Elon and the 258 Billion dollar Dogecoin lawsuit

[Pekelo]

https://www.reuters.com/markets/us/elon-musk-258-billion-dogecoin-lawsuit-expands-2022-09-07/

"NEW YORK, Sept 7 (Reuters) - The $258 billion racketeering lawsuit accusing Elon Musk of running a pyramid scheme to support the cryptocurrency Dogecoin has expanded, adding seven new investor plaintiffs and six new defendants including his tunnel construction business Boring Co.

According to an amended complaint filed on Tuesday night in Manhattan federal court, Musk, his electric car company Tesla Inc (TSLA.O), his space tourism company SpaceX, Boring and others intentionally drove up the price of Dogecoin more than 36,000% over two years and then let it crash.


By doing so, the defendants "profited tens of billions of dollars" at other Dogecoin investors' expense, while knowing all along that the currency lacked intrinsic value and that its value "depended solely on marketing," the complaint said."

"Shortly afterward, Musk, the world's richest person, tweeted that he would "keep supporting Dogecoin," and in an interview said "people that work around the factory at SpaceX or Tesla" asked him for that support, the amended complaint said.

Other new defendants include the Dogecoin Foundation, which calls itself a nonprofit providing governance and support for Dogecoin."

 

[Nobert]

at other Dogecoin investors expense

 

[Snuskpelle]

Who the heck "invests" into something called Dogecoin and expects it to not be some sort of P&D or other type of scam? Rhetorical question, I know the unbelievable exist.

 

[Baron]

Who the heck "invests" into something called Dogecoin and expects it to not be some sort of P&D or other type of scam? Rhetorical question, I know the unbelievable exist.

LOL, specially considering that Dogecoin was created as a joke with the most absurd underlying fundamentals such as no supply cap whatsoever and 14 million new coins created every day. I mean, common. It was literally created as an anti-investment opportunity.

 

[BKR88]

no supply cap whatsoever and 14 million new coins created every day

The Fed printed ~6 trillion over 2 years.
Dogecoin is closest (in price) to the nickel so the Fed created ~411 million nickels every day for 2 years. Doge has some tough competition in the devaluation race.

 

[Tokenz]

Who the heck "invests" into something called Dogecoin and expects it to not be some sort of P&D or other type of scam? Rhetorical question, I know the unbelievable exist.

Yeah but that puppy they used for the symbol sure was cute though

 

[M.W.]

So, ether and bitcoin sounds better than dogecoin? Guess different blokes, different strokes...

Who the heck "invests" into something called Dogecoin and expects it to not be some sort of P&D or other type of scam? Rhetorical question, I know the unbelievable exist.

 

[Overnight]

@Baron and @johnarb Here's something that always bothered me about the Dogecoin...It's how it has been pronounced in the media..."doezzhhcoin"

But in my head, it seems logical that the coin should be pronounced "Doggy Coin".

After all, the icon for the coin is a dog, and the name of the coin itself bears it out "Dog-E-Coin". A dog electronic coin.

You two are the the smartest players in the space on this forum. What say you? Has the actual creator of the coin ever pronounced it "doezzzhhhcoin?"

 

[d08]

View attachment 294687

"Dogecoin investors", "Smart idiots". There's a term for that, escapes me right now.

 

[Pekelo]

Who the heck "invests" into something called Dogecoin

Why, is Ethereum, Polkadot or Litecoin are better names? And Doge went from nothing to 76 cents, easily outperforming everything else.

The point is, all cryptos are shit to invest in, they are just numbers on a network/computer, nevertheless they did make plenty of people millions so if an influencer like Elon backs a crypto, it sure goes go up.

As they say, timing is everything. The problem wasn't Doge itself but believing in Musk.