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Elon Musk Being Sued For 258 Billion Dollars Over Alleged Dogecoin Pyramid Scheme

the54thvoid

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Dear Mr Musk. Please donate to me, one million dollars. Just because.

Taking your advice @ThrashZone . :D
 
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touting Dogecoins to drive the price up only to let it fall.

a dump and pump scheme with crypto currency? Let's hope this doesn't catch on.
 
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Yes crypto currencies are just a technologically obfuscated pyramid scheme.

No this lawsuit probably won't go anywhere.
 
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Did Elon tweet a few messages that said?
"Doge"
"The Dogefather"

Yes, yes he did.

Did anywhere in his tweets did he mention he guaranteed/promised anyone anything?
No, no he didn't.

Did Elon say?
"Yeah, it's a hustle." (answering a question during a satirical skit on SNL)
Yes, yes he did.

Anyone that thinks Elon was doing a pump and dump for dogecoin is a moron. He guaranteed/promised nothing. His comment "Yeah, it's a hustle." is taken out of context. It was a satire skit that ripped on dogecoin and cryptocurrency as a whole. If anyone feels that Elon was trying to prop up dogecoin and then dump it, you are way out of touch with reality.

I'm not sorry you were taken for a fool and you lost your money. I hope this lawsuit bites you in the ass, Keith Johnson.
 
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His hope is that Musk will settle out of court for a tiny fraction of what he's asking. He won't. He will likely counter sue for defamation.
 
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Even if he did, singling him out for what the vast majority involved with crapto was doing all along themselves isn't right.
He's the only one with the influence to meaningfully affect the price.
 
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Crypto has no such protection.

Are we sure about that?

I'm certainly no legal expert. I think you're right in that its a gray area of law, but it is one that is worthy of being explored in a court case? I've certainly seen worse arguments before.

Nah, there is no way he'd actually be involved in anything like that, he would have been sniffed out immediately if he actually did that or had someone do it for him.

What he should have be punished of is the whole BTC environmental thing after he announced that Tesla officially bought billions in BTC, that's an actual conflict of interest.

Well, see what @the54thvoid said right there. I think there's reason to believe Musk is legally in the clear here, since Cryptocoins aren't a regulated industry. On the other hand, pumping-and-dumping is almost universally considered shitty behavior, so maybe there's some law on the books about it (even with unregulated instruments).

--------

I can't find the proper docket. There's always a bit of wiggle room with regards to the public statements and the court statements. Lawyers "translate" the argument from legalize into laymans terms. So we get the gist of the argument (pump and dump), but that's probably not the actual legal argument they're using under it all. So we need to find the actual docket and see the actual legal argument if we want to estimate the legitimacy of this case...

EDIT: Found the docket finally. Boy, a lot of court sites are paywalled. Took me a while to find the actual complaint. https://storage.courtlistener.com/recap/gov.uscourts.nysd.581639/gov.uscourts.nysd.581639.1.0.pdf

Hmmmm... yeah. I'm not buying it. Unfortunately. I think this argument is a stretch. What Musk did here should be illegal, but I don't like the plaintiff's argument.

The TL;DR is that Dogecoin is a pyramid scheme, and Elon Musk is behind it. The problem with this argument, is that it applies to Bitcoin (and all the other cryptocoins), and I just don't think that underlying argument would past muster.

That being said: Dogecoin was made as a joke, absolutely. Elon Musk absolutely coopted it a bit later for his own pump-and-dump scheme. But you need to make a stronger legal argument than this IMO to be successful in court. So maybe the lawyers can make this specifically a DOGEcoin case (pointing out that BTC wasn't a joke, pointing out that Dogecoin is a joke and maybe even getting testimony from the inventors)
 
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Dear Mr Musk. Please donate to me, one million dollars. Just because.

Taking your advice @ThrashZone . :D

You're doing it wrong.

'Dear Mr Musk, Please donate to me, one million dollars. Or Else.'
 
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You're doing it wrong.

'Dear Mr Musk, Please donate to me, one million dollars. Or Else.'
That's how you get a ticket to jail.
 
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the54thvoid

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I mean, he could probably be sued for the business statements he makes but doesn't keep regarding his own companies (Google it yourself). He is very big on bluster which his investors lap up with blind faith. Not denying his clearly exceptional talents but he also makes huge statements which don't hold up to the test of his own-predicted time. In that respect, he's just another corporate elite, over-hyping the product to inflate the perceived value, which in turn leads on the investor.

Oh, and he had a hair weave/transplant a long time ago. That disgruntles me as a proud/bitter bald guy. My motto is never trust a guy with a glorifed wig - they're hiding something.

elon-musk-before-hair-transplant.jpg


Elon Musk, circa 2000.
 
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You're doing it wrong.

'Dear Mr Musk, Please donate to me, one million dollars. Or Else.'

No no no. We've gone full circle with this idea already.

1. Serious proposals are written by lawyers, not by normies like you or me.

2. We already see what the serious proposal is.

------------

Get your lawyers to say "Dear Mr. Musk, please donate to me, $258 Billion dollars, or else".

All this "$1 Million" stuff is just not very creative at all! You can ask for way, way, way more money than that!
 
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r9

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And if they made double that expected they would have wired the extra money to him ? lol
People dumb enough to lose their money this way is well deserved.
 

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Politicians might be involved in this, it might be just a way to f...k with him, little while ago he was called racist and other crap.
That's what you get if you get involved in politics.
 

64K

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Politicians might be involved in this, it might be just a way to f...k with him, little while ago he was called racist and other crap.
That's what you get if you get involved in politics.

Could you clarify this please?
 

the54thvoid

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Politicians might be involved in this, it might be just a way to f...k with him, little while ago he was called racist and other crap.
That's what you get if you get involved in politics.

Could you clarify this please?

Please don't. Keep the politics in the garbage bin where it belongs. Thread is about a stupidly extravagant lawsuit. Stay on-topic and stay away from the political musings.

Thank you.
 
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This will get thrown out, crypto is unregulated and offers 0 protections to buyers.
 
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"Pump & Dump"....

sounds like what happens after you eat way too much at dinner, then have to spend 30+mins on da crapper to get rid of it all, hehehe... :laugh:..:eek:..:roll:

But this whole coin thing just proves the old sayings:

"A fool & his money are soon parted"
"If you fail to plan, then you plan to fail"
"Never invest moar than you can afford to lose"
"A failure to plan on your part does NOT constitute an emergency on my part"
 
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"Pump & Dump"....

sounds like what happens after you eat way too much at dinner, then have to spend 30+mins on da crapper to get rid of it all, hehehe... :laugh:..:eek:..:roll:

But this whole coin thing just proves the old sayings:

"A fool & his money are soon parted"
"If you fail to plan, then you plan to fail"
"Never invest moar than you can afford to lose"
"A failure to plan on your part does NOT constitute an emergency on my part"
you forgot the most important . . .
1uw42n.jpg
 
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Offense or defense?


On October 29 [1929], William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to the public their confidence in the market, but their efforts failed to stop the large decline in prices.

All major market crashes attract the billionares. They always think its a good buy opportunity. Sometimes it works out for them, but in 1929, it didn't work out for Durant or the Rockefellers.
 
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