I wonder how this deiffer from the Bitshares x process?
And what if the auction winner/s hoarded the Coins or offered them for higher prices than expected?
after burning their Shares their is no clear incentive to care about the peg. the protocol then will have to offer a new auction with new unneeded Coins which can harm the sustainability later, right?
It is clearly much decentralized and cost effective than the Reserve and LPC scheme, but i wonder if it is flawless !