The intent of BSIP-18 is not to allow people to do something good for the community. Its intent is to provide a mechanism for revival, and incentives to use it. This has worked out nicely.
Bidding "at the last minute" makes sense, economically, if you want to acquire as much from the pool as possible. Just like on ebay, bidding early only drives the price up. IMO this behaviour is neither benevolent nor malevolent. It can be called selfish, but that's OK - we're acting in a market here, and participants are expected to act selfish. That's just how things work.
Note that the bidders has also accepted a significant risk with this investment. If the BTS price drops again, he might lose all of it.
I was not criticizing the quality or design of the mechanism of revival...A taxi is not intended to be used as an ambulance...but if circumstances warrant it then the vehicle can "allow people to do something good for the community"
I understand your perspective.... i.e. from a developer's view it was "nice" to see BSIP-18 work...but I suspect that most BTS holders would have preferred that the situation never got to that stage...sort of like how most flight attendants know the various emergency routines and where the exit doors are located, etc...but would be perfectly happy to go an entire career and never have to use them..
So I acknowledge it makes sense from a personal gain perspective...but the context here is trying to EXPAND the universe of BTS users...After all why did bitUSD go into GS status in the first place?
Bringing an Ebay sniper's tactic to this particular auction, under the circumstances, IMO is not positioning oneself with the best risk reward ratio...Sometimes "less is more and more is less"
The bidder could have increased his/her/their wealth just as much if not more, if BTS market cap goes from $150m to 500m or more without taking all that risk if the bidder had a different philosophical outlook, rather than the typical Wall St. attitude. Spread the risk (among more people) means also spreading the reward.
I mean don't you see the irony here given that Bitshares was created based primarily on a philosophy that was decidedly non-selfish?
"we're acting in trying to revive a market here,"
It will take a collective effort to raise the BTS market cap to a level that it deserves...If you constantly raise the level of cynicism and or deprive people of incentives to participate just because you can..
..Well...He who has the gold rules...until there's nothing and no one left to rule.
Topic: bitusd peg (Read 116115 times)
