Are people able to place limit orders for the ICO?
eg. only purchase if it is Tranche 1?
It would be rather unfortunate to send a transaction immediately after launch only to find out that 300,000 already sold and now it's Tranche 4 and you are buying at 2 times the price you thought you were getting.
My fear is they won't know. Ie. they will send 1 bitcoin on crowdsale launch expecting to be getting in at the $2 price, only to find out 7 tranches have been bought in 1 big order and now they are paying $9.55 per EQB instead of $2.
If all tranches are bought, total price paid = $6,660,000
Price for tranches 1-7 = $3,018,000
Price for tranches 8-10 = $3,642,000
I think a lot of funny stuff can happen if buyers are unable to make tranche limit orders.
The way it'll work is:
1 - Users enter the # of EQB they want to buy and hit 'Buy'
2 - Our ICO site calculates the final price for orders when users confirm their order.
3 - If there's enough EQB left then the system will hold that amount of EQB for 2 minutes while a user pays.
4 - If they don't pay in the allotted time, they lose their position.
What happens if competing orders come in at roughly the same time that takes from the top tranche?It's first come first served, whoever gets their order in first has the opportunity to buy, unless they time out. When the server gives the final price, the order is reserved.
Also if users time out too many times the system will ban them from placing any more orders.
So lets say that only part of an order can be filled at the cheaper tranche will they get only that amount or have to re order the whole order?The server will price across tranches. For example:
Let's say a user orders 1,000 EQB, but only 200 are left in the current tranche, they will pay the lower price for 200, and the higher price for the remaining 800.
And the site calculates the final price when the user confirms their order so he/she is aware. If the user isnt happy, dont pay for the order until it expires.