The SEC won its lawsuit against LBRY Inc. What does this mean for Odysee?
But, they couldn't kill Open Source.
A: Elon buys Odysee -
B: Futo (or someone else compatible?) buys and funds Odysee as-is.
C: It just gets gobbled up thrown in the trash by the likes of Google or one of the other biggies:
D: The new owners (creditors) just shut it down? @lbry:3f/theendoflbryinc:d @eevblog:7
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Hi. Unfortunately, it's a rather sad day in the content creation. Community because uh, it's the end of Library Inc Lbr y Incorporated Uh, they just posted this uh, a few hours ago and this will be their last post. If you're not aware.

Um I've been on Library I'm one of the one of the founding members. In fact, they recognize me as one of the founding members, got a certificate and everything. Um, as a founding member of uh, the Library platform. an open-source uh, blockchainbased platform where I've put my content and here's my library: Channel There it is.

Um, it's still there. It's still going to be there, which is an interesting part of this. Um, so we'll go through it. Um, but yeah, I've got 71,000 followers on Uh Library which is now everyone knows it as Odyssey.

But Library Inc is the company that founded the Uh protocol, the open source protocol uh, and the LBC uh blockchain which is, you know, part of that. but you didn't have to know anything about crypto or LBC to actually use the library or Odyssey uh system. that was just like the underlying thing. that was all uh, based on and it was all open source and it was beautiful.

and I've been there, you know, almost uh since day one. In fact, if we look at Odyssey monthly uh usage here, we can actually see right? So here we are in 23. I Joined back in October 2017 when there were only 2,700 active video sessions across the entire platform. That's why I grew to be because I was on there for so long and I was promoting it Uh for so many years still am.

So that's how I grew to 71,000 followers cuz I've just been there for so long I've been slowly picking up our subscribers and a big audience. Uh, over there on Library Odyssey and I was one of the Uh not only founding m M of the library uh system one of the very early members, but I also helped Uh in a little way uh to develop the Odyssey Uh platform as well. I was involved in the early Uh part of that shaping that and also getting a lot of creators, especially the electronics uh creators that you know that are on the Odyssey Uh platform. I encourage most of those to actually come over and also some of the Science and Space uh YouTubers that you can find on there as well.

So Odyssey Library actually became known as sort of like the alter the YouTube alternative for electronics engineering science uh type, you know, science related Tech related Uh channels as opposed to the other platforms like Bitshoot and Rumble and you know other ones like that which really, um, have no electronics or engineering or science content at all. It's all politics and whatnot, but Odyssey Library was really the place to be. In fact, the number one channel on Library Odyssey is still D from Veritasium, so that speaks volumes. Anyway, yeah, I've been going since 2017 A.m but let's read uh Libraryies? uh.

last final post and hopefully this will make sense. Odyssey's not going anywhere. Libraries technically not going anywhere the library protocol because it's open source. It can't.
It's open source. You viewing this right now? If you've got the skills, you can take that Library source code and Boom! Go for it. Library Inc must die. There is no escaping this.

It has lost a judgment to the Federal government. Uh, who is the Uh? SEC The Securities and Exchange Commission in the US Uh has several million dollars in debt and is pledged to shut down. This will be our last post. I Won't go into all the details cuz it's complicated.

but basically the Securities and Exchange Commission They basically sued Library Inc out of existence. So what happened? Library Inc has debts to the Securities Exchange Commission its legal team and a private debt that it cannot pay its assets including Odyssey IB and placed into receivership. As of this post, all Library Executives employees and board members have resigned. All will be doing what is required to satisfy any outstanding legal requirements.

But no more. Now this is interesting because I thought well, Odyssey is legally a separate company. so Odyssey technically Still Remains. But if it's an asset of Library Inc who's now owned by the SE, whether or not they'll just go H whatever and just you know, wipe their hands of it and then Odyssey continues to operate.

I Don't know, remains to be seen. So what's happening to the library? Network Fortunately, Library isn't our Network it's decentralized Network and the code power in it is open source. but Library Network might die too. Decentralization isn't Magic it.

It only works if enough people use it. Could Library still allow All Digital publishing like we intended. Could this be the beginning of a descent to obscurity? Who knows? It's not like where Library experts. The truth is that even writing this post fills us with anxiety.

Everything we say is is being scrutinized by people with immense resources that aren't big fans of us, free speech, or any technology that enables dissent. And if we violate another one of the u, United States is incredibly clear and easy to follow laws. Sarcasm? much. Um, we might end up in jail.

However, we got into the game by being honest in the cryptocurrency space. When few were we, then, uh, got into trouble for being so honest. It only makes sense to go out the same way. It's our nature, so hats off to Library Inc uh for fighting this.

But yeah, it was a dirty game and I won't go into the details. it was. just suffice it to say it was ridiculous lawsuit. But hey, the SEC one.

So what's happening to Odyssey Odyssey The flagship Library app continues to serve more than 6 million people each month, even while it is still being iced. Fantastic. Uh, coin Gecko rates Odyssey is the most popular web 3 social media site in the world and this is like really fascinating. like it's you know, steam.

it's the next one I didn't think anyone used Steem it, do they? um, it's an Al it's a Reddit alternative is it? I Leave it in the comments down below, but gab heard of Gab Masteron A few people fled to Masteron when Elon bought Twitter how's that going for you? Okay, there's Madon. there's mirror I don't know dve I've technically heard of Blue Sky mines I've heard of uh Dbe that went absolutely nowhere Hive never heard of it Peak lener main Community snort kind and E never heard of it anyway. But that's impressive, right? And Odyssey is the biggest decentralized social media platform out there still is. Even though effectively the SE tried to, you know, destroy it, Odyssey's popularity makes it the most valuable asset of Library Inc While it's nearly certain that Odyssey assets will be assumed by someone interested in resuming its growth, so it sounds like you know Odyssey Inc or Odyssey the company might get sold to someone I don't know there might be a savior out there.
Who can you know? um, snap it up for an absolute bargain and I'm kind of looking at you Futo Um, that would be a nice way to invest your money I would suspect it's a a perfect match with Futo's Charter Futo is the uh, Um, of that lewi Rossman uh he actually works for uh Futo Now and they've just released an app which unifies it's called Uh gray J that unifies um all the different video platforms I just joined the other day I downloaded and bought it the other day um and I still getting used to it. but anyway I'll link in Lewis's video down below because it looks great. It's unclear if Odyssey will continue to use the library Network in the future switch to another crypto Network or switch to being a traditional web 2 platform for the network nerds. and Founders a full log of our monthly and weekly Odyssey that's the data that I uh showed you here.

Um. then when much of the crypto industry was burning money, we succeeded at building usable web free software that people actually wanted to use. Brilliant! Now what happens to library channels and content? Over 1.7 million identities and 30 million pieces of content have been published to the library blockchain. As long as the library blockchain continues to be mined, those identities and Records will continue and exist.

Uh, I've got two uh Library Asic miners continually running. so I plan to still continue to run those to keep the library Network going. So how long that goes? It's up to the community really, but it's important to know this bit. the content it's itself, is not published on the blockchain.

So when I upload my content to library odssey it's not actually stored. Although Odyssey is a bit different because it they have their own servers but it's not stored on the blockchain. The blockchain only just handles like like the lower level uh type stuff, the indexing and sort of you know people can exchange and tip people and other um stuff like that but it's got but the content is not stored on there. it's still stored on traditional servers.
So if you use use the library desktop app like this then you can actually set it up. So you actually become a host node and you get like the video can be stored on your local hard drive. uh and then you can seed it to other people. It's like a decentralized uh thing.

you don't have to do that, but if you want to be part of the network, you can certainly do that. So yes, if Odyssey chooses to stop utilizing library then content is not. Then content is not actively seed by others. it will stop being available.

So yet they just mentioned uh there that if people stop seeding it and if Odyssey and if the Odyssey servers go the way of the dodo for some reason, then yeah, the content will stop if nobody's seeding it, but the network will still be there like you can still download it in 10 years time and try and find the data and it could just flourish up even if it's completely dead. it could flourish up again at any point. Can Odyssey switch from library? Maybe maybe not. It's unclear whether Odyssey has permission to Port content that was published from library to somewhere else.

that's I Guess content from creators like me I Hereby give you permission as one of the big creators on the platform to put my to use whatever underlying Tech that you deem is suitable. but technically they didn't get creators permissions to do that. So I don't know I don't think any Creator who put their who actively put their content on Odyssey library is going to care about that technical detail. Anyway, they promised that they always would as 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 Odyssey continue to do productive work supporting.

Free Speech Ultimately, this will be decided by users, not by us and we're encouraging users to wait and see. Is the library token still a security cuz that's what the lawsuit was all about. They accused Library uh, Library Inc the company of dealing in unlicensed Securities and it's complete n of, but that's what they got them on and that's what they successfully won on. We're not falling for believing this question is answerable.

Again, in our case. the judge was clear that only Library Inc broke the law and only because it kept a significant uh uh premine of the library token. Plus there was the Ripple decision and you add those factors together, then sentence reducted by legal team. Will Library Inc be continuing to appeal? No.

So they're not going to appeal. It's done. It's dusted. Boom The assets including Odyssey belong to the SE and other creditors, so they've got a Discord If you want to join that and discuss uh, what happens to GitHub and other assets domain: Library Social Media handles GitHub and all other assets as to be used to satisfy debts, we recommend uh trusting Jack Robinson who's uh, one of the he's one of the developers, um, on the code, um, on any issues or debates of Library code authenticity as this channel itself is technically an asset of Library Inc So long our online freedom is increasingly threatened and it's simultaneously become increasingly necessary, We're proud to have played a role in the effort to keep the internet free, but also remorseful to have everything play out as it did.
Even harder than dealing with the Federal government is the idea that we would have let people down who had faith in us to creators, users, and investors in that order. Thank you for putting your confidence in us. We won't apologize to the government, but we're grateful and apologetic to you. Bye thank you very much.

A hearty salute to the Library Inc team for not only founding this great alternative platform I Love Odyssey I Still do I I Still watch? um I Well I I use Odyssey I Don't use the Library app here I use Odyssey um almost on a daily basis to watch content I Still do so hopefully it's still keeps going. hopefully. um, some uh benefactor can come in and buy Library cuz what a uh, they have to like sell the try and sell the assets which includes um Odyssey which is the biggest asset really? um so yeah. uh, hopefully someone comes along um that has the money to buy it and maybe we can get it real cheap I Don't know.

Maybe we can do a crowdfunder? If we can get a price estimation on how much Odyssey is going for, we can get a crowdfunder going. That'll be awesome anyway. thank you very much to the Library! Uh Team it's not over yet Odyssey Still works. Please still continue to do it.

My content will still be uploaded there. You can still watch it. Still got 71,000 subscribers and an active uh comment community over there as well, so feel free to still watch me and all the other electronics space. and Engineering YouTube Creators? um over on Odyssey cuz it's a great platform.

It's great alternative to YouTube So I guess that's it for Library Inc but hey, it's open source. Go for it. and Odyssey um is just a company that has an interface. but and they've got their own servers storing data and stuff like that.

But all the contents still on that uh, LBC blockchain that library blockchain and um, technically anyone could. even if they don't buy Odyssey As I said, they can just start it up almost From The Ashes and boom, the content is can still be there as long as they can get the seating um data. You know the actual raw video files um which Odyssey is still there so you can download them all so anyone can simply copy Odyssey and keep going. Um, that's the magic of Open Source That's the magic of the open source blockchain and everything else.

It's all still there. It's all still functional. Even the Securities in Exchange Commission couldn't kill it. Um, they killed Library Inc the company, but they did not kill the open source spirit.
So there you go. Um, that's it. It's been a good fight. Catch you next time.

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22 thoughts on “Eevblab 116 – the sec killed lbry inc. what happens to odysee?”
  1. Avataaar/Circle Created with python_avatars Der Schleier says:

    Odysee video platform went offline just now. 404 Gateway error.

  2. Avataaar/Circle Created with python_avatars Canadian RobJ says:

    (My reply to one of Dave's):
    Political? Sigh…
    Dave being Dave in the comments again. Something happened that he doesn't like, so of course it's a "political attack" on freedom.
    He doesn't point to or provide any evidence, explanation, or even reasoned argument … just a blanket statement that big brother is out to get everybody who doesn't believe what he believes.

    Some channels and creators would try to back up their position by providing (or at least referencing) information more convincing than their own statements.

  3. Avataaar/Circle Created with python_avatars Richy's Radio Room says:

    What about my 5.22 LBRY credits and my 6 subscribers? LOL

  4. Avataaar/Circle Created with python_avatars Rob Cosentino says:

    So lame. I wouldn't doubt that YouTube had something to do with it.

  5. Avataaar/Circle Created with python_avatars Caim Astraea says:

    Why insist on doing it from the US there are plenty of countries in the world that don't bow down to US federal agencies. The US is a terrorist organization.

  6. Avataaar/Circle Created with python_avatars Fred Fiver says:


    I am sure visil_ would also be interested.

  7. Avataaar/Circle Created with python_avatars romanowskis1at says:

    They shall build currency with intentionaly zero worth.

  8. Avataaar/Circle Created with python_avatars Erik Bongers says:

    …and…youtube deleted Louis' videos on GrayJay.

  9. Avataaar/Circle Created with python_avatars Brian Tracer says:

    Americans need to get control of their government. (And they're not the only ones.)

  10. Avataaar/Circle Created with python_avatars Bob S. says:

    Oh, I have a library card and gave blood fifty times. Awesome me.

  11. Avataaar/Circle Created with python_avatars tachyonic says:

    I guess a more appropriate title for this kind of channel would be: LbRY BUSTED!!!?! [insert arrow here].
    Glad to see the another crypto "scam" fall and the content creators slash stakeholders slash mini market manipulators have to explain how to system is against us.
    I am pro decentralized platforms – no reason to bundle Mastodon into this mess – and even more so in favor of any YT alternative. But please stop mixing monopoly money with actual usefuleness. The world would be a better place without people gambling their savings and the useless energy waste.

  12. Avataaar/Circle Created with python_avatars chris says:

    Louis vid link has been banned

  13. Avataaar/Circle Created with python_avatars David Lloyd says:

    The SEC is somewhat late in shutting down all the crypto scams, but better late than never I guess… FTX guy is going to jail forever at least.

  14. Avataaar/Circle Created with python_avatars David Lloyd says:

    I'm sure Disney will buy it.

  15. Avataaar/Circle Created with python_avatars bjorn toulose says:

    Was on a Zoom with Jeremy last night. He was the featured speaker and have to admit I was unaware of LBRY. Some friends and I have talked about having a limited (under 10k) member social media platform. The issue were investigating is how can we prevent getting un-hosted, de-banked, etc.

  16. Avataaar/Circle Created with python_avatars Hanif Arroisi Mukhlis says:

    I am very disappointed in your "overreacting" to the SEC action. To me it's a bit conspiratorial and downright anti-regulation (some are definitely red tape but some order is still needed).

    IMO it is completely justified that SEC (tries) to regulate cryptocurrencies as securities and not money, as it is effectively acts as investment object rather than commodity. And you know, it's ultimately people's money that gets hurt if nothing is done. It seems like LBRY is ignoring and avoiding SEC, which is very sus.

    Another note is the Web3-type BS that is (almost) always going to crumble. What now, turning content creation into a stock market? And it's just silly dumb only storing metadata into The Blockchain™like what's the point then? Yes, i know my cryptography, blockchain is only providing an append-only, consistent, decentralized log without trust. Sure you can built many things on top, but when you don't need guarantee that big, it's almost always better to look somewhere else. For one, why it needs to be ran in zero-trust environment, while you still have to trust the creator for example? See peertube for example, which mimic Mastodon in operation (as far as i can see). It is decentralized, yet doesn't need all the extra fluff of data being immutable, permanent, and in zero-trust.

    One common mistake that Web3-type blockchain solution is that it still needs some trust in external entities doing the right thing. You have to trust you're interacting with legit entities and they were doing things correctly (eg. sending the actual item in case for trade). That's why Bitcoin is essentially useless to buy stuff, because the other side can simply lie.

  17. Avataaar/Circle Created with python_avatars Djabooty Lebowski says:

    I think they should get rid of the LBRY coin. Replace it with Bitcoin. Allow me to create a Bitcoin wallet and tip my favorite content creators.

  18. Avataaar/Circle Created with python_avatars OvalWingNut says:

    "Tried to destroy them"? They owed $1,000,000's of dollars (real money) to 1,000's of people, correct? Face palm.

  19. Avataaar/Circle Created with python_avatars Iain McCulloch says:

    As I said over on Odysee, it's not really a surprise. Chris Titus called this a couple of years ago. But you are dead wrong about it being "political persecution". Whether people like it or not, securities law in the US is pretty clear, and LBRY broke it with LBRY credits. Maybe LBRY Inc. should have incorporated somewhere outside the US. What are the laws like in Australia? Or perhaps Tuvalu?

  20. Avataaar/Circle Created with python_avatars aka bw says:

    Web 3 is going great.

  21. Avataaar/Circle Created with python_avatars Homer Simpson says:

    By the logic that "if utility doesn't matter", then Robux should be considered a security as well.

  22. Avataaar/Circle Created with python_avatars calholli says:

    Youtube just banned the use of adblockers– so the alternatives are needed even more now than ever.

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