Vitalik ButerinVerified account

No moral connotations intended with "cut in line"; it just so happens that capped sales degrade into highly wasteful all-pay auctions.

The terminology has moral implications nonetheless.

140 char twitter limit. Sorry.

There are plenty of ways to express that in 140 characters or less that don't imply cheating.

I didn't think of any in time. Sorry.

Do you think such transactions in ICO's run counter to the fabric of blockchain - decentralization? Do you think this needs to be fixed?

No. The blockchain is fine. Capped sales are a terrible mechanism whose nash equilibrium is for all surplus value to go to miner fees.

What is your proposed resolution for those who want to do ICOs? @VladZamfir suggested donating everything over the cap.

I think Vitalik proposed a dutch auction with the price starting at infinity. Surely, that should prevent people from buying immediately.

If you're referring to the gnosis one, the problem is that since they agreed to hodl 99% of unsold coins the valuation was never infinite

And so it acted like traditional capped sale. The traders made correct choice to buy, and outsmarted all of us silly internet commentators.

Yeah or someone cornered the market.

Well then ze made the correct choice to corner it :)

I thought anything more than .05$ was unthinkable! How are you not forking the network to solve this urgent problem Vitalik!?

This specific problem is not solvable in protocol; capped sales inherently degrade into all pay auctions.

That said, we designed the protocol so miners can coordinate gas limit increases without hard forking.

Sounds like you engineered bad incentives Vitalk! Why would they make less money for themselves!? Hardfork to fix it!

The $2k fees in capped sales would exist regardless of block size. Only a fixed # of participants can get in, so arms race unavoidable.

Dance around to not admit your hypocrisy much?