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121 sats \ 0 replies \ @orthzar 28 Oct 2023 \ on: Overdue: Statement of Dissent on LBRY bitcoin
I believe it was one of the first companies made an example of for selling unregistered securities.
Considering how small the fine is, crypto-scammers will remain undeterred. It is the US legislators who will see LBRY as an example -- an example of a big edge-case that US securities laws don't address. Those laws probably won't be changed until after the upcoming economy-wide crash begins. But by that point, a lot of scamcoins might have already gone under.
From the article:
“What could I do to help prevent another group of people with a big idea for changing the world from going through what LBRY has over the past several years?”
Tell such groups to work anonymously/pseudonymously and online only. LBRY failed because they believed that the State would treat them fairly for operating entirely above board and not trying to defraud investors. It is a sort of toxic positivity, which is inexcusable considering the guy in charge of LBRY is a libertarian.
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