How does the modified Dutch auction work in practice?
The best description of the auction is in our Private Placement Memorandum. Essentially, you deposit money into your account in US dollars or in cryptocurrencies such as Bitcoin, Ether, or Siacoin. Then, you can place bids. When the auction closes, every bidder pays the same price – called the clearing price – which is equal to the lowest bid that sells no more than 750 Siafunds. We’re trying to be as transparent as possible by displaying the then-current clearing price at 30 minute intervals during the auction.