn]

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.

[Wexnident]

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.

[tvplus006]

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.

[Johnyz]

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.

[asriloni]

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.

[dogemoon]

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

[0verseer]

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.

[keyscore44]

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.

[coin-investor]

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$$.
Is dogecoin a pyramid scheme? Is this a rhetorical question? 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

[DapanasFruit]

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.

[Ketesnuko]

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    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.

[tvplus006]

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.