Quote from: mikesbmw on April 27, 2014, 12:14:33 PM

Quote from: patmast3r on April 27, 2014, 10:57:49 AM

Quote from: mikesbmw on April 27, 2014, 10:24:17 AM

My vision:

I think you all expect way to much of this auction.

A high price at auction has no effect on the WHOLE batch of NEM.
Reason why it will fetch a high price is of the low amount of stakes being sold.

Imagine:

- We put 5 stakes up for auction
- 10 stakes
- 100 stakes
- 120 stakes

Which stakes do you think will fetch the highest prices?
Now think of what happens when ALL of the 3 billion NEM potentially comes available on an exchange...

Even if people know there are 3000 stakes already, they will still overbid on a small available part.

All what this will create is a high INITIAL price, NEM will skyrocket and then collapse to what people are willing to invest (long term).
Of course this initial high price will always happen, but to auction of a small part of NEM will only amplify things.

EDIT: I think we should stick to the first plan and distribute the stakes to the people in the waiting list. That will create the most fair start for everyone.

The auction is just a way for more people to join in. As you said the high initial price will happen anyway so I don't think the auction will have a huge effect on that.
We are sticking to the original plan. There are also stakes allocated to go to the waitinglist.

Wasn't the real initial plan to distribute the sockpuppet stakes to the people on the waiting list?

two reasons: sockpuppets are in the waiting list as well so the actual qualified stakeholders are way lower than what it seems in the waiting list; not all available stakes now are refund stakes. Some are from eliminating cases of 1 account/ multiple stakes, mistakes, eliminating hash stealing frauds etc. Having a part of NEM going to auction is fine since it gives a variety to NEM initial funding and constituency.