Dash Community Members Propose Firing CEO Amid Coin Burn Controversy
Dash has had a relatively good year. Although the company and its coin has inevitably been hit by the cryptocurrency crash that happened earlier in this quarter, Dash has seen the expansion of operations in Venezuela. The country had been in extreme economic crisis, with inflation rates expected to climb to an incredible and terrifying 1,000,000% by the end of this year. Dash has capitalized on the problem, successfully offering their cryptocurrency as a way to hold value amid economic disaster.
But despite having set a record in being the first endorsed cryptocurrency of a major country, Dash is now facing a series of internal squabbles. At the core of the critiques coming from the community sits a problem with the high burn rate instituted by Ryan Taylor, the current Chief Executive Officer of the company. In an official proposal on the Dash website, a number of members of the Dash community have signed off on a proposition to demote Ryan from his position as CEO, instead advising the company’s HR department to hire an entirely new CEO for the position.
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. Ryan had been on the Dash team since the very beginning and had taken concerted efforts to grow both the company and its associated currency as quickly as possible.
The first big issue that some members of the Dash community have with CEO Ryan Taylor is that he had degraded public faith in the currency through his failure to meet substantive deadlines regarding price increases and information release. This is a big problem, according to the author of the proposal, because it means that “there is no reason” that the public should continue to believe his remarks.
Next, the allegation is that Ryan grew the company too quickly, spending far too much in an effort to grab as much of the market as possible. The author of the proposal outlined that this causes problems because it could keep the Dash community from paying for key community projects.
Another incredibly grave problem caused by Ryan seems to be his failure to create a viable “safety net” for the Dash community to fall onto. Because of this mistake, the community has been forced to abandon several important community projects due to the misappropriation of funds, or for other problematic reasons.
Finally, technology is a big reason for the advocacy to demote Ryan Taylor from his position of CEO to a lesser advisory role. The proposal alleges that several promised technological innovations, including the Dash Core Wallet’s update and the features that were promised in Evolution, have not been developed like Ryan has initially promised.
It is unclear thus far whether or not the proposal will amass the Dash community support that it needs to in order to remove Ryan from the position.