The Dash cryptocurrency team is at a crossroads due to the dilemma caused by the delisting of the coin from the Bittrex trading platform. Recall that last week, the exchange announced the end of XRP trading amid friction between the Securities and Exchange Commission (SEC) and Ripple. Immediately afterwards, Bittrex representatives also decided to get rid of anonymous cryptocurrencies. However, the developers of Dash do not agree with such a statement: the project team stated that the coin is not anonymous and in this matter almost does not differ from the same Bitcoin.
It should be noted that the key representatives of the niche of private cryptocurrencies are Monero and Zcash. At that, in November last year with XMR there were 118 times more anonymous transactions in comparison with Zcash. These are transactions in which the sender, recipient and amount of the transfer are hidden.
Here’s a graph for clarity.
What’s going on with the Dash cryptocurrency?
The delisting from Bittrex has had a noticeable effect on the value of the altcoin. In the past two weeks alone, its value has fallen by at least 15 percent.
Today, the cryptocurrency is trading at $88. For the year, the cryptocurrency has shown 92 percent growth, while the coin’s trading volume for the day is the equivalent of $521 million with a capitalization of $882 million.
Dash trading on Bittrex is still ongoing, and the delisting itself is scheduled for January 15. In addition to Dash, Monero and Zcash will also disappear from the trading floor.
Representatives of the Dash team said on Twitter that they have already contacted Bittrex and are trying to resolve the issue. Here’s the developer’s rejoinder, cited by Cointelegraph.
From a technical standpoint, Dash’s privacy feature set is no greater than Bitcoin’s, which makes the label „privacy coin“ a misnomer for our project. We reached out to Bittrex to request a meeting with their team. We hope the problem will be resolved soon.
So in this case, they are explicitly pointing out that cryptocurrency is not a project that focuses on privacy and anonymity. In essence, they are abandoning their own positioning – albeit the old one – and pointing to Dash’s equality of opportunity with Bitcoin to save themselves from possible problems.
However, all is not so clear with this positioning. In particular, archived images from the Dash Foundation website from 2017 promote DASH as „the world’s first privacy-focused cryptocurrency,“ meaning that such a reputation did not come from scratch. The Dash Foundation’s website now states that DASH is „the leading payment cryptocurrency.“
In his recent delisting tweet, DashPay CEO Ryan Taylor also minimized the cryptocurrency’s privacy features. Here’s his quote.
Dash’s PrivateSend feature is simply a proprietary implementation of CoinJoin, not related to storage. Leading industry experts like Chainalysis and Perkins Coie agree.
Accordingly, here he also used the reputation of other market players to derail the image of the blockchain project.
Although the seeming turn of events caused ridicule and criticism on Twitter, supporters noted that in August, Dash published a guide to the cryptocurrency’s privacy features. In a blog post on Dash’s official website, Taylor wrote that „regulators are concerned that exchanges may not be able to comply with KYC/AML rules when transacting coins with privacy features“ because DASH is „often found on lists of privacy-enhanced coins.
We believe that saving Dash from delisting is already unlikely. Still, the management of the exchange made the decision, which means that before that there was an analysis of cryptocurrency projects‘ specifics. Accordingly, the renunciation of the title of an anonymous coin alone will not be enough.
Therefore, owners of Dash coins need to make a choice: keep them further or get rid of them. Given what is happening with Ripple and the cryptocurrency company XRP, there is still a possibility of governments or various agencies interfering in the life of blockchain projects.
What do you think about this? Share your opinion in our cryptochat. Also be sure to check out Yandex Zen for articles that are not on the site.