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Author Topic: [ANN] Metronome, an autonomous cryptocurrency with predictable supply  (Read 3016 times)
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MTNToken
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December 06, 2017, 02:13:49 AM
 #21

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 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.
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December 06, 2017, 09:30:16 AM
 #22

I know, but no one conducts an ICO on such a system, and in my experience of investing - this is a very bad system for organizing an ICO.

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December 06, 2017, 03:10:12 PM
 #23

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.


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.
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