Posts about LBRY
District Judge just ruled that the LBC token is a security and not a utility token. LBC was one of the earliest tokens in the market, it was a POW mining token that had utility in the LBRY ecosystem.
In ruling it to not be a utility token but a security, this will threaten every other coin or token. LBRY had intended to grow the value of LBC token by building utility into the LBRY network. However this was judged to be a security offering. If this is the standard, then virtually every other token is also a security.
These are the statements from LBRY's founder:
The SEC vs LBRY case establishes a precedent that threatens the entire US cryptocurrency industry.
Under this standard, almost every cryptocurrency, including Ethereum and Doge, are securities.
The future of crypto now rests with an org worse than the SEC: the US Congress
Link to the court order -
https://odysee.com/@lbry:3f/secvslbrysummaryjudgementruling:a
Edit: The precedent setting examples in this one are really terrible.
Some reaction from crypto lawyers:
Gabriel Shapiro
it's dicta, but here the LBRY judge reasons that even if team is completely silent about efforts--no promises, no contracts--but premines tokens, that alone creates a sufficient expectation of profits from their efforts in common enterprise to pass the Howey test
very bad result
From the judgement: - -these are the worst parts
Even if LBRY never said a word about it being an investmentโฆby retaining hundreds of millions of LBC for itself, LBRY also signaled that it was motivated to work tirelessly to improve the value of its blockchain for itself and any LBC purchasersโฆwould lead purchasers of LBC to expect that they too would profit from their holdings of LBC as a result of LBRYโs assiduous efforts.โ
Just want to check out LBRY ASAP? Go here.
Post AMA Wrap Up
This response has been absolutely amazing and tremendously encouraging to our team and we'll definitely report back as we progress. A lot of great questions that will keep us thinking about how to strike the right balance.
If you want to help keep content creation/sharing out of control of corporations/governments please sign up here and follow us over on r/lbry. You guys were great!
Who We Are
Hanging out in our chat and available for questions is most of founding and core members of LBRY:
Jeremy Kauffman (/u/kauffj) - chief nerd
Reilly Smith (/u/LBRYcurationbot) - film producer and content curator
Alex Grintsvayg (/u/lyoshenka) - crypto hipster
Jack Robison (/u/capitalistchemist) - requisite anarchist college drop-out that once built guitars for Kiss
Mike Vine (/u/veritasvine) - loudmouth
Jason Robertson (/u/samueLBRYan) - memer-in-chief
Nerds from MIT, CMU, RPI and more (we love you Job, Jimmy, Kay, and every Alex)
What Is LBRY?
LBRY is a new, completely open-source protocol that allows creators to share digital content with anyone else while remaining strongly in control โ for free or for profit.
If you had the LBRY plugin, youโd be able to click URLs like lbry://itsadisaster (to stream the film starring David Cross) or lbry://samhyde2070 (to see the great YouTube/Adult Swim star's epic TEDx troll).
LBRY can also be viewed and searched on itโs own: hereโs a screenshot
Unlike every other corporate owned network, LBRY is completely decentralized and controlled by the people who use it. Every computer connected to and running LBRY helps make the network stronger. But we use the power of encryption and the blockchain to keep everything safe and secure.
Want even more info? Watch LBRY in 100 Seconds or read this ungodly long essay.
Proof
https://twitter.com/LBRYio/status/771741268728803328
Get Involved
To use LBRY ASAP go here. Itโs currently in an expanding beta because we need to be careful in how we grow and scale the network.
If you make stuff on YouTube, please consider participating in our Partnership Program - we want to work for you to make something better.
To just follow along, sub to r/lbry, follow on Twitter, or just enter your email here.