Create 2019-Q4.md

content/credit-reports/2019-Q4.md

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+---
+title: "Quarterly Credit Report: Fourth Quarter 2019"
+sheet: https://docs.google.com/spreadsheets/d/1H7uYR5XLNlf4Y-elrIS8mHdv4QnVQ-7BbM8YAR_u_W0/edit#gid=799352054
+category: policy
+---
+## Summary
+This quarter we moved no credits from cold storage.  We spent 9,397,854 total community credits on line items detailed below. 269,328 operational credits were used for the LBRY team member LBC purchase program. No institutional credits were moved.
+We anticipate significantly larger community outlays throughout 2020.  Operational spending may increase at any time, but is not expected to increase significantly. Institutional spending is expected to be less than 1,000,000 LBC.
+
+## Overview By Fund
+
+### Community Fund
+
+9,397,854 credits were spent from the community fund, in the following areas:
+
+| Category | Amount |
+|---|---|
+| Bounties | 1,196,600 |
+| User Engagement | 4,250,000 |
+| Community Engagement | 379,000 |
+| Publishing | 11,100 |
+| Acquisition | 1,073,000 |
+| Testing | 8,304 |
+| LBRY.fund | 493,500 |
+| Swarm | 1,986,350 |
+| Other | 162,000 |
+
+As interest has been increasing, we anticipate continuing to reward new users, youtube channel owners, community contributions, and other beneficial activities. We are setting  7.5 million LBC as the expected spend this quarter, but it could easily be substantially lower or higher.
+
+### Operational Fund
+
+* LBRY sold no LBC on the open market
+* LBRY issued 269,328 LBC to employees
+
+LBRY may move credits to market if conditions allow.
+
+### Institutional Fund
+
+No credits were moved or used.