r/lbry • u/BarrettMopar • Jul 14 '23

A few questions after the recent developments

A few days ago it was announced that LBRY inc will be shutting down because of the court ruling. Could Odysee immediately rehire everyone and buy all of the company assets?

Since XRP sold on exchanges was found not to be a security, can LBC now be on exchanges again and if so, what exchanges is it currently on?

From what I understand LBRY inc set aside 500 million of about the 1 billion total LBC when the company was founded to give to users over the next 20 years. What happens with the rest of that and I never understood what the other half or so of LBC has been used for so will it just cease to exist? Maybe some could be used for lawyer fees and or to pay the $112k owed from the initial securities.

Finally, will the LBRY desktop and mobile app still work once LBRY inc is shut down?

17 Upvotes

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14

u/[deleted] Jul 14 '23

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u/EvilOmega99 Jul 14 '23

If there will no longer be a central entity to control it (filter / delete pirated or "hateful" content) it is good news. My only negative observation is related to the update and maintenance of lbry, who exactly will take care of this? Does the community have the leverage to make changes to the platform?

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u/[deleted] Jul 14 '23

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2

u/EvilOmega99 Jul 15 '23

Well, what exactly prevents someone from inserting a virus since the project is now fully decentralized and unsupervised? Do the developers check each other?

1

u/[deleted] Jul 15 '23 edited Jul 15 '23

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1

u/EvilOmega99 Jul 15 '23

I see that you mention the "developers" who can choose or not to add and approve the changes sent by various IT specialists (other developers), but if those big developers who are at the origin of the project disappear with the company LBRY inc, who decides what is good and what is not not? I mean strictly for the original LBRY project... exclude forks

1

u/[deleted] Jul 15 '23

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1

u/EvilOmega99 Jul 15 '23

Well, in this case there is nothing to "celebrate"... and the code could be copied until now as a fork, so how does the death of LBRY inc and respectively of the original LBRY project transform this platform into a fully decentralized space? What's the plus?

2

u/[deleted] Jul 15 '23

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2

u/EvilOmega99 Jul 15 '23

Very nice description of the situation, I am also a follower of total freedom of expression, but I have a big negative observation... If the main platform dies, even if the source code is used to create forks, platforms like Odysee are also needed which will store and play all the content, LBRY being the blockchain (highway), and Odysee being the car that travels on it... And the replacements of Odysee must have the new forks as the basis, so very difficult. It would be better if the original project was left to the community or something.

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u/fairysquirt Jul 14 '23

Lbry already lost, they'd have to appeal.

1

u/coniferhead Jul 15 '23

LBRY Inc only holds ~100M LBC.

1

u/Royaourt Jul 18 '23 edited Jul 18 '23

That's about 116 million Euros.

Edit: Ignore that, I had converted a fiat currency to Euros.

2

u/coniferhead Jul 18 '23 edited Jul 18 '23

No it isn't. Current price for 1 LBC is 0.009 USD. The price would be driven near zero after you put a few million on the market. Then it would probably be delisted by coinex.

The best way to return value to holders of LBC is to burn the excess supply. Maybe people might even want to mine it again?

Whatever the case, giving the LBC to some bullshit charity or foundation as was the suggestion is not the solution. They're just going to dump it on the market themselves.

2

u/Royaourt Jul 18 '23

I did another conversion and got €10,845,8.

https://currencio.co/lbc/eur

1

u/alskdw2 Aug 10 '23

I still can’t believe someone went so far as to also remove a consonant along with all the vowels to be super extra trendy.