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Charlie Lee is nothing if not controversial. The Litecoin founder who offered all his holdings to keep away from a ‘battle of curiosity’ in 2017 simply proposed miners ought to voluntarily donate LTC to fund the community’s growth.
Miners Ought to ‘Donate’ A part of Their Litecoin Earnings
In what turned out to be a provocative tweet on Jan 24, Charlie Lee proposed a “voluntary” miner tax. He stated {that a} “higher manner” of funding growth could be if Litecoin mining swimming pools donated 1% of their reward to the Basis.
If each miner/pool does this, it quantities to about $1.5mm donation per yr!
1/ I feel a greater approach to fund growth is mining swimming pools voluntarily donate a portion of the block reward. How about Litecoin swimming pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If each miner/pool does this, it quantities to about $1.5MM donation per yr!
— Charlie Lee [LTC⚡] (@SatoshiLite) January 24, 2020
He added that, with merged mining of Dogecoin and different Scrypt cash, miners make 105%+ of block rewards.
So 1% is a fairly small quantity to provide again in the direction of funding a public good.
He additionally stated that Litecoin miners might determine what organizations to donate their 1% to. It could possibly be the Litecoin Basis, Litecoin.com, theliteschool.com, “or some other Litecoin undertaking.” So what do Litecoin miners assume?
Not a Fashionable Proposal Total
Whereas Lee’s proposal acquired just a few hundred likes (most notably, from theliteschool.com), the response to the voluntary tax was usually fairly savage. Some followers, similar to @hodlonaut replied with easy GIFs shutting the proposal down.
— hodlonaut🌮⚡🔑 (@hodlonaut) January 25, 2020
Others have been visibly angered by it, asking why miners ought to payout as a substitute of customers or service suppliers.
Many extra acknowledged that a greater manner ahead for Litecoin growth could be if Lee donated a number of the income he constituted of cashing out in 2017.
One acknowledged that Vitalik Buterin offered ETH to assist the Ethereum Basis, so why didn’t Charlie Lee do the identical? One other requested:
How bout you donate all of the thousands and thousands you took while you dumped all of your LTC on LTC bag holders?
How bout you donate all of the thousands and thousands you took while you dumped all of your LTC on LTC bag holders?
— Snacktoshi Doritomoto (@doritomoto) January 25, 2020
With the Litecoin Halving in August final yr, mining profitability reached all-time lows. This led to 1 follower replying:
Asking miners do donate and minimize into their already low income gained’t fly with most miners. Until it’s a pressured payment wherein case they don’t have a say however can come to an settlement on not less than
Voluntary or no, squeezing out additional revenue from already struggling Litecoin miners does appear a curious strategy to take proper now. It clearly led to a slew of feedback about Litecoin being on its final legs and operating out of funding. Some even known as it a Ponzi scheme and a rip-off.
The Ponzi continues 😂😂😂 pic.twitter.com/390Tb4K9PC
— Nik (@nikcantmine) January 25, 2020
Based mostly on the overwhelming negativity to the concept, it appears to be like uncertain that the tax scheme will go ahead. However with Litecoin worth languishing round $60, it appears to be like equally uncertain that the “silver to Bitcoin’s gold” will go the space both.
What do you make of Charlie Lee’s feedback? Add your ideas beneath!
Pictures through Shutterstock, Twitter @NikCantmine @doritomoto @hodlonaut @SatoshiLite
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