Litecoin’s Charlie Lee has joined the heated exchange prevailing in the community regarding the proposal of Jiang Zhuoer, the CEO of the BTC.TOP, who suggested to impose an obligatory tax on BCH miners via a new soft fork. The former “Bitcoin Jesus’ Roger Ver approved the coming together of Bitcoin mining pools in order to conduct the soft fork.
The Block rewards are 12.5 per cent on a normal basis in the ecosystem of BCH mining pools. Those blocks of those miners who are reluctant to follow the tax regulations will receive no rewards at all, and would be categorized as “orphaned”.
1/ I think a better way to fund development is mining pools voluntarily donate a portion of the block reward. How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!
— Charlie Lee [LTC⚡] (@SatoshiLite) January 24, 2020
Mixed Reactions Charlie Lee’s Remarks
The model has divided the crypto world. Litecoin’s Charlie Lee suggests that the Litecoin Foundation can modify and explore this model. He agrees with the fact that a stable source of funds is a necessity for crypto developers to ensure that the project has their undivided attention. Therefore, Charlie Lee fancies the idea of mining pools doing the donation but on their volition, instead of being coerced into doing so.
However, Charlie Lee finds the 12.5 per cent too much of a burden and suggests an iota amount of 1 per cent is what LTC miners should donate to the Litecoin Foundation – that’s 0.125 LTC. He also stated that even such an amount of daily donations can lead to a total of $1.5 million. Charlie Lee also opines that the Litecoin foundation doesn’t necessarily have to be the only foundation they can donate to, any organization linked with Litecoin or projects would do the trick for the sustenance of the Litecoin Foundation.
While a few sided with him stating that the obligatory donations can lead to a central adoption, many have rebuked the idea saying that Charlie Lee should donate the profits he made by selling his Litecoin stash back in 2018, to support LTC devs.