So 300,000 shares will be released on BTCT.co, and we already have over 800,000 bids.
So what happens? The top 300,000 bids get filled?
That 800,000 bids includes over 500,000 bids which are below the IPO price. When the IPO happens, the bids at or above 0.003 will be filled.
If you wonder why people would bid below the IPO price, consider that there will be several million shares sold when the IPO starts, but nobody knows whether the other millions of shares needed to complete the IPO will be sold, or how long that may take. If the sales slow down, some investors might want to get their money back instead of waiting for November to roll around and the IPO declared a failure. So I put in some bids below the IPO price because I can be more patient than those people.
As to why people use BitFunder, I use it for a few specific assets which I wanted to invest in and are not listed on other exchanges. For NEOBEE I will be using btct, I like them better since BitFunder does not have an API, they do not have a facility for voting, and they do not give emails when my orders are filled.
