And it's true there won't be enough btc to buy back at ger all std because:
100 btc ipo thus ger= 100/400mil=25 sat. New investors come and buy 200 more millions at ssp=4*100/200mil = 400 btc. Amc is now 500 btc and ger = 500/400mil= 125 sat. Miners mine 100 mil and get 125 btc. Dev down to 375 btc. Ipo investors sell back 100 mil for another 125, dev down to 250. New investors want to sell back but OH only 250 btc left, they lost 150.
Even if miners come after, new investors will get only 375 back out of 400. Or if they sell before ipoers, they'll get 400*125=500 btc and ipoers and miners will be screwed.
And so on, swap last sellers as you please and someone will lose money (dev will probably run with all 500 but ok, that's an assumption.
Mathematically spoken, softened for Troll-sized brains:
- GER = (total amount of BTC deposited) / (maximum number of STD). The BTC stored are exactly sufficient to pay GER for every STD currently existing or mined in the future.
- GER is monotonously increasing because the exchange sells STD for a price much larger than GER. (I believe that there are some subtleties regarding the multi-pool and hope the dev took care of them!)
Now, let's take your post apart.
You realize that you contradict yourself. But you don't care because
you Troll.
Your first and wrong statement "And it's true there won't be enough btc to buy back at ger all std" is a direct contradiction to your proof and second paragraph. All miners, IPO and later investors get GER for their STD in your example. So everybody gets the promised GER rate for their STD.
Obviously someone has gotten back less BTC than they had originally paid and effectively net a loss. The GER is a lower bound for the price, not a guarantee that you cannot lose. You'd have to be incredibly stupid to think otherwise.
