Dash is one of the longest living cryptocurrency. It started out four years ago at a price of about 20 US-cents. Currently a single DASH is worth $200, dropping from it’s apex of $1,500 in January 2018. DASH is like bitcoin just more private. It is by now a company worth $1,6 billion.
But all is not well with Dash. Owners of the currency can put issues to a vote as in many other crypto projects. In August 2018 DASH holders set up a vote to demote the current CEO Ryan Taylor.
Fintelegram presents the highlights of the claims against the CEO to demonstrate how immature even the largest of crypto networks really are.
- Ryan destroyed the market’s confidence in Dash by repeatedly breaking promises and missing deadlines. Dash was once valued at 0.09BTC and it is now 0.02, in spite of millions of dollars available to him. Vault accounts, usernames, friends lists, easy to use mobile wallets, marketplace. None of the 2016 promises were kept.
- Ryan has grown his company irresponsibly. There are 6,176 DASH available in the budget and DCG has about $500,000 in monthly expenses. Dash is now below $200, and $500,000 / 6176 = $80.95. That means if the DASH price goes below $80, not only there won’t be funds for any other community projects, but also not enough to pay the salaries of DCG employees. The threshold for complete chaos is probably around $150-$160, because there are other financial obligations that they need to meet besides salaries.
- Ryan had access to more than $30,000,000 USD in funding and didn’t create a safety net for DCG. Because of his unforgivable mistake, other important community projects are either already defunded or in serious risk of being defunded.
- Big promises were made and we expected reasonable results in reasonable times. Users, merchants, investors and everyone else in the ecosystem had high expectations but didn’t see meaningful releases in the past 3 years.
These kinds of results would not be accepted anywhere else in the real world, and decentralization does not mean lack of accountability. Employees must produce reasonable results in reasonable time. Promises made are promises kept. Investments must yield returns. Mistakes have consequences, and repeated mistakes have serious consequences. Execute “the new CEO” move to restore the confidence in Dash, and elect someone whose words everyone can trust and respect.
I am a masternode owner and I care enough about Dash to put up $1000 of my own money into a proposal that I know has a small chance of passing, but I did it anyway as I think this will be the best way to go.
Dash, as many blockchains, uses the consensus algorithmus of delegated proof of stake instead of POW like Bitcoin. In order to participate, owners need to have 1,000 DASH to create a so called master node. They are paid for their staking like Bitcoin-miners. At the current DASH price, the masternode is worth $200.000. It is therefore obvious that this vote is not meant as a joke.
The vote was still on at the time of this article, but the current poll is in favor of the CEO.
Also published on Medium.