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Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

eoloeeoloe Member RarePosts: 864
in The Pub at MMORPG.COM

Interesting. Could it settle a precedent matching crypto and pyramid scheme?

Comments

  • FrodoFraginsFrodoFragins Member EpicPosts: 6,057
    Elon used Twitter to boost the value of dogecoin so I have a feeling it's not completely without merit.  I'm not sure he broke any laws though.
    eoloeRoinAdamantine
  • maskedweaselmaskedweasel Member LegendaryPosts: 12,195
    I think they have a decent shot, at least initially, because doge was never meant to be anything but a joke coin. Musk touted it as an actual payment for goods, which it isn't. It's not even a great value store because there is no limit to the number of coins you can create, and there haven't been many projects that have adopted it. 

    In contrast Shiba inu is a similar coin, now under the umbrella of a "meme coin" but the team behind the coin has at least attempted to legitimize it. They've attempted to have developers build the coin into apps, they've created their own exchange. They've created a valid burn address with rewards for those that burn to incentivize keeping the price stable, they've added governance tokens. They've even performed audits on their various coins.

    Don't get me wrong it's a terrible investment. There's zero utility and while some of their infrastructure tokens are limited and could work as a value store,  it's still a really bad decision to "invest" in tokens with no utility.  

    So circling back, musk invested in doge, and he can spark a buy or sell condition with a tweet. People give his opinion weight,  and doge was always a troll. 

    I hope they do manage a good case against him.  I doubt it'll work,  since he has no direct control of the coin, and chances are, if it turns out he owns and never sold any of his holdings, there's a case there that he was just another "investor" taken for a ride. 5 minutes on Twitter and you'll read a 100 tweets about any number of coins people believe are the second coming... I doubt they'll make anything stick.
    eoloe



  • [Deleted User][Deleted User] Posts: 927
    edited June 2022
    The user and all related content has been deleted.
    Sometimes we need fantasy to survive reality 
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  • SandmanjwSandmanjw Member RarePosts: 531
    Crazy things people get sued over. 

    If this goes anywhere you would have to throw out the whole thing of trading any stocks and bonds and such, anywhere as well.

    No difference from trading houses and others that tout what stocks they think will "go up or down" in the end.

    As long as people do not have any control over, or prior knowledge of inside info, investing in stocks, bonds, futures, or these idiotic cryptos, people take their chances.

    I am sure this will take a year or 2 to get quashed, got to give the lawyers and judges and such there turn to make some cash as well you know.....
    ScotKyleranAmaranthar
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  • ScotScot Member LegendaryPosts: 24,423
    Wargfoot said:
    I'll believe this is a legit lawsuit when all the people touting $5,000.00 gold ceiling are in jail. 

    How about all the lies we see on the news every day about political stuff - you know the commentators that lie for 2 years about an issue only to find out it was never anything at all?  Those people made money on their lies - how about a little time in the pokey for them?

    Seems if we're going to start suing for tweets that the only people that will work out for is the lawyers.
    i am still waiting for the sky to fall in after we left the EU. The BBC ran a news bulletin called Despite Brexit where all the good economic news was announced, somehow even though we were leaving there was good news, they had a problem getting their brains round that. If I had based my investments on their advice I would consider suing them.
    Kyleran
  • AAAMEOWAAAMEOW Member RarePosts: 1,617
    I'm curious how much dodge coin Musk personally have for him to talk about dodge coin all day.  
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  • QuizzicalQuizzical Member LegendaryPosts: 25,499
    Why $258 billion?  Dogecoin has never been worth anywhere remotely near that.
  • WalkinGlennWalkinGlenn Member RarePosts: 451
    Its just a bs lawsuit. Kind of like how he announced some political opinions and BAM... sexual allegations suddenly appear even though hes been in the limelight for a long ass time now. It's related imho
  • MendelMendel Member LegendaryPosts: 5,609
    Quizzical said:
    Why $258 billion?  Dogecoin has never been worth anywhere remotely near that.

    They're probably hoping for a settlement of $1 billion just to make this go away.



    eoloe

    Logic, my dear, merely enables one to be wrong with great authority.

  • Slapshot1188Slapshot1188 Member LegendaryPosts: 17,650
    Quizzical said:
    Why $258 billion?  Dogecoin has never been worth anywhere remotely near that.
    I am pretty sure that was Musk's net worth when the lawsuit was filed

    All time classic  MY NEW FAVORITE POST!  (Keep laying those bricks)

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  • TheocritusTheocritus Member LegendaryPosts: 10,014
    and this is what people get for listening to famous people about their investments..... Someone like Musk can afford to lose millions (if not billions) in crypto)....and its not like he needs the money anyway.....What people don't understand is often celebrities are paid to say they  invest or own a certain cryptocurrency in hopes of luring in the naive.
  • delete5230delete5230 Member EpicPosts: 7,081
    I'm only guessing but I'm willing to bet 50 years ago $258 billion was all the money in the world.
  • SandmanjwSandmanjw Member RarePosts: 531
    Quizzical said:
    Why $258 billion?  Dogecoin has never been worth anywhere remotely near that.
    $86 billion for their claim that how much doge lost since like 2013? Then tripled for damages however that works in some courts.

    Kyleran
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  • AmarantharAmaranthar Member EpicPosts: 5,852
    Wargfoot said:
    Scot said:
    Wargfoot said:
    I'll believe this is a legit lawsuit when all the people touting $5,000.00 gold ceiling are in jail. 

    How about all the lies we see on the news every day about political stuff - you know the commentators that lie for 2 years about an issue only to find out it was never anything at all?  Those people made money on their lies - how about a little time in the pokey for them?

    Seems if we're going to start suing for tweets that the only people that will work out for is the lawyers.
    i am still waiting for the sky to fall in after we left the EU. The BBC ran a news bulletin called Despite Brexit where all the good economic news was announced, somehow even though we were leaving there was good news, they had a problem getting their brains round that. If I had based my investments on their advice I would consider suing them.
    The thing is, I had guessed - with absolutely no knowledge of the subject matter whatsoever - that Brexit wouldn't be a big deal.

    How?

    Take whatever is breathlessly being reported in the news, whatever has the oligarchy's hair on fire, and assume it is a total lie.

    You'll be correct more than 50% of the time.


    I knew a guy that made a small business fortune with that belief. He included the government in that, too, naturally. 
    He said "Whatever they say, I do the opposite." 
    LOL

    Once upon a time....

  • KyleranKyleran Member LegendaryPosts: 44,057
    AAAMEOW said:
    I'm curious how much dodge coin Musk personally have for him to talk about dodge coin all day.  
    No one really knows as Elon's never shared an amount.

    He "might" be the undentified whale who holds about 28% of all Doge coin in one wallet.

    There's some other interesting facts (?) about Elon and his relationship with Doge coin in this article, like his claim to have never sold any of it to date.

    He even promised to buy more, which drove the price up 3%.

    I think it will be hard to pin much blame on him seeing as he's been impacted by the slide along with everyone else and isn't part of a pump and dump scheme. (That anyone can prove, drat those anonymous wallets and tumblers)  ;)

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  • IselinIselin Member LegendaryPosts: 18,719
    How do you successfully sue the richest man in the world in a P2Win legal system?
    eoloeAdamantine
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  • MMOExposedMMOExposed Member RarePosts: 7,400
    Iselin said:
    How do you successfully sue the richest man in the world in a P2Win legal system?
    add a Subscription model. 
    Amaranthar

    Philosophy of MMO Game Design

  • eoloeeoloe Member RarePosts: 864
    MMOExposed said:
    Iselin said:
    How do you successfully sue the richest man in the world in a P2Win legal system?
    add a Subscription model. 

    Nah, it's obsolete. Free the justice system with Web 3.0 collaborative management decision tools that depends on the amount of NFTs owned!
    ScotVermillion_Raventhal
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