As previously explained, masternodes DO NOT mint coins. that "free" money you talk about is a more diversified distribution channel than mining alone
That's a philosophical point at best and irrelevant to markets because the masternode revenue is almost all profit. It's that "unearned profit" (from the market's perspective) that's being priced in rather than the value of the coin itself. The primary market can get a far higher mining quotient from the 9 mined coins above us in marketcap ranking because almost all of its investment goes towards upwards difficulty adjustments rather than straight into the pockets of existing holders as with Dash. (It does not get spent on mitigating Sybil attacks or delivering services).
If there are 1000 coins circulating as total supply, 999 "hodled" in wallets and only 1 sold, then that 1 coin sale establishes the marketcap for the entire supply. It follows therefore that if the coin supply cost base is heterogeneous (as it is with Dash) then the lowest value segment will drag the rest down.
So then why do you bother with dash at all? I don't get it, why would you expend so much energy into something you believe is so broken?
The blockchain space is being filled with many working models for many purposes. You put so much emphasis on "investment", you fail to see any other perspective. Not everyone wants to drive a Cadillac, the roads carry many vehicles of many shapes and sizes. Dash is a fully working product and it isn't going away. It may not be the luxury you so clearly want but wtf, if it weren't dash filling the space then it would be someone else. That's the nature of free markets, a size, shape and color for everyone.
"straight into the pockets of existing holders as with Dash" sounds like you're sore, how unjust it is. It's not. You don't like it, don't use it. Talk with your wallet is the ultimate messenger. I'm tired of people on the one hand talking trash, how worthless dash is (or becoming) and then in the same breath spouting on how MNOs are raking it in and how unfair they be so rich with "unearned profit". How does that work? - a worthless shitcoin yet filthy rich MNOs with "free money". A $100K shitcoin masternode. You can't have it both ways.