As we know, the incoming Rally Network update includes an optional presale allowing a cohort of early investors to acquire an unlimited amount (!) of new creator coins at the same price before the bonding curve’s price dynamics begin. Furthermore, creators will be allowed to customize their presale in terms of duration, price, and whether the presale is private or public.
Is there anything preventing insiders (CRC, devs, admins, creators) from participating in private presales due to their access to Rally’s non-public information (list of incoming creators, launch details, presale data, etc.) ?
These ‘fair launches’ are not meant to be private by default. That would be bad, to many of your points. The fair launch is meant to prevent bots and token jumpers from acting on a token the second it is live. A fair launch would enable anyone to participate at the same market rate over a period of time, instead of the very first bot getting the best market rate.
If creators want, they can make it private and invite-only, but I don’t think we’ll be able to build it that way for awhile, and we’ll want to see if any creators actually want that after the first version of fair launch goes out.
For creators who have a good idea of their holding use cases and want to market their coin prior to launch, pre-sale would be really helpful since it’s difficult to buy X amount of tokens using the TBC estimation
We generally want creators to focus on distributing tokens to their fans at the outset, so the launch of their token is much more about rewarding and energizing their loyal fans than it is about asking their fans to open up their wallets day 1. With their use cases and coin holding thresholds in mind, a good fan token distribution should enable their fans to recognize benefits early if they’ve been a prior supporter.
Of course fans can buy additional coins to realize transactional benefits, but we hope creators will focus on building a token community that’s rewarded at the outset. Good thinking @Vooka
not really. It’s a way to allow everyone who wants to buy a coin at launch pricing to do so rather than having the first person to buy get the best rate. It’s strictly an upgrade from the system we have today. I’d encourage you to do more research on crowdpooling.
No, it was removed because it wasn’t constructive to the conversation and an inflammatory accusation without merit.
If you want to debate the relative fairness of one of the fair launch mechanics that’s fine, but let’s not aim to use loaded/sensationalized words that can be taken the wrong way.
I don’t really think this is the place to debate insider trading but I’m going to bite as I think you have it reversed. Insider trading is a trade on a stock that is already public based on information that is not publicly available to all the other stock traders, or in other words based on insider information.
Based on the SEC definition I thought crypto including these are considered property NOT stocks, bonds, banks etc. Therefore insider trading is similar but not illegal for this. Unfortunately, what you mention can and likely will occur. Any benefit someone has that can be used for a positive gain for themselves, may be used for that due to human nature and doing what is best for them.
EX) I have decent numbers of a couple creator coins. I got into them about what they are at now in regards to number of rally per coin NOT US$. They were higher then. They are lower than that in US $ now. If I wanted to sell some a few days ago I could sell more then that now. This is because that benefits others and not me. This function is best for others, because they benefit by it, so it was added as a function to help them not me. This is the way the world works.
Launching a fair is always going to be a problem there isn’t anything to back it. I think having an open orderbook would help though as people can least capture overselling and dips in a transperent way.
I’m not sure what you mean by this - every Creator Coin is backed by the $RLY token, and bonded via Rally.io’s AMM, the bonding curve that determines the ratio of $RLY to that individual Creator Coin.
Order books require insane operational overhead and would make it near-impossible to have 0% convert fees.
I see, yeah, I misunderstood. Orderbooks can have a bit of overhead for sure but least others can do bids and ask which is what I thought would solve a lot of problems here.