Web3 Wednesday: LBRY's LBC Ruled a Security
Web3 Wednesday: LBRY's LBC Ruled a Security
Plus, more on FTX, Twitter, and the Web3 king
LBRY lost its case against the Securities and Exchange Commission (SEC). Judge rules LBC is a security. The LBRY team is retreating to lick its wounds. Decrypt says it sets a dangerous precedent. This is the biggest news in Web3 this week. Could it be a precursor to Ripple’s case against the SEC? Bitcoinist says “No.” Reuters points out that Ripple has advanced different arguments than LBRY (could LBRY have won had they advanced the same arguments?). Obviously, Ripple is bigger and will have a much more profound impact upon the crypto market than LBRY. Still, LBRY’s loss could have huge implications for other Web3 properties. Even more importantly, the loss could have implications for LBRY’s future. Will it survive in the long term? Read the judgment for yourself.
Is Polygon emerging as the Web3 king?
Popular decentralized play2earn game Splinterlands has a new NFT project called Runi, and it’s listed on OpenSea. Since Splinterlands launched on the Steem blockchain in 2018, I have observed its growth and popularity. Having been involved in the creation of its game lore and an early collector, I’m impressed with their ability to continue innovating. I think Splinterlands will have a long shelf life.
THETA Network has had its share of troubles, but there’s a new metaverse trend in town called Metacade. Don’t fret if you’ve never heard of it. I hadn’t either.
Catalyze launches to compete with Telegram and Discord using a decentralized application model. Does the world really need a decentralized Discord? As for me, I’m not a huge fan of Telegram. Too much spam. The spam on Discord is much more easily manageable. Simply click Block and it’s gone. That’s not to say that Discord doesn’t have other issues, but it’s decentralized well enough even though the technology itself isn’t decentralized. The way users use it is.
Self launches to solve the Web3 fraud problem. If you want to trick people into undergoing a KYC process, just tell them it’s for their own benefit.
I don’t know what this WUBITS thing is, but is it really revolutionizing content monetization? In my mind, that’s already been done. Most people just haven’t discovered it yet.
Everybody’s got to be somewhere. Nowhere is better than everywhere. Some interesting things have taken place in this video chat metaverse. For instance, a New York comedy club made people laugh, Quebec City hosted an alt music festival, a DJ dropped an NFT, some music artists have held backstage parties, TimeOut editors talked to people, one singer/songwriter held a private listening party for fans, and several large corporations—including Google and Salesforce—hosted their own events. What? No book launch parties?
Can Web3 handle sophisticated cyber threats?
MetaPlayerOne has officially launched its Alpha Season.
Are you a creator? Check out these 10 guides to Web monetization. I discuss several of these in my forthcoming book Web3 Social: How Creators Are Changing The World Wide Web. Look for it soon.
Web3 Roundup
Peer-reviewed blockchain research taking place at American universities. This is an excellent listicle on Publish0x featuring Stanford and Columbia universities, Massachusetts Institute of Technology, Princeton, Yale, Brown, and more.
Stop drinking the Kool-Aid. A screed, from one of Hive’s most prodigious power brokers.
FTX Storm, Mastodon, and DeFi Mainstream. The Daily Leo #128. You’ll find some interesting reads in The Daily Leo almost every day. In this case, he tackles FTX and Twitter alternative Mastodon. Cryptocracy covered the FTX drama through Twitter threads yesterday. After publication, Binance went public with a letter of intent to purchase FTX. There’s a lot that could be said about that master shit show, but I’ll save it for another day. Mastodon is in the news because virtually every Elon Musk hater who once had a Twitter account has abandoned Twitter after Musk’s purchase of Twitter, and many of them are heading to Mastodon. From bird to beast they flow, all because they are afraid that Musk isn’t as free speech-y as he claims to be. Things are getting really interesting in crypto. Be sure to read my article on Friday about Elon Musk, the Twitter, and the future of humanity. Right here in Cryptocracy. Subscribe so you don’t miss it.
From Ecency, a wandering Kiwi went for a Wednesday walk.
HattyHats tells you how to earn Hive and HBD on Ecency.
Meghan sums up her childhood in one photo on gFam.
Finally, one user on Torum sums up yesterday’s news in one meme.
Web3 Roundup is a list of some of my favorite reads on Web3 social media platforms from the previous week. Keep an out for it every Wednesday.
Snark and commentary are in italics. Inclusion of an item doesn’t mean I agree or endorse the ideas presented. Of course, it also doesn’t mean I don’t.
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Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. Original articles on Fridays.
First published at Cryptocracy. Not to be construed as financial advice. Do your own research.
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Image credit: @edicted at Hive