SEC Charges LBRY, Bittrex Will Delist LBC Pairs Soon!


The "Crypto Crackdown" in the US continues as the SEC has officially levied charges on the decentralized video sharing site LBRY. Not only has the SEC placed charges on LBRY, but the Bittrex exchange has announced that that it will soon stop supporting LBC as a trading pair. Both of these announcements have put the price of LBC into an absolute freefall and many people are worried about the future price of LBC. In this post, I'll discuss the consequences of the SEC charges, the decision of Bittrex to delist LBC, and show you how to remove your LBC and cash out to fiat to protect your earnings. 

COMMENT

12

XxX offiong
31 Mar

If LBRY are found engaging in any form of discrepancies, let them go in for it

11

ijatz La Hojita
31 Mar

Heellooo Robert! Thanks a lot for showing us the "cash out" procedure - although I haven't understood why Bittrex imposes a 400 confirmations requirement for the withdrawal to be completed. It reminds me of any fiat-based bank in Europe (and probably the US) trying to deter us from withdrawing any savings we could still have on one of their accounts...

By the way, where do you think that "Crypto Crackdown" will stop? My hypothesis is that the SEC is intentionally sowing the ground for a global crypto prohibition in the US, and some time later at an international level (see the G20 resolutions), to clear the way for the imposition of the electronic Ponzi fiat CBDCs. If according to them LBRY Credits are a security kind of asset, any other crypto is too.

21

Robert Reed
02 Apr

I'm not 100% sure what is going on. On one hand, I don't think governments like that they can't controll crypto. On the other hand, they see people making huge profits and want to tax it, so I see them moving to a model where only strictly public cryptos are permitted with any kind of decentralized/privacy coin being persecuted. I think I wrote an article a few months ago about how crypto will either 1) become a normal financial asset or will 2) have to go full private in order to survive. I don't think the current "pseudonymous" cryptos will last much longer. In a few years, everything on the semi-private blockchains will be able to be tracked. Thanks for the comment. 

11

ijatz La Hojita
02 Apr

Totally agree with you!

In a sense, that necessity for what I call the "autonomous cryptos" (the ones being fully decentralized, permissionless and uncensorable) to orient themselves towards privacy-preserving features will make the cryptosphere come back to its roots, to the cryptos social and economic disruptive dimensions they kind of have lost in the last few years :-)

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