Quote from: Lohoris on August 02, 2013, 11:44:49 PM

I think it didn't make much sense, because it was easily gamed if you had enough funds.
I want 100, there are 2x bids, I bid for 200 I get 100 anyway (and suckers who didn't have enough funds, got less).
I wouldn't call that fair.

Except for the fact that people couldn't get their funds into the system because of the glitch. If not for the glitch, then I would agree with you. However, most people got about 40% of what they bid, which is reasonable.

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Honestly I have no idea why didn't they just fill the higher bids, after all it was market price...
Since I've already read someone against this method, I'd like to know why.

It would have meant more money for them, sure. But they valued their company at 10k BTC for a reason. Presumably that's that they actually think it's worth at the moment.

If they'd allowed a speculative runup in price, the value would have become ridiculous and it only would have dropped after the the shares started to sell, which would have made a lot of the people who did buy shares pissed off - and you'd just be taking money from people with more money then sense.

Having a company's price jump up after IPO makes the company "look good", at least in the real stock market, while having it collapse after an IPO makes it "look bad".

They may also not have been able to actually spend the money right away anyway, although it seems like if their first chip works they could have used the extra money for a bigger initial run and more production capacity to get their additional chips online faster.

IMO, they should have just issued more shares to fill demand, and used the money for bigger wafer runs and for doing their next gen chip at a smaller feature size.