> It is also worth noting that in the event that LBRY received notice that either name contained an illegitimate copy of Spider Man, LBRY would dutifully and quickly put that content id on a blacklist, blocking discovery or purchase via any legal services. LBRY and users of LBRY are still subject to the DMCA and other relevant laws of their respective countries.
These two goals -- being subject to the DMCA (and similar laws), and promising a predetermined, immutable set of rules -- are incompatible.
As long as you intend to abide by $LEGAL_CODE, the set of laws you follow is not fixed since it is subject to changes in $LEGAL_CODE. What happens if the Premier of China, to use the example from the page, decides to make it illegal for some content to be viewed in China?
Of course, this is in addition to the whole problem of the bidding system being flawed since there is (apparently?) no concept of ownership, as opposed to a continuously running auction where the highest bidder as of some time controls an address. The idea is unquestionably elegant, but leaves open the potential of some evil party with significant funds taking control of your address, where you need to buy the address back, causing, e.g. some sort of Gawker-esque financial ruin. The only way to avoid this kind of thing is to have some kind of judicial arbitration. I suppose people still remember the whole Ethereum fiasco.
Besides, there may be two "reasonable" addresses for some content, or more. I find it highly unlikely that there is some kind of economics-assured "existence and uniqueness" theorem that assures otherwise. How about "/wonderfullife" vs. "/itsawonderfullife"? You will need some kind of signing or cryptographically robust identification system to ensure authenticity, because you risk not being able to keep up with a stream of DMCA takedown orders against YouTube-style indiscriminate uploading of copyrighted material.