Dash, the 14th-ranked cryptocurrency by market capitalization, has had been doing some exciting work on the ground especially with its expansion in Venezuela. But little did one know the coin is undergoing some inside currents with respect to the coin’s community unhappiness with the current CEO Ryan Taylor.
What’s the matter?
A recent proposal has appeared on Dash Central, the Dash Coin’s Master node monitoring service which allows Master node owners to easily vote on proposals, which states demotion of current CEO Ryan Taylor to an advisory role and has instructed the HR to hire a new CEO. The reasons for the proposal are multiple and available on the description of the proposal within the Dash website. Specifically, the reasons come down to Ryan Taylor’s ineffectiveness at promoting the welfare of the Dash community as it experiences massive growth and expansion. Some of the allegations or reason are pretty grave which includes the destruction of the market’s confidence in Dash and managing the company irresponsibly.
The reasons continue with issues in Technology, Marketing and Business Development finally stating the Ryan is not a leader and states since Evan Duffield Dash Core Group has been a stale and boring company that does not innovate. Apart from other incompetencies, a grave problem has also been noted in the reasons, making the project a risky bet. According to the user, Ryan seems to be his failure to create a viable “safety net” for the Dash community to fall onto. To quote from the proposal
“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 at serious risk of being defunded. Ryan jeopardized the financial stability of his entire company, and many other community projects, in spite of the ludicrous amounts of money that were available to him. “
The proposal has caught eyes of a lot of community member across the cryosphere and some of the other project who have tweeted at the situation in Dash Core Group.
Riccardo Spagni – Project Lead @ Monero tweeted saying
“Dash’s burn rate is so high that it’s at jeopardy of not being able to continue if the price drops lower”
lol Dash’s burn rate is so high that it’s at jeopardy of not being able to continue if the price drops lower, so now some people want to fire the Dash CEO for mismanagement😂
— Riccardo Spagni (@fluffypony) August 22, 2018
Another user following Spagni’s tweet said Dash would be soon running out of money
$Dash is quickly running out of money with a $500k/mo burn
I personally know of 2 other well known cryptos with multi 8-figure marketcaps that are also almost out of money.
This is the step before coins go to $0.
— Bitcoin Birch (@BitcoinBirch) August 23, 2018
What the status and details
The Owner of the proposal is named “SavingPrivateDash” and the final voting deadline in ending in 5 days according to the post. The post also asks a deposit of 5 DASH (694 USD) with a due date of final deposits on 2018-09-16.
The current status of the vote count during reporting is 92 Yes / 858 No / 25 Abstain, clearly showing there is yet a lot of favor for Ryan Taylor among the community. There is a requirement of 1249 more “Yes” votes for the proposal to go through. The Master node and owner of the current post seem to be unhappy with Fernando Gutierrez who currently is the CMO and Bradley Zastrow, who holds the position of Head of Business Development. The Owner of this post is quoted in the post saying
“If this proposal does not pass in this cycle, I will still submit two other ones on the next: one to fire Fernando and another to fire Bradley. Also 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”
With this internal cracks between the project management team and Masternodes is something really grave and could be risky for the growth of the project. The management team needs to really act and clarify their stance to win the confidence of its master nodes and community at large.
What do you think of this proposal and is Dash actually heading to zero? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.