related posts
540 sats \ 2 replies \ @orthzar 7 Nov 2022
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.
reply
55 sats \ 1 reply \ @Coinosphere 8 Nov 2022
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?
reply
35 sats \ 0 replies \ @orthzar 9 Nov 2022
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.
reply
35 sats \ 2 replies \ @03ddc5a2a3 7 Nov 2022
Imagine owning and holding eth rn....
reply
25 sats \ 0 replies \ @shyfire 8 Nov 2022
I wonder how loud the voice in Vitalik's head is that asks the question: "What is the probability that I go to jail?"
reply
25 sats \ 0 replies \ @seantoshi21m 7 Nov 2022
Yep, it's a cbdc at this point.
reply
36 sats \ 3 replies \ @faithandcredit 7 Nov 2022
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.
reply
32 sats \ 2 replies \ @orthzar 7 Nov 2022
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.
reply
35 sats \ 0 replies \ @faithandcredit 8 Nov 2022
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
reply
35 sats \ 0 replies \ @DeezSats 8 Nov 2022
It's probably a money shot. They look at the "returns" they are getting on asset seizure.
reply
30 sats \ 0 replies \ @cokyjgz 8 Nov 2022
Thanks for sharing
reply
25 sats \ 0 replies \ @Wumbo 9 Nov 2022
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.
Senate Campaign Ad:
https://www.youtube.com/watch?v=ULtEZISbj7E
reply
25 sats \ 0 replies \ @shyfire 8 Nov 2022
Big big oof on this one.
reply
25 sats \ 1 reply \ @btcschellingpt 8 Nov 2022
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).
reply
25 sats \ 0 replies \ @shyfire 8 Nov 2022
Yeah... And then you have the CFTC claiming ETH is a commodity, it will be interesting to see who wins that fight.
reply
0 sats \ 0 replies \ @cryptocoin OP 8 Nov 2022
https://twitter.com/RepTomEmmer/status/1589712700699209730 [Nitter]
reply