I'm not disputing the price of a single DASH....I'm disputing the "market cap" of DASH.
I realise that.
Unfortunately your home-cooked arbitrary definitions of "marketcap" don't count.
Why do we "classify" crypto by market cap ? Because we somehow think this is a gross measure of the "value pool" of the thing ; in other words, if new economic entities were to "take over" the entire thing, that's more or less what they would pay for it. So that's "what it is worth".
If you "takeover a company"then you have many options. You can break up the business. You can interact with the rest of the economy, as a business.
You can change the business in may ways.
None of this is possible with a block chain.
Is Dash purely POS?
If so you could try to take it over, but only because with a purely POS coin you would control the future emission of coins, if you owned all the coins. But then what would be the point?
You would own all the coins. ??Blockchains were designed as decentralised systems. They aren't companies.
Also companies do issue more shares, but only if they get something back. Cash, or performance. So the market cap model makes sense.
Blockchains constantly issue more coins with nothing new being added into that system. So the equity model is inappropriate.