The first option is "standard YouTube License" which means that you grant the broadcasting rights to YouTube. This essentially means that your video can only be accessed from YouTube for watching purpose and cannot be reproduced or distributed in any other form without your consent.
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The general gist of YouTube's privacy policy is that a person must be "uniquely identifiable" for content to be subject to removal. This means a video should have enough details that people can recognize the complainant and not confuse them for anyone else