Will Dash be one of the Top Altcoins to Crumble?

As the cryptocurrency bear market continues to hurt many, it is difficult to predict how many projects will be able to adapt to the changing environment. Eric Voorhees, CEO of cryptocurrency exchange shapeshift.io, predicted in an interview that the ‘majority of the current Altcoins will be eliminated by the end of the bear market.’ He went on to say that “I don’t expect it (bear market) to end soon although the rate of collapse has slowed.” However, the real question remains, ‘which crypto assets will be able to survive the continual bear market?’ In 2018, over 1000 cryptocurrency projects have already failed. A website entitled deadcoins.com provides a detailed graveyard list of numerous failed cryptocurrencies. The 2014 bear market led to the demise of many projects and 2018 is turning out to be no different.

Currently, Dash is the 14th ranked cryptocurrency by market cap. Nevertheless, the project is entering a crossroads as Dash is experiencing profound discontent within its community due to the lack of funding Dash has available.

The news of Dash’s financial distress is surprising considering how successful they have been in the last year. Their involvement and aid provided in the Venezuelan crisis, as well as the innovation of their master node have been praised by many in the cryptocurrency community. However, many are beginning to turn against the CEO of Dash for the ‘improper management of funds.’

Dash CEO, Ryan Taylor, controlled around 30 million dollars at Dash’s peak, but the community has criticized him for “neglecting to create a safety net.” This was one of the main complaints filed against Taylor. In a proposal posted on dashcentral.org, currently around 10-15% of the Dash community wants to demote CEO, Ryan Taylor, to an advisory role and allow human resources to assign a new CEO. Although Taylor will most likely retain his title, it is very unsettling to witness this amount of distress within the Dash community. The proposal lists several reasons why Taylor should be demoted, the most prominent is the severe mismanagement of Dash’s available funds. According to the report,

“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. I wonder how much confidence the employees have in Ryan’s leadership knowing their salaries are at risk.”

The voting deadline for the removal of Ryan Taylor as CEO ends in 2 days. The current voting statistics indicate that the majority of the Dash community is in favor of Ryan Taylor remaining as CEO. Still, this unrest within the leadership of Dash may create further tension moving forward as the proposal threatens,

“On 2019 Jan 01, I will submit this exact same proposal again (Demoting Ryan Taylor). Let’s see how many of you change your mind after realizing Evolution was not delivered, and deadlines from the roadmap were missed yet again”

Disclaimer: This is not financial advice. Please do your own research and make objective decisions. This article is intended to educate readers about present conditions of Dash’s financing. The author of the article owns cryptocurrency but holds no position in Dash.