$ (LBRY) LBRY Credit / Odysee - In ongoing litigation with the SEC.

[Null]

LBRY/Odysee is being sued by the SEC.

LBRY, Inc. (Release No. LR-25060; Mar. 29, 2021)

SEC Charges New Hampshire Issuer of Digital Asset Securities with Registration Violations

Litigation Release No. 25060 / March 29, 2021​

Securities and Exchange Commission v. LBRY, Inc., Civil Action No. 1:21-cv-00260 (D.N.H. filed March 29, 2021)​

The Securities and Exchange Commission today charged LBRY, a blockchain company, with conducting an unregistered offering of digital asset securities.

According to the SEC's complaint, from at least July 2016 to February 2021, LBRY, which offers a video sharing application, sold digital asset securities called "LBRY Credits" to numerous investors, including investors based in the US. The complaint alleges that LBRY did not file a registration statement for the offering, and that the offering failed to satisfy any exemption from registration. The complaint further alleges that by failing to file a registration statement, LBRY denied prospective investors the information required for such an offering to the public. As alleged, LBRY received more than $11 million in U.S. dollars, Bitcoin, and services from purchasers who participated in its offering.

The SEC's complaint, filed in the federal district court in New Hampshire, charges LBRY with violating the registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933. The SEC seeks permanent injunctive relief, disgorgement plus prejudgment interest, and civil penalties.

The SEC's case is being handled by Peter Bryan Moores, Sofia Hussain, Eric Forni, Marc Jones, and Amy Gwiazda of the Boston Regional Office.

Essentially, LBRY critically blundered with its marketing. LBRY was a p2p decentralized file sharing protocol, the crypto which underpinned it, and the front-end centralized platform called LBRY.tv which helped promote the ecosystem to users without the desktop app.

At some point recently, LBRY.tv rebranded as Odysee to help ease confusion about if the token was truly decentralized or not. Too little too late: the SEC is now filing charges for them to be a security.

 

[AnOminous]

I'd be really pissed if this is some stealth move by the SEC to pick out one particularly sketchy enterprise as a backdoor somehow to declare all cryptos to be some kind of illegal unregistered security.

 

[twozero]

I'd be really pissed if this is some stealth move by the SEC to pick out one particularly sketchy enterprise as a backdoor somehow to declare all cryptos to be some kind of illegal unregistered security.

AFAIK they’ve already classed BTC and (perhaps less convincingly so?) ETH as non-securities, since part of the Ripple (XRP) case appears to be trying to get the documents to work out why those two weren’t considered such.

this is pretty comfy for now at least, pre-mined shitcoins getting BTFO. I wonder if the LBRY was purely generated by vid hosting whether they’d be in this boat.

 

[Null]

AFAIK they’ve already classed BTC and (perhaps less convincingly so?) ETH as non-securities, since part of the Ripple (XRP) case appears to be trying to get the documents to work out why those two weren’t considered such.

XRP is centrally organized and is a banker scam to sell worthless XRP for real currency.

 

[twozero]

XRP is centrally organized and is a banker scam to sell worthless XRP for real currency.

Agreed. It’s a bit like Chainlink and other alts in that they’re driven by low unit cost bias. ‘BTC is expensive, XRP is cheap’’ logic which is flawed, considering you can divide 1BTC=100,000,000 Satoshi and transact as little as a few sats via Lightning.

anything centrally controlled/issued will just result in the same problems with the current banking system.

 

[Null]

Agreed. It’s a bit like Chainlink and other alts in that they’re driven by low unit cost bias. ‘BTC is expensive, XRP is cheap’’ logic which is flawed, considering you can divide 1BTC=100,000,000 Satoshi and transact as little as a few sats via Lightning.

anything centrally controlled/issued will just result in the same problems with the current banking system.

The main FUD with Bitcoin is that people think 60k or whatever is too much and it's bound to crash. They look at it like a soufflé, a delicate little creature propped up to big-boy status with a lot of TLC and which may be on the verge of massive collapse at any point. The reality, I believe, is different. The comparison I hear a lot and which I am more and more inclined to believe is true is that there are fewer available BTC than there are millionaires in the world. The scarcity exists, the demand for instant online ungovernable transactions exists, and it's basically proven technology at this point. I believe BTC will hit over a million USD, sooner rather than later.

That is an impressive barrier to break and a lot of cryptos fail to meet it. I was an early adopter of ETH (bought at $1 and sold at $11 for necessities, rip) because I saw that it had contracts attached and that that provided a level of quality which would be adopted by the market. I was right.

 

[irishAzoth]

I'm new to LBRY, I've used Odysee and its an alright platform. How does the video claim work on its blockchain that you can see on their block explorer?
if you check on the bottom of the page theres videos you can watch on the app.

 

[AltisticRight]

They look at it like a soufflé

Thanks for making me go from frustrated to hungry, with just one simile.

 

[tulskij_tochnyj]

I believe BTC will hit over a million USD, sooner rather than later.

Plot twist: BTC hits a million USD, but so does BigMac.

 

[AnOminous]

XRP is centrally organized and is a banker scam to sell worthless XRP for real currency.

All I know is I got some free and sold it during the pump part for $50 or something.

 

[Ahriman]

DT has recently put out a video about this

 

[MarvinTheParanoidAndroid]

Is there a way they can win this or worm out of it? I know the winning strategy is just drag it out in court until the defendant runs out of money but there has to be some way to win.

 

[JoeBidenSniffMe]

https://helplbrysavecrypto.com/

 

[Tookie]

I'd be really pissed if this is some stealth move by the SEC to pick out one particularly sketchy enterprise as a backdoor somehow to declare all cryptos to be some kind of illegal unregistered security.

Luckily we're past the point where they try justifying anything they do. If they really want to declare crypto illegal they will just do it and fuck you if you don't like it.

 

[AnOminous]

Luckily we're past the point where they try justifying anything they do. If they really want to declare crypto illegal they will just do it and fuck you if you don't like it.

And the entire crypto world will ignore it. It might even increase its value to be overtly illegal.

 

[Mr. Pestilence]

 

[Haru Okumura]

Bittrex is delisting LBC as of 4/16:



Tweet (archive)



Site (archive)

A plurality of LBC's trading volume comes from Bittrex, so this is a big deal:

 

[AnOminous]

I'd ordinarily be worried about SEC action effectively wiping out a crypto, but this is the very definition of a scammy pre-mined shitcoin.

 

[7he47r0n]

Why is the United States government so hostile towards cryptocurrencies? China seems to have the exact opposite approach, even hinting at some points in time of wanting to include them in their banking systems. Right now they're working on their own digital yuan, and have been since at least 2014, and it seems that Bitcoin's recent surge may accelerate its introduction.

https://archive.md/QQooD

 

[RickestRickCriminal]

I can't wait for a decision to be made. If the coin was pre-mined and an absolute scam or not a security, either way there's more options.
From Odysee being a platform where da gunt gets humiliated with pig grunts when he speaks to Odysee completely shutting down. Hope Ralph leaks those sick gunttapes where he records Odysee staff's shady business without permission. This mp3 arc will be uncharted gunt territory.

Why is the United States government so hostile towards cryptocurrencies? China seems to have the exact opposite approach, even hinting at some points in time of wanting to include them in their banking systems. Right now they're working on their own digital yuan, and have been since at least 2014, and it seems that Bitcoin's recent surge may accelerate its introduction.

https://archive.md/QQooD

The digital remibi seriously reads like a tool to log every citizen to have even more control over their lives, not really a friendly position over cryptocurrencies. They fucking hate when their dissidents use crypto to cover their tracks.