Litecoin’s development donation pool has gone live, with miners now able to donate a percentage of their rewards to the development of the token. Founder Charlie Lee tweeted on Sunday about the donation option, which came on the heels of Roger Ver’s aborted attempt to force Bitcoin Cash miners to hand over 12.5% of their rewards for the same reason.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 9, 2020
Ver’s Blunder Makes Way for Lee’s Alternative
Lee first discussed the idea of a development fund in late January after Roger Ver made an ass of himself and an enemy of the Bitcoin Cash community by proposing a ‘Ver Tax’ of 12.5% on miners in order to fund the project’s development.
Response to Ver’s plan was, understandably, caustic, with Bitcoin Cash supporters and non-supporters alike coming together to criticize the suggestion, stating that it flew in the face of the stateless ideology of cryptocurrency. The actual suggestion was unanimously voted down by the Bitcoin Cash miner community, but the kernel of the idea clearly stayed with Lee.
Lee proposed an alternative way of raising money from miners which used a different psychology – rather than forcing them to contribute to development, it would be better to conduct it on a voluntary basis, with miners knowing that the more they contributed the more the project could grow. This, in theory, would help raise the token price which, in turn, would afford the miners a greater dollar return on their enterprises.
Lee’s Followers Offer a Second Alternative
Lee’s donation protocol launched on Sunday, giving miners the opportunity to donate a percentage of their choice to the development fund. While time will tell how many miners will actually contribute, the premise of the fund raise was not exactly taken to heart by Lee’s Twitter following who reminded him of a very salient point:
what a joke, the guy all dumped on you at the top and is now traveling the world, fakking hookers and the rest with his heavy bags and now asking you for a donation lmao
— joeierierieer (@joeierierieer) February 9, 2020
How about Charlie Lee donates some of the $$$$ he cashed out in 2017 to the LTC foundation
— Milko (@milko52250068) January 25, 2020
Despite Lee’s now infamous LTC sale occurring in December 2017, it seems that crypto supporters, like elephants, never forget.