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I’m seeing a lot of confusion. Here are some key takeaways:
- LBRY Inc is shutting down.
- LBRY (without the Inc) isn’t going anywhere. It’s decentralized, they literally can’t shut it down.
- Odysee isn’t going anywhere either.
- LBRY Inc is apparently being shut down for “violating registration provision in securities laws”, whatever that means. I think they were handling crypto funds in a way that the SEC argued was illegal, and they lost in court.
What are LBRY and Odysee?
I looked at LBRY for a while, but it kinda looked like the “trashy tabloid” section of the internet.
It’s also filled to the brim with Nazis.
They are more source available than opensource. The documentation on how to run nodes and how everything slots in together is either not there or terribly difficult to find. They have whitepapers, but if I want to host a node, I’m not going to read all that jazz to understand how things work.
Their homepage doesn’t have a “documentation” page or “admin guide” or anything. Just “download the client and get started!” even though there’s a webpage and it’s not clear where the generated crypto goes to, nor how to access it without them or when the website goes down and you don’t have a client.
With things like mastodon, peertube, funkwhale, hell even bittorrent, there are clear guides on how to do stuff.
LBRY always felt kinda shady to me because of that. They promised compensation for views and likes, but they seemed to be the major benefactors from the entire thing. It doesn’t surprise me one bit that the SEC shut them down.
I literally just started uploading my content on odysee a matter of days ago. Thought I finally found a decent YouTube alternative.
here’s hoping Peertube becomes remotely usable in the near future 💀
Same here! Kind of disappointed in this.
Odysee is not shutting down.
Anyone know the details of why it owes the SEC so much money?
Because they broke a bunch of laws. I could get more into it but that really is the long and short of it. They crimed. Got fined.
Pasting this here for people who didn’t read the article
What’s happening to Odysee?
Odysee, the flagship LBRY app, continues to serve more than 6,000,000 people each month, even while it has been iced. CoinGecko rates Odysee as the most popular web3
Odysee’s popularity makes it the most valuable asset of LBRY, Inc. While it’s nearly certain the Odysee assets will be assumed by someone interested in resuming its growth, it’s unclear if Odysee will continue to use the LBRY network in the future, switch to another cryptonetwork, or switch to being a traditional web2 platform.
For the data nerds and founders, a full log of our monthly and weekly Odysee user data is here. When much of the crypto industry was burning money, we succeeded at building useable web3 software that people actually wanted to use.
What happens to LBRY channels and content?
Over 1,700,000 identities and 30,000,000 pieces of content have been published to the LBRY blockchain. As long as the LBRY blockchain continues to be mined, those identities and records will continue to exist.
However, the content itself is not published to the blockchain, and requires host nodes to function. If Odysee chooses to stop utilizing LBRY, then content that is not actively seeded by others will stop being available. Using LBRY Desktop is the best way to ensure your content remains available.
Can Odysee switch from LBRY?
Maybe? Maybe not? It’s unclear whether Odysee has permission to port content that was published from LBRY to somewhere else. Additionally, at one point Odysee committed users that it would always use LBRY so 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 Odysee continue to do productive work supporting free speech. Ultimately, this will be decided by users, not by us, and we encourage users to wait and see.
