We’ve seen a number of times where FOMO has proven a much stronger economic force in ICO’s than traditional economic models that rely on sophisticated investors (the DAO comes to mind). I appreciate everything you are working on and look forward to product launch, but doesn’t this ICO model potentially set many early investors (who don’t have access to the data necessary to make an informed decision of the sell price — assuming such data even exists) up for significant market losses immediately after their initial investment?
In other words, doesn’t this model create the potentially dangerous situation for hyped up investment by non-sophisticated investors that regulators such as the SEC try to prevent and sometimes prosecute after the fact?
I do recognize the two ending-conditions mitigate some of this risk (e.g. no one can lose more than $12M), but for smaller players acting more confidently than they probably should, I’m concerned this may present a significant risk of harm, and may result in liability for GNO. Have you considered requiring users to certify their sophistication before allowing their wallet to interact with the contract (similar to how GDAX runs its margin trading platform), or perhaps place a cap on investment for non-certified wallet addresses? These steps might better shield Gnosis from liability in the unfortunate event of significant investor losses, I’m curious what your thoughts are.