My opinion is, you need to use the auction system, as it was in the Raiden Network.
The current scheme can be used for fraud by various stakeholders.
1) A fraudster can register 1000 wallets and simultaneously send an aired at the right topic, choosing the right price for yourself.
2) Those people who buy in the beginning will suffer very much and will lose all their savings.
P.s. Very nice idea and very bad token-sale process atm in my opinion.
The current scheme can be used for fraud by various stakeholders.
1) A fraudster can register 1000 wallets and simultaneously send an aired at the right topic, choosing the right price for yourself.
2) Those people who buy in the beginning will suffer very much and will lose all their savings.
P.s. Very nice idea and very bad token-sale process atm in my opinion.
Hello,
Have you gotten any further info about the issues you noted with this auction process?
I'm interested in this coin but I do not like the potential issue you noted.
I noticed the OP did not respond in this thread after you brought up the potential fraud issue, very concerning as a potential buyer.
The way that descending price auctions work means that each purchaser has the opportunity to purchase at the price they see as fair, provided there are MTN available for purchase at that price. They will purchase and receive the MTN at the rate it was purchased. Purchasing with 1 or 1000 wallets would not change the price.
