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I’m seeing a lot of confusion. Here are some key takeaways:
- LBRY Inc is shutting down.
- LBRY (without the Inc) isn’t going anywhere. It’s decentralized, they literally can’t shut it down.
- Odysee isn’t going anywhere either.
- LBRY Inc is apparently being shut down for “violating registration provision in securities laws”, whatever that means. I think they were handling crypto funds in a way that the SEC argued was illegal, and they lost in court.
What are LBRY and Odysee?
Youtube alternatives.
some web3 crypto bull stuff I think.
I remember when the name LBRY changed to Odysee. I thought the name just changed. What’s the difference between LBRY Inc, LBRY, and Odysee?
Lbry inc was the company doing development, lbry is the name of their blockchain they developed, and odysee was a video hosting platform primarily for Nazis (and some nonproblamatic Linux enthusiasts) built on that blockchain.
primarily for Nazis
Oh I guess Louis Rossmann and Mental outlaw and others are Nazi’s because they post to the platform/include it in their apps.
They said “primarily”, not “exclusively.”
That doesn’t change much of anything. Is Louis Rossmann a Nazi for giving a primarily Nazi platform a space on his app?
I said “primarily”, you even included that in your quote. Mental Outlaw is in that subgroup of nonproblematic Linux enthusiasts.
Its actually a bigger problem that the app includes rumble, which is straight up just fascist YouTube.
Isn’t Lock Picking Lawyer on rumble? I don’t think a exact clone of youtube will ever be able to offer competition. People who aren’t Nazi still like free speech and youtube bans people who aren’t Nazi’s or don’t spread misinformation. You can literally have a lisp and get banned from youtube because the transcription bot thinks you said something bad.
destroy SEC and replace it with something
I looked at LBRY for a while, but it kinda looked like the “trashy tabloid” section of the internet.
It’s also filled to the brim with Nazis.
I think u mean fReE sPeeCh
Free speech is about more than Nazis, though… Don’t let the Nazis take that from us.
Free speech isn’t a real thing. Every society throughout history has drawn the line somewhere, even ones that claim to have “free speech.” The US constitution had been in effect for less than a decade when the first laws restricting speech were passed. The only legitimate argument is about where the line should be, not if there should be a line at all. Even if you’re a “free speech” person, I assume you agree that csam shouldn’t be allowed, which means you do have a line.
Even most of the unlimited free speech people seem to draw the line at child porn, for example (except the ones who are pedophiles I assume). They say there is no line until they find one.
They are more source available than opensource. The documentation on how to run nodes and how everything slots in together is either not there or terribly difficult to find. They have whitepapers, but if I want to host a node, I’m not going to read all that jazz to understand how things work.
Their homepage doesn’t have a “documentation” page or “admin guide” or anything. Just “download the client and get started!” even though there’s a webpage and it’s not clear where the generated crypto goes to, nor how to access it without them or when the website goes down and you don’t have a client.
With things like mastodon, peertube, funkwhale, hell even bittorrent, there are clear guides on how to do stuff.
LBRY always felt kinda shady to me because of that. They promised compensation for views and likes, but they seemed to be the major benefactors from the entire thing. It doesn’t surprise me one bit that the SEC shut them down.
What happened? I’ve never heard of this before today, so I have no idea what it is or what happened beside whats in their post.
I think its to do with holding too much cyrpto for yourselves. (I could be reading it wrong)
It’s to do with selling unregistered securities.
Basically the entire crypto space got high on selling tokens to “investors” with the implication (explicit or implicit) that you should absolutely get in on the ground floor of this one because it’s gonna moon so hard buddy, you’ll be rich, just wait and see.
That’s a security my friend. And there are some pretty strict laws about selling those. The decision was basically a surprise to LBRY and absolutely no one else.
Thanks for the reply. Ultimately those sorts of things protect the “customer/investor” I’d presume.
That’s the long and short of it, yes.
The problem is that if people are being told “put your life savings into this, it will definitely make you rich” there really have to be some kind of rules about who can and cannot do that.
It’s not a perfect system by any stretch. There are far too many entirely legal ways to still get away with conning people out of their life savings, and there are probably some edge cases where people guilty of breaking these laws weren’t actually doing anything all that bad. It’s certainly not as though the legal finance world is flush with upstanding decency and morals. We all lived through 2008.
But the laws do exist for a reason. An entirely unregulated securities market is going to result in a lot more fraud and a lot more destroyed lives than one that has at least some regulation.
Ultimately, the crypto world conned themselves into thinking that what they were doing was fine because their unregulated securities were printed on special magic digital paper. The SEC has been very pointedly reminding people that the Howie Test still applies the same no matter what kind of magic paper you print the contract on. I honestly don’t know if LBRY were trying to pull some shit, or if they really did believe that they were somehow exempt from the rules. Like most people in the crypto space they really should have spent some of that money on some better layers right up front.
Yeah, same. Although it looks like whatever it is, the important bits are open source and decentralised, so if it has value it should continue to exist in some form?
I literally just started uploading my content on odysee a matter of days ago. Thought I finally found a decent YouTube alternative.
here’s hoping Peertube becomes remotely usable in the near future 💀
Odysee is not shutting down.
Yes and no, right? It’s considered an asset that will be liquidated to pay LBRY Inc’s debt and it’s future will depend on who (if anyone) purchases it
Same here! Kind of disappointed in this.
Wow, I had no idea. That’s sad
Pasting this here for people who didn’t read the article
What’s happening to Odysee?
Odysee, the flagship LBRY app, continues to serve more than 6,000,000 people each month, even while it has been iced. CoinGecko rates Odysee as the most popular web3
Odysee’s popularity makes it the most valuable asset of LBRY, Inc. While it’s nearly certain the Odysee assets will be assumed by someone interested in resuming its growth, it’s unclear if Odysee will continue to use the LBRY network in the future, switch to another cryptonetwork, or switch to being a traditional web2 platform.
For the data nerds and founders, a full log of our monthly and weekly Odysee user data is here. When much of the crypto industry was burning money, we succeeded at building useable web3 software that people actually wanted to use.
What happens to LBRY channels and content?
Over 1,700,000 identities and 30,000,000 pieces of content have been published to the LBRY blockchain. As long as the LBRY blockchain continues to be mined, those identities and records will continue to exist.
However, the content itself is not published to the blockchain, and requires host nodes to function. If Odysee chooses to stop utilizing LBRY, then content that is not actively seeded by others will stop being available. Using LBRY Desktop is the best way to ensure your content remains available.
Can Odysee switch from LBRY?
Maybe? Maybe not? It’s unclear whether Odysee has permission to port content that was published from LBRY to somewhere else. Additionally, at one point Odysee committed users that it would always use LBRY so long as it was legal to do so.
But we’re feeling pretty done with legal fights, and we’d rather see our friends at Odysee continue to do productive work supporting free speech. Ultimately, this will be decided by users, not by us, and we encourage users to wait and see.
Anyone know the details of why it owes the SEC so much money?
Because they broke a bunch of laws. I could get more into it but that really is the long and short of it. They crimed. Got fined.
This is a daft comment, so take a pinch of salt… but traditional banks lobby hard for deregulation, except when it comes to crypto.
The SEC"s position, which they’ve repeatedly tested and proven in court, is that crypto falls under the exact same rules as the rest of the financial world.
It’s a novel technology (sort of) but ultimately what’s being done with that technology is just buying and selling securities.
That means that when banks lobby for deregulation of the finance industry, they are in fact lobbying to deregulate crypto, because crypto falls under the same regulations as then. There’s no special carve out. They’re all in one big boat together.
But that’s not what the crypto world wanted. Crypto wanted a special carve out. They wanted to not fall under the same rules as the banks. What LBRY, FTX, Binance, et al have all been arguing in court is that the rules for the banks don’t apply to them, because they want to exist in a special magical land where there are no rules (or where the rules exist, but they get to write them).
