Here's a copy of the judgement hosted on LBRY: https://odysee.com/@lbry:3f/secvslbrysummaryjudgementruling:a
LBRY and crew are going to pay a high price for their shitcoinery. They should have switched from LBC to Lightning as soon as Lightening looked remotely usable. They had years to make that change; they could have avoided the present mess they are in.
They will cry "the State is attacking us, we need your help, send BTC." They were told to not engage in shitcoinery. They refused to listen, so now any money sent to them will simply wind up in the hands of the State through fines, seizures, etc.
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I was one of the LBRY testers that told them to hold off for lightning... I told their project lead himself what to expect, both from bitcoiners who would shun his whole platform to regulators who might see their shitcoin as a security... Way back in 2017, but greed prevailed, apparently.
The app itself was quite revolutionary like a P2P youtube that is easily monetized... I'd use it today if not for their selfish idea to sling shitcoins.
Are there any lightning devs out there interested in forking this for bitcoiners?
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Are there any lightning devs out there interested in forking this for bitcoiners?
I had a similar idea, but it will be a lot of work. It would be easier to rewrite it from scratch, while taking design ideas from LBRY.
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Imagine owning and holding eth rn....
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I wonder how loud the voice in Vitalik's head is that asks the question: "What is the probability that I go to jail?"
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Yep, it's a cbdc at this point.
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The reason they are going after lbry is because it is aligned with free speech. Lbry is what enabled www.odysee.com which is where several youtube exiles share their content now. Or maybe it's just a coincidence.
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I had the same thought until I remembered that Ripple was targeted earlier. Ripple only aspired to being an efficient clearinghouse -- a far cry from helping freedom.
I don't have a theory that explains the SEC's targets so far. So many altcoins are obviously unregistered securities, so they would be trivial for the SEC to prosecute and win. They could squash a hundred in a year and tell Congress, "look at all the fraudsters we put in jail, we need a lot more money to prosecute the rest of them in a timely manner." But they haven't done that so far.
Maybe the SEC won't have to do any of that. Maybe the takedown of LBRY will spook shitcoiners and the cryptocurrency market will shrink to a few non-premined currencies.
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The SEC is probably happy with the way things are where they can just selectively enforce and pick winners and losers even tho they did the exact same things. It makes me angry tbh
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It's probably a money shot. They look at the "returns" they are getting on asset seizure.
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Thanks for sharing
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A side note: Interesting they release the ruling day before the election where Jeremy Kauffman is running for senate. Not a month before or 3 weeks after election day.
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Big big oof on this one.
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There cannot be any surprise at this one, nor at the targeted wording in the judgement for the wider 'crypto' scene; love em or hate em, the SEC has been clear about what they understood Bitcoin to be (commodity) and what they understood 'crypto' to be (securities).
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Yeah... And then you have the CFTC claiming ETH is a commodity, it will be interesting to see who wins that fight.
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.@GaryGensler's leadership has been marked by unproductive, regulation by enforcement action that has jeopardized public trust & harmed our financial markets.   He claims this is only the beginning. I have a message for @GaryGensler -- a new day is coming.
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