Dash, once a top 5 coin with an $11.5 billion market cap, can now no longer afford to fund community projects or pay employee salaries if a prediction made all the way back in August has held true. The prediction, made by Dash user SavingPrivateDash, was part of a proposal to the community to remove the CEO Ryan Taylor, and included the following assertion:
There are 6,176 DASH available in the budget and DCG (Dash Core Group) 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.
Dash’s value crossed the “complete chaos” threshold of $150 during the last week of October and dipped under $80 last week, which now means, according to SavingPrivateDash’s calculations, that employees are now no longer being paid and community projects are now not being funded. In allegedly having access to more than $30 million in funding but having no financial safety net in place for the company, SavingPrivateDash claims that Taylor has “…jeopardized the financial stability of his entire company…in spite of the ludicrous amounts of money that were available to him.” In the proposal, which was rejected by an 84% majority, SavingPrivateDash also lamented the delays in headline projects such as Evolution, as well as other developments which are also running late.
Nothing to See Here, Claims Taylor
Ryan Taylor responded to the accusations, which had resurfaced in the wake of the financial thresholds being crossed, Friday with a Medium article that dispelled the chief claim made by SavingPrivateDash:
In short, 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.
Taylor also said that developments are continuing, with two large exchanges adding Dash’s InstantSend feature, Venezuelan merchants continuing to sign up to accept Dash as payment and “Much more…in the works to drive transactions and use.” On the surface then, it seems that the apocalyptic prediction of “complete chaos” hasn’t come true, yet. The bear market will undoubtedly claim more victims before things get better however, and multimillion-dollar projects are in no way immune.
