GNOSIS - Much awaited/debated ICO goes live today with reverse dutch auction.
Gnosis, in trying to do something new with their ICO have muddied the waters. And now everyone seems to be blindly swimming around looking for clarity. Accusations of greed seem well founded when looking at the maths.All I am hoping for is the market to be clever enough to wait until the price goes down below $2.00 a token.
The dutch auction mechanism a great token sale experiment because the game theory behind it means you raise the correct amount and people's optimal strategy is to bid exactly what they think the token is worth (because you will get it for the current price or less).The details of the token distribution is here.
You can participate in the auction via Kraken and they will be listing the tokens for trade, once the auction is finished. I suggest you read this thread to get your facts right, if you are thinking of investing on FOMO.
Great content, keep it up!
@honeybeee please share in what cryptocurrencies you invested?
P.S it's very interesting to know where smart people invest.
I wouldnt call myself a smart investor as I had lost a lot of money in the past - something which I am not very proud of :(
My current investments include PIVX, iExec (RLC), Cosmos, LISK and GBYTE. Will try to write an article on each if I get some time. Do your due diligence before you invest in any.
and STEEM of course :)
Wow the auction ended in11 minutes
1 token = $31.36
It was $12.5million under 12 minutes for 4.17% of the coin, which puts the total evaluation of the token at $313million.
Absolutely absurd. The Gnosis team was onto something smart with their auction idea, but their opening price was obviously way too low. It's completely insane - I thought for sure $30 was high enough.
Of course, the other way to look at it is that the bidders had absolutely no idea what they were doing. They were too shell-shocked from the botched (in the sense of way-too-cheap) Cosmos crowdsale and didn't stop to rationally evaluate the optimal bidding strategy.
Or, third option, I'm completely out of touch with what's really valuable in the world and I'll be left in the dust because I don't panic-buy these things. :) But I wouldn't be surprised to see $15 GNO by the end of the year.
The rumour is that poloniex might have bought a lot of them for bot trading. I am going to watch this one from the sidelines.
The exchanges do have a lot of power in this space. But I imagine that rumor will be very difficult to substantiate. In any case, like I've been saying, this has been / will be quite the spectacle.
If the auction strategy works, and the correct amount is raised, there isn't much profit to be made once it can be freely traded. This is kind of funny because most people probably buy just for the expected profit in the first place.
Are they releasing the tokens gradually, lowering the price gradually, or both?
The tokens sold to the public are released immediately once the auction closes.
Depending on how the auction goes, the team could end up with 30%, 40%, 50% ... of the total supply of coins,
in addition to the 10% of the coins set aside for the devs. All these coins have a lockout period of 1 year afaik.
Nice blog. I fully understand what you're talking about. The cryptospace definitely feels a bit inflated. However we also said that about the S&P 500 40 years ago I found this great website: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. See: https://www.coincheckup.com/coins/Gnosis#analysis For a complete Gnosis Research report.