copy of post on old thread:
Could somebody please explain to me, or refer me to the relevant reading material, how the price of a coin/token is determined upon launch ? In the case of ETN, there were not ICO investors selling, only miners, so how did it attain the initial price ? Is it also a simple matter of supply and demand where early miners simply set a relative high price and the demand kept it multiples of ICO price up to now ?
I just want to understand what drives prices at onset when coins is released on new exchange, especially in cases like this where trading is available before ICO coins were released.