This method of selling coins on a exchange is old and it never worked out. Bittrex and C-Cex used to do this type of ICO offerings in the past. Most of them don't recover from the dump. ICOs today are more organized and many of them are careful enough not to let whales hoard the coins and when we have these coins spread out between investors the chances of being successful are much higher. For all these reasons I don't think this is the best choice to make an ICO on a exchange like MagicCoin did. I will be watching from the sidelines until I see that this project is good enough to buy.