A dutch auction can't work for some of the other reasons I mentioned. The terms in a venture capital transaction are as critical in making fund returns as the v

A dutch auction can't work for some of the other reasons I mentioned. The terms in a venture capital transaction are as critical in making fund returns as the valuation, and a formal auction can only optimize one variable at a time. The terms are too complex for the average $1000 investor, really. You'd end up with investors getting burned.