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[–]tomatopotato★ Free Assange ★[S] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (0 children)

TL;DR:

LBRY Inc. is the entity that develops developed LBRY. LBRY is the blockchain and free/libre/open source/censorship resistant engine, used mainly to power video content on Odysee (a/the frontend) and LBRY clients (direct access). The SEC sued LBRY Inc. on the grounds that the LBC cryptocurrency is a security, not an asset. LBRY Inc. lost the suit, but had planned to appeal the decision. Yesterday, they decided to drop the appeal, not because they were in the wrong, but because the SEC buried them in financial debt due to legal fees.

I'm not an investor, so I don't pretend to know all the ins and outs between a security and an asset. I just know that one, the lawsuit-happy SEC is once again acting directly against the interests of regular people. And two, the fewer alternatives we have to Goliath Google, the more powerful the censorship machine becomes.

Hats off to the folks who developed LBRY. Hopefully somebody picks up where they left off.

P.S. Because of LBRY's open source nature, the network will persist and content will remain available/grow if the community supports it and continues to run nodes. Pretty big "if" though.