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When the company is profitable and the eventual price is stable, sure it looks fine. But flip it around and pretend it’s a company like Ripple issuing an IPO (f

by koolba 6y ago

When the company is profitable and the eventual price is stable, sure it looks fine. But flip it around and pretend it’s a company like Ripple issuing an IPO (for dollars, not crypto scrip) and you realize the historical existence for these rules.

0xB31B1B 6y ago
the historical reason for the current rules was that computers didn't exist when the rules were written and it would have been extremely complex to make a market for a direct listing via humans calling each other on the phone or traders in pits shouting.
deleted 6y ago
[deleted]
hnracer 6y ago
There's ways to address this such as an open auction with one day to collect buys and sells. You'll get a pretty stable open price determined by the fair open market.