When it comes to cryptocurrencies, billionaire Elon Musk is constantly in the news. First he encourages people to buy Dogecoins, then it takes noise to talk about green crypto and he even plans to include cryptocurrencies in the Tesla sphere. His interest in Dogecoins needs to be sued today and if this case interests you, here are the details.
Dogecoin: what is it?
Dogecoin has been around for a while and it was invented in 2013 by two software engineers, Billy Marcus and Jackson Palmer, who originally came up with it as a joke. They combined two of the hottest trends of the year – bitcoin and the “doge” meme featuring a Shiba Inu dog – to create a new cryptocurrency. Marcus and Jackson wanted a currency accessible to the general public, so they built it with free software that allows anyone to view its source code.
Dogecoin operates through a process called “auxiliary proof-of-work”, which means that cryptocurrency miners can work on certain other proof-of-work cryptocurrencies, primarily Litecoin, and also mine Dogecoin at no additional cost. In the Dogecoin system, miners compete to see who can solve complex mathematical problems to validate transactions as quickly as possible in order to win coins.
However, you can also buy Dogecoins on the usual and recognized platforms.
What do we blame Elon Musk for and why does he continue to support Dogecoin?
From the start, Elon Musk has positioned himself as the first Dogefather, a little nickname he inherited by dint of supporting Dogecoin. However, lately, the billionaire is going through a difficult phase since a man named Keith Johnson is claiming 258 billion USD from him. The case is very serious since the complaint was filed in federal court in Manhattan. He’s being sued for being overzealous about Dogecoin when he’s not even a crypto billionaire.
Concretely, the plaintiff is afraid that if Elon Musk is making so much noise around Dogecoin, it is to manipulate the market in order to derive profits from it. Despite everything, the billionaire claimed on Twitter that he will continue to buy Dogecoins and that he will even integrate this currency into Tesla’s payment services later. Observers are surprised to find that the person suing Elon Musk includes his two big companies in his complaint: SpaceX and Tesla.
What happens to Elon Musk may seem unfair to the whole world and yet whoever sues him may well win. In the USA, it is forbidden to influence the market in this way and it is on this precise point that the plaintiff’s victory could be based. Anyway, today, thanks to Elon Musk, Dogecoin is considered to be a reliable cryptocurrency and its value may increase even further.
Do you know the expression BFF? Best Friend Forever? Well I, Annaëlle, am Victoria’s BFF. Passionate about crypto myself, I come to lend him a hand on his blog… by lending him my pen 🙂