Some news from there official blog. You should check this out!
https://blog.bancor.network/the-community-of-the-currency-9770087fde17
"Weve heard many concerns that having no cap in the first hour (other than the 1M Ether security cap) may result in BNT dropping below its initial price after the token allocation event. Even though wed like to think that our hodlers will not be quick to liquidate BNT theyve purchased at its initial price, we have decided to allocate any proceeds collected in the minimum hour which exceed the hidden cap as follows:
20% will be allocated to the BNT Ether Reserve, to further improve the liquidity of BNT, which increases stability while reducing conversion costs (price slippage) for all.
80% will be locked for two years in a smart contract that will buy back BNT for 0.01 ETH (the initial price) whenever it is available, according to its calculated price. The purchased BNT will be added to the Foundations long-term budget, and after a 2-year period, any remaining ETH will be allocated pro-rata according to the Use of Proceeds chart in our Token Creation Terms."That is definitely interesting, and should ease some of the concerns around a mad rush for the ICO.
It seems there will be no way the price will drop below ICO price.
That way it is more likely the ICO will be finished in an hour.
Interesting so it basically makes this a virtually risk free ICO. Thats bound to create a lot of pumping once the ICO is over. I wonder if they could also be the first ICO to generate over a hundred million dollars.
This
does not mean it is impossible for it to drop below 0.01 ETH. Have to read it a couple times.
For example, let's say the hidden cap is 300k ETH, and it raises 350k ETH in the first hour.
That's +50k ETH above the hidden cap. (50k ETH)*0.80 = 40k ETH would go into a buyback pool.
The buyback pool would be big enough to absorb 400k BNT. After that, the pool would be empty and price could drop below 0.01 ETH
Sure its not impossible but its unlikely for it to drop below ICO with a big buywall unless it turned out to be a scam or something.
Most people are also under the impression they will raise far more than just a little over the hidden cap as your example suggests, which means there could be a huge supportive buy wall.