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

[goldkingcoiner]

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/

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)

[naira]

~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.

[nicedreams]

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.

[justdimin]

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.

[Psynthax]

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.

[Lubcub62]

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.

[wheelz1200]

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?

[gutshot5820]

I think we can all agree that doge is a mere. And we’re here for the memes.

[tvplus006]

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.

[crypto-project]

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.

[Silberman]

~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.

[GowithMi_GMAT]

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.

[Cling18]

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.

[Silberman]

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.

[Mpamaegbu]

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?

[serjent05]

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

[AmoreJaz]

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