Hello cryptolohians, I have not posted in a while, sorry about that, DEFI has kept me busy, but I will make a point to post more often.
Today I want to talk about the recent lawsuit of the SEC against LBRY INC, which seeks to place LBRY as a security.
You can read the complaint here: https://www.sec.gov/litigation/litreleases/2021/lr25060.htm
Many people are understandable being overwhelmed by the FUD = fear, uncertainty and doubt, due to this situation.
For this reason I want to give you 5 reasons why I am personally bullish on the future of LBRY, here we go:
1.- LBRY is one of the most necessary pieces on the crypto industry
One of the core values of crypto is the idea of being censorship resistant, that is, free to dissent from a tyrant, free to form opinions that are against the status quo, free to pursuit the truth even if the state or powerful actors are against that. Freedom.
A decentralized alternative to YouTube is a NEED, not a want, specially when many crypto channels are being terminated for no apparent reason.
For this reason I think LBRY will do well, since it is needed and on demand inside of our community.
2.- The source code is on GitHub (and open source)
In the absolute worst case scenario in which the SEC forces the company LBRY INC. to shut down, the community can quickly take over the project, this makes the whole system more resilient to attacks.
3.- LBRY has a large community
LBRY has a very large community interacting through he desktop dapp and clients like Odysee, and what is more relevant, many of the users are not crypto savvy, which means that we get more exposure to the broader normie world and are less prone to be enclosed in a bubble. Wich makes the project more resilient against attacks in my opinion, since now you are attacking not only the crypto community, but also a portion of content creators with all sorts of interests and connections.
4.- Most of the trading volume comes from Asia
Even if the united states decides to reject innovation and crypto tech, the world will move on, and users from Asia seem to get the value proposition of LBRY, which makes it resilient to an external attack.
5.- Conversation about DEXES have started
Many people are understandable scared by the prospect of being stuck with a coin that cannot be bought or sold, however, this problem could be resolved relatively easy, by creating a wrapped token of LBC -non custodial- and trade the wrapped token on uniswap and pancake swap.
So, now you know, these are my own reasons to stick with LBRY, what do you think, do you agree?
