That is my thinking too. The problem is when you are in the height of a bubble the people on the inside can rarely see it.
There was a mini-bubble of sorts in 2014 and people didn't see it coming then then.
When people are making money a lot of money they get something akin to the gamblers high where they don't and can't see the truth.
Thanks will check out your link - Gnosis has to be one of the most brazen attempts at market manipulation ever.
Actually I'm not so sure about Gnosis. They certainly did not want to be valued so excessively - that is one of the worst things that can happen to a startup. I would argue that the auction was designed to be fair, although using a new model like they did had this consequence. All the FOMO caused everyone to pay a much higher price than an objective valuation may have. Everyone just wanted to get into the sale so "yeah sure I'd pay exorbitant amount for a GNO token, the price will go down by the end of the auction" became what everyone did. And then it sold out and the price did not go down.
I think you are being naive when you think that.
The Gnosis ICO has been anticipated for so long that no other outcome was probable - so they are either incompetent and didn't know what they were doing, or they did it deliberately. Neither is good.
It would be very ironic that people creating a prediction market could not predict such an obvious outcome!
I agree. Could not distance myself far enough from the project.
I was just trying to bring a bit of the devils advocate to the table. Full disclosure: do not and do not plan to hold any GNO, I do hold REP however.
Me too - am holding some REP long term - I was going to buy into Gnosis too but when I realised the way the ICO worked I held off because it seemed scammy to me but it sold out faster than even I expected it to. Lucky it did because I tend to be susceptible to last minute FOMO - I think I must have the gambling gene lol!
Haha TBH I had to mentally tell myself that I would not get in the first day. I thought that the project was worth just a few million at most. The part of FOMO that gets us is that we are all susceptible. I think holding REP long term will be a very interesting prospect.