We can not re write the rules of auction.
if so then people who came in june need to get june price, no?
(the tentative buyers all came in june)
no. when they came doesnt matter because the refund is still available.
end of june was a deadline. because the sale is over.
its not an 'oversubscribed bookbuild'. you fix the number of locked agoras you are selling at 4.2. currently 808 btc bid. that is still below market.
anyone who is confused, think of your unwanted refunded btc. you will have to pay much more to trade that for agrs on bittrex.
on the other hand, releasing unlocked tokens below market price (which is not a known number) will cause losses to everyone whatsoever.
since i cannot actively cause a loss to anyone, i chose to refund.
market price not a known number? market price is most certainly a known number.
you have to fix one of the number of tokens, the amount of money raised, or the price.
if you try to fix two, with two concurrent auctions you make arbitrage. that is what we are trying to avoid.
if you were offer complete or partial refund to tentative sale buyers, which is the situation now, with 4.2 million token to be sold fixed, which is the situation now, and do this iteratively, the price of the sale would approach and eventually equal the market price.
a shorter way to get the same result is for people to get refund and buy on market, no?