Litecoin fund is going through a financial crisis? Yes, according to the report, the fifth largest electronic currency in the world currently has only 96,000 USD in reserve at the end of the first quarter of 2019
However, Charlie Lee - the father of this digital currency - reassured that there was no need to worry, because he believed it was still far from reaching the crisis
The Litecoin fund is running out on all sides
According to a new set of data, the Litecoin fund has collected about $575,000 in donations since June 2017. Notably, a whopping 81% of them come from Lee alone, about 8% to from mining companies.
Sales only reached 300 USD in the first quarter of 2019, and this is a worrying sign because it seems that the community is gradually losing interest in Litecoin. Data continue to show that the average monthly contributions in the first 3 months of 2019 are only $1,000.
With the cash flow running out, the Litecoin Fund has been heavily dependent on their reserves to maintain operating costs. But, it turns out, even reserves are rapidly depleting, $96,400 is thought to be all that remains on the first day of the first quarter (March 31, 2019).
However, Charlie Lee still believes that the Litecoin Fund is doing well, despite all financial failures. He posted a tweet on Saturday to answer speculations about how to maintain the project
The fund is doing well. Due to the recent bear market and with most of the money being in electronic money, our reserves have certainly been affected. But that was the anticipated thing. We are "quite skinny" but it will be fine because we are starting to make more money.
It's time to start everything for the benefit of Litecoin
After being hailed as "Silver, while gold is Bitcoin", Litecoin is currently facing a series of problems not only financially, but also about core development.
In fact, there was a situation similar to bringing panic at the end of last week after reports that the Litecoin Foundation was struggling to motivate competent developers in charge of development. awake.
Clearly, Lee himself acknowledged that no one is interested in developing the Litecoin protocol in a private conversation with other members of the platform. This conversation took place at Telegram - "LTChasnodev", and then leaked online