Dash, once a top five coin with an $11.5 billion market cap, could potentially face a situation where it won’t be able to afford to fund community projects or pay employee salaries.
It’s one of the main reasons for proposals coming from the Dash community to remove its CEO, Ryan Taylor.
The fact remains that there are 6,176 DASH available in the budget and DCG (Dash Core Group) has about $500,000 in monthly expenses.
At the time of writing, Dash was standing at $174.86, and currently finding itself the 59th most popular digital asset.
Some argue that, if the price were to fall below $80, not only would there be no funds for any other community projects, but also not enough to pay the salaries of DCG employees.
Coin Rivet spoke with the co-founder of Dash Thailand, Felix Mago.
He explained that Dash was the first DAO in the world, running and funding operational teams since 2014.
“The Dash Dao is, in my opinion, designed on democratic principles of open discussions and voting rights via Masternode ownerships,” he said.
“Lively discussions are part of that process, and we think it is healthy for every community to have those discussions.
“These numbers can not be confirmed mostly because the different Dash-funded organisations work independently from each other in a truly decentralised manner.”
He added that he believed Dash was one of the most efficient and decentralised payment coins.
“We have been doing a great job extending the crypto payment ecosystem,” he said.
“In fact, I am happy to see more and more people all over the world paying with crypto.
Dash widely accepted in Latin America and Asia
“It soon will be the new normal, also because more and more big corporations are starting to accept crypto. I believe payment coins like Dash have great merits for investors. But of course, no one has a crystal ball.”
Mago also looked back on the situation in El Salvador where Bitcoin has been recently accepted as legal tender.
He stressed that Dash was widely accepted in Latin America and some Asian countries without being a legal tender.
“Of course, I would be happy to see more countries changing their stance on crypto, but this depends on local regulators and complex political decisions,” he added.
“But I also find it likely that more countries will follow El Salvador.”
Regarding Thailand, Mago claimed Dash was going head-to-head with Bitcoin Cash – currently the most accepted coin among merchants.
Ryan Taylor, CEO of the Dash Core Group, confirmed Mago’s sentiments in a blog.
“I believe we are witnessing a severe breakdown of market confidence across the industry,” he wrote.
“In my personal view, the recent fork between Bitcoin Cash and Bitcoin SV seems to have triggered a new wave of skepticism – especially given the ensuing hash war that cast legitimate FUD over the very concept of blockchain security.
“The resulting loss of confidence is market-wide and severe. DCG is not at risk of shutting down anytime soon, or of any significant cuts in staffing levels in the near term. We have a significant buffer in place to withstand the impact of the market bottom, whenever that comes.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.