You've got this all wrong I'm afraid. It is not thought out properly.

First of all, nobody's earning any "yield" because the collateral does not hold its value. Nobody's interested in earning more Dash, they want the investment they already have to first perform against competing assets. In particular against other fully mined ones given that our protocol was modified on the basis that we didn't need that mining and that ditching it would make us more competitive (Need I remind you it hasn't, it's made us LESS competitive).

Secondly, when you take the market as a whole (Secondary exchange markets AND the primary mining market), it turns out that the CAUSE of the negative yielding in Dash is grossly over-rewarding existing holders just for holding the collateral. We don't control this - the external market does and so when it sees a node with $10 a month running costs being gifted half of all the new supply is simply devalues the entire asset to reflect the true value being contributed by masternodes. In fully mined coins you don't get this - the entire supply has to be bid for which restricts it to ONLY those investors who are paying for it. This serves to support the marketcap.

Thirdly, no coins are "locked" in masternodes. The situation's exactly the same as in bitcoin = you might as well say coins as "locked" in bitcoin wallets because Dash MN collateral is just as liquid - it can be sent to an exchange at any time and there's not timelock on those coins. In fact there's more incentive to hold bitcoin or any other fully mined, Page 1 altcoin, than to hold Dash masternode collateral simply because of the improved capital performance. (They "yield" more).

So your justification doesn't hold water and nor has it ever. Our protocol has prioritised masternode income at the expense of capital gain and it's toxifying the entire investability of the asset.

You have also miss-characterised the role of mining. It's not only to secure the network, that's just a technical bi-product. Its economic role is to support a decentralised market for the new supply where hashrate serves as the "currency" of purchase so that a centralised broker (such as an exchange) is not required.

Chainlocks is therefore not a substitute for this role which is why the market has valued it accordingly and we never saw any upwards revaluation when that feature was incorporated. The only thing the wider market will ever significantly revalue is if the masternode rewards are wound in. Then we might have a chance of stabilising the catastrophic and chronic capital loss on collateral.

The price is now $26.