Cryptocurrency enthusiasts will remember Litecoin, the first “major altcoin” to imitate Bitcoin’s success. (Or that was the idea when this currency was created, even though things have turned out very differently.) Several forums have been set up to discuss everything related to Litecoin, but one of them is struggling. In fact, the owner wants people to donate their support to one of the unofficial forums–a rather strange concept, to say the least.
Unofficial Litecoin Forum Struggles With Funding
Shenanigans are not uncommon in the world of cryptocurrency these days. Very few projects are legitimate, and even currencies with long-standing reputations suffer from community members who inadvertently give the ecosystem a bad name. For the Litecoin community, that bad name may come as a result of the efforts by Xinxi Wang.
To be more precise, this community member runs the unofficial LitecoinTalk forums, where discussions related to this cryptocurrency can take place. Unfortunately, it seems as if this venture has been far less of a success than anticipated, as the costs of keeping the place up and running are starting to mount.
But the name Xinxi Wang should raise another bell, as he is also one the core developers of Litecoin itself. People should applaud his efforts in that department, even though Litecoin has seen zero innovative features in recent years. Then again, very few people are actively using Litecoin, and most traders hold L|TC from a speculative point of view.
This begs the question of why a Litecoin core developer is asking for donations to keep an official forum running. Although the monthly bills only amount to US$10, he wants people to donate towards their payment. This is rather strange, although it seems to indicate that interest in this altcoin is much lower than it has ever been.
But there is more, as the LitecoinTalk forums are scheduled to become the officially recommended hangout place. This is another dubious decision, although a change of scenery may not be a bad idea at this stage. This change, however, will incur additional costs of US$2,000, as a lawyer will need to write a T&C and privacy policy for the forum.
All of this goes to show that Litecoin is significantly struggling to keep its market traction, or what remains of it. Several newer altcoins have taken over in popularity in value in recent years, and Litecoin is disappearing into obscurity. For a cryptocurrency that offers nothing new, and no mainstream appeal, this development is not surprising at all.
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