Hey All,
In case you're unfamiliar with the platform LBRY, allow me to provide a brief overview. #LBRY represents a protocol, and crafting a protocol is a complex undertaking. Think of how we connect to the internet using "https," which is essentially a protocol itself. Similarly, #LBRY initially emerged as an innovative protocol, enabling individuals and organizations to create applications that engage with digital content within the LBRY network. The Odysse App is an example of such an application, built upon the LBRY protocol.
The LBRY team stated it on their twitter handle that the company LBRY Inc. is winding down but the #LBRY network is unaffected. So what does it mean for the token LBRY Credits #LBC? The token is down 25% as the news broke out and is currently trading almost to pennies - is it going to ZERO?
LBRY Inc. has debts to the SEC, its legal team, and a private debtor that it cannot pay. Its assets, including Odysee, are being placed into receivership. As of this post, all LBRY executives, employees, and board members have resigned. All will be doing what is required to satisfy any outstanding legal requirements, but no more.
For the detail post and news you can refer to the post from LBRY Inc. here on Odysee platform. Loosing the case was a big drawback for #LBRY as they had been fighting with #SEC for years now providing them with all the details and explaining their case in a much transparent manner as possible.
The LBRY network has:
- 30,000,000 pieces of content
- 1,700,000 on-chain identities
- Famous content creators
- Apps used by millions each month
- Quality, open-source code And much more
I've been utilizing the LBRY platform, Odysee, for a significant duration. And I still #HODL 168K+ #LBC tokens and I guess they will all be ZERO now - who knows? Considering the facts and the news with LBRY Inc. shutting down the token will go to ZERO only no hopes there. The team also answered this question - **LBRY Inc. be continuing its appeal vs the SEC? ** The answer was straight forward a BIG NO
What happens to #Odysee platform which uses the LBRY protocol. Last what we heard from the Odysee team on their twitter handle on 14th July was - Rebirth is Coming and after that there was nothing post. Not sure what it is and has this tied to #LBC token or not, its just a speculation of mine and could be nothing to be with #LBC as well. So we need to await - what the plans of the Odysee team is now after LBRY Inc. shuts down. The LBRY team did indicate that Odysee and other assets will undergo a legal process to satisfy debts, but Odysee has a bright future ahead. So is something new coming - we would need to wait and see what coming up next with Odysee... cheers
LBRY - The END - What About the token #LBC?
#lbc #odysee #hodl #sec #lbry #protocol #content #video #credits
Have Your Say LBRY Credits #LBC is it going to ZERO?
Do you still HODL LBC token? Selling Vs HOLD LBC? What are your thoughts on LBRY filing a Notice of Appeal against the SEC? The END of LBRY Inc? Do think we could see a come back for LBC? Please let me know in the comment section below...
Image Courtesy:: lbry,odysee, twitter, thecoinrepublic
Best Regards
PS:- None of the above is a FINANCIAL Advice. Please DYOR; Do your own research. I've an interest in Blockchain & Cryptos and have been investing in many emerging projects..cheers
Thanks for sharing details about LBRY network.
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I have been using Odysee for some time, actually came on my radar at the same time Hive did as I was googling for crypto related social media platforms, I dont know how decentralize it is but if people are generating a revenue with the platform and a few small/big creator community I dont think it will die, probably a new token will be airdrop and will go on, although Im not buying but will keep using it
I sold 900+ for $7. Sad to see LBRY collapsed.
I hope we can see Odysee on Hive!
Not sure how you can rebirth from a major sell out like that but then again you do have Luna lol It will be interesting to see what comes of it. I'm all for projects like this to try to decentralize things and give another video sharing platform.