First of all, thank you for hanging with us through this market shift. It’s been difficult lately and especially after the fiasco with around 100,000 DOGEC being stolen from a well known masternode provider, following a dump on exchanges affecting our price, causing a panic sell.
Shortly after this event we discussed how we should proceed forward with DogeCash operations.
- Incorporating DogeCash as an international enterprise.
- Document preparation for the Howey test. (this will lead us to larger exchanges)
- Work with a marketing agency to execute an extensive campaign.
- Continue developing our platforms.
In order to make this happen we – as a community – need everyone involved.
DogeCash is facing funding issues.
We haven’t been able to sell anything from our pre-mine for a long time, and despite members being paid in DOGEC from the pre-mine to cover costs, most of these coins have remained in our wallets to avoid affecting the price negatively. In the end, this translates to an unsustainable work model needing to be fixed as soon as possible. Endless options have been discussed, but we can’t decide without consulting with the DogeCash community, getting feedback, and moving forward.
When the DogeCash launch was announced we ran a small, private pre-sale. The funds were mostly enough to cover the first steps in starting DogeCash (listings, servers, etc). Additionally, we made sure to have a large pre-mine to cover operation costs for years to come. Unforeseeable to us, the hardest bear market was incoming affecting every single currency out there. This goes without saying the core team and beta testers made sure to keep improving security, and pushing frequent updates. Ideally, DogeCash is also trying to set a standard practice among the masternode community.
For the majority of time, Bitcoins were the only funds the team could rely on and collectively, we were against trading with these funds given the unpredictability of the market – It could easily backfire. The team continued to work while seeing Bitcoin crash from over $8k to $3.5k in only a few months. Expenses never stopped, leading us to paying more Bitcoin to achieve the same goals.
Again, listings, masternode monitoring, hosting, freelancers, wallet user interface development, salaries, to name a few were slowly drying funds. Essentially, drastic changes need to be made to sustain. We’ve discussed some wild implementations, but we need to get focused, goal-wise, to accomplish a sustainable business model.
As a team, we’ve put countless hours of work into DogeCash and we’ll continue to do so with some changes onward.
The beauty of DogeCash is that we’re always a team and the leadership can be fluid, as it’s not necessarily meant to be a singular entity. Each team member has their strengths we utilize to maximize DogeCash’s overall potential. Nobody is leaving, but we all have lives and there things that need to take precedence.
DogeCash project leader from this point will be James instead of Luis, but we commend Luis for every, single thing he did to bring this awesome idea to life, and navigating us through hard times. Luis will still be contributing as everyone else.
Furthermore, upon securing more funding for the tasks mentioned above we’re going to implement better structures. Everything from monthly team conferences with the DogeCash community, weekly notes, to better outlined team tasks.
Remember, our non-negotiable project values are transparency, quality, community and charity. So, DogeCash community, to tell you again, we’re not stopping, we’re trying to improve. Join us in discussion via our Discord, blog or even catch us on Reddit. Thank you