The SEC Sues LBRY. Also, Follow Me On Odysee! DistroTube
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Date: 2022-03-30
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Comments and reviews: 10
chronoss
CAPITAL GAINS
What Is Capital Gain?-
Capital gain is an increase in a capital asset's value and is considered to be realized when the asset is sold.-
KEY TAKEAWAYS-
Capital gain refers to an increase in a capital asset's value and is considered to be realized when the asset is sold.-
A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.-
Unrealized gains and losses, sometimes referred to as paper gains and losses, reflect an increase or decrease in an investment's value but are not considered a taxable capital gain.-
A capital loss is incurred when there is a decrease in the capital asset value compared to an asset's purchase price.
LBRY MOVED A VAULED ASSET TO AN EXCHANGE(S) WIHTOUT PAYUING THE CAPTIAL GAINS AND APPLICABLE TAXES
THATS A FEDERAL OFFENCE AND ITS THE SEC OR IRS IN USA THAT COMES FOR YOU WHEN YOU DONT PAY THOSE AND INLUCDES A FINE AND/OR PRISON
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CAPITAL GAINS
What Is Capital Gain?-
Capital gain is an increase in a capital asset's value and is considered to be realized when the asset is sold.-
KEY TAKEAWAYS-
Capital gain refers to an increase in a capital asset's value and is considered to be realized when the asset is sold.-
A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.-
Unrealized gains and losses, sometimes referred to as paper gains and losses, reflect an increase or decrease in an investment's value but are not considered a taxable capital gain.-
A capital loss is incurred when there is a decrease in the capital asset value compared to an asset's purchase price.
LBRY MOVED A VAULED ASSET TO AN EXCHANGE(S) WIHTOUT PAYUING THE CAPTIAL GAINS AND APPLICABLE TAXES
THATS A FEDERAL OFFENCE AND ITS THE SEC OR IRS IN USA THAT COMES FOR YOU WHEN YOU DONT PAY THOSE AND INLUCDES A FINE AND/OR PRISON
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LardBucket
I'm a bit confused about LBRY's authentication: blockchain transactions seem to be authenticated through a private/public cryptographic key pair in a discreet wallet file owned by the user, but Odysee has its own username/password pair (with no 2FA) that seem to be stored on Odysee's centralized servers.
How do you retain possession of your wallet file? I'm reading about Odysee's wallet-sync feature but enabling that seems to essentially give your wallet file to Odysee. If your Odysee account gets compromised, aren't your cryptographic keys also compromised since Odysee can write to them? I appreciate any LBRY user who's able to shed some light on how A&A works; I feel I'm missing something here.
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I'm a bit confused about LBRY's authentication: blockchain transactions seem to be authenticated through a private/public cryptographic key pair in a discreet wallet file owned by the user, but Odysee has its own username/password pair (with no 2FA) that seem to be stored on Odysee's centralized servers.
How do you retain possession of your wallet file? I'm reading about Odysee's wallet-sync feature but enabling that seems to essentially give your wallet file to Odysee. If your Odysee account gets compromised, aren't your cryptographic keys also compromised since Odysee can write to them? I appreciate any LBRY user who's able to shed some light on how A&A works; I feel I'm missing something here.
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FuXaPlex
I understand the argument. But, I would think Digital currency people would want it seen as a Security. Securities trade for money and can buy things. If it isn't a security it is basically nothing. So, if people want to see it as currency, which I think they do because it is in the name, then the Government is going to tax it.
That all being said I do not think lbry.tv should be sued over it. They are really only doing it to establish precedence. But, because it was not -Classified- as a security at the time it is difficult to hold them accountable. However, the government might still want tax on the equivalent amount of equity. (But, I am not a lawyer or an accountant)
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I understand the argument. But, I would think Digital currency people would want it seen as a Security. Securities trade for money and can buy things. If it isn't a security it is basically nothing. So, if people want to see it as currency, which I think they do because it is in the name, then the Government is going to tax it.
That all being said I do not think lbry.tv should be sued over it. They are really only doing it to establish precedence. But, because it was not -Classified- as a security at the time it is difficult to hold them accountable. However, the government might still want tax on the equivalent amount of equity. (But, I am not a lawyer or an accountant)
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bigpod
When you are a hammer everything looks like a nail.
DISCLAIMER: IM NOT A LAWYER AND THIS IS NOT LEGAL ADVICE IT IS JUST MY OPINION BASED ON THINGS I SAW AND HOW I UNDERSTAND THEM
problem is with many cryptocurrencies they do appear to be used in a fairly simmular manner as securities and one of their current main functions being speculating on their growth(not case for lbc since it is used as a currency). and they do no appear to be used as currencies
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When you are a hammer everything looks like a nail.
DISCLAIMER: IM NOT A LAWYER AND THIS IS NOT LEGAL ADVICE IT IS JUST MY OPINION BASED ON THINGS I SAW AND HOW I UNDERSTAND THEM
problem is with many cryptocurrencies they do appear to be used in a fairly simmular manner as securities and one of their current main functions being speculating on their growth(not case for lbc since it is used as a currency). and they do no appear to be used as currencies
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FineWine
They need to find a way to federate their systems& give us the ability to self host
& utilize IPFS& FileCoin& implement MONERO& or ZCash-like systems in their cryptocurrency
& stop relying on AWS or at least distribute their servers like telegram
The big tech cartels love playing it unfair& it's time we did the same
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They need to find a way to federate their systems& give us the ability to self host
& utilize IPFS& FileCoin& implement MONERO& or ZCash-like systems in their cryptocurrency
& stop relying on AWS or at least distribute their servers like telegram
The big tech cartels love playing it unfair& it's time we did the same
reply
it_industry
Isn't it nice that SEC is making new laws to mis-apply to blockchain, while refusing to enforce existing laws that actually do apply to hedge funds and their illegal activities? Another failed corrupt government institution. (I've been using Odysee for a little while now, it seems very nice so far!)
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Isn't it nice that SEC is making new laws to mis-apply to blockchain, while refusing to enforce existing laws that actually do apply to hedge funds and their illegal activities? Another failed corrupt government institution. (I've been using Odysee for a little while now, it seems very nice so far!)
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Heberto
Just one final note... For me I mean... Since this pertains to money, shouldn't the procedure be filed by the Federal Reserve? Or up there in the USA, the Federal Reserve doesn't sanction that business at all?
Here it would be a case for dismissal perhaps due to inappropriate 'handling'... -
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Just one final note... For me I mean... Since this pertains to money, shouldn't the procedure be filed by the Federal Reserve? Or up there in the USA, the Federal Reserve doesn't sanction that business at all?
Here it would be a case for dismissal perhaps due to inappropriate 'handling'... -
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views
This is laughable coming from the SEC. The same SEC who was unaware of the shenanigans: going on with parties involved in the Archegos collapse, naked short selling in AMC, GME and possibly more that we don't know off, and of course the grand daddy 2008 global financial crisis.
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This is laughable coming from the SEC. The same SEC who was unaware of the shenanigans: going on with parties involved in the Archegos collapse, naked short selling in AMC, GME and possibly more that we don't know off, and of course the grand daddy 2008 global financial crisis.
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decentralized
the only crypto that's worth saving is Monero and maybe aetherium the people that are using the cryptocurrency are not using it the way it was tended to be used we weren't trying to make another stock market we were trying to replace fiat currency
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the only crypto that's worth saving is Monero and maybe aetherium the people that are using the cryptocurrency are not using it the way it was tended to be used we weren't trying to make another stock market we were trying to replace fiat currency
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daYnyXX
It looks like lbry might be sol here. They sold the tokens the way normal companies sell shares while raising capital. Assuming it doesn't go outside of that main complaint, I don't see how this would affect btc or eth.
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It looks like lbry might be sol here. They sold the tokens the way normal companies sell shares while raising capital. Assuming it doesn't go outside of that main complaint, I don't see how this would affect btc or eth.
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