Sumcoin is likely to be the 3rd biggest coin in the world later on this year

[dwohhgang]

Which is very centralised. 

And it's pretty clear the reason they only allow you to trade it at the price they want is to stop it from giga dumping (what would inevitably happen if it was up to the free market). 

This wouldn't be necessary if each sumcoin was backed by the top 100 cryptocurrencies but of course that isn't mentioned anywhere. Seems to me like they are just trying to forcefully establish the value of a token that is inherently worthless so they can dump the considerable supply they've given themselves.

I don't see any of the big exchanges being on board with this but we'll see.

The exchanges have to honor the index rate, and all trading must occur at the index rate. That's what the STEX exchange did. Because all trading must occur at the index rate, the price of Sumcoin cannot be crashed or artificially moved upwards due to the natural pressures of buying and selling like every other coin experiences. The indexing algorithm is the proprietary essence of Sumcoin.

Every "problem" you try to bring up has already been dealt with. You talk as if you're the first and only person to mention these concerns. The two biggest exchanges in the world have already said privately that they would love to list Sumcoin, as that would just be more money in their pockets once people start buying and selling them. An exchange is just a business - they'll list just about any coin as all they care about is making money. There doesn't even need to be a strong usecase for a coin in order to be listed by Binance or Coinbase. Does dogecoin have a usecase? 

Sumcoin trades in the same exact manner SPY is traded - at the agreed index rate.

Spy is an etf that is traded on the free market, ie it's price is not restricted. It tracks the s&p500 because it can be redeemed for the constituent stocks so arbitrageurs will take advantage of any deviations. 

Sumcoin is nothing like this

Arbitrageurs take advantage of price deviations of Bitcoin due to the many exchanges that exist. The developers have already planned to have a unified price across all exchanges which is key to the integrity of Sumcoin. Either way, once CZ gave the greenlight for sumcoin, I knew instantly that the project is going to be huge.

At first I thought you were just a typical sumcoin basher, but it looks like you're just trying to point out potential pitfalls of sumcoin. I haven't looked at the source code or the algorithms or anything like that as I'm not a programmer or developer that would be able to make any sense from it. The bottom line is that an index coin brought to the markets would be huge as the world needs an index crypto coin. It's definitely not an easy task, and Ty has spent an enormous amount of time and his own money to fund the project.

But how does it maintain this price while being exposed to the forces of the free market? What is the mechanism that causes it to track the index value they compute. Restricting trade is not a solution

I'm just extremely skeptical of any project purporting a marketcap of 70 billion usd with no publicity or whitepaper.  I mean look at what happen to ICP and they actually have good tech + a whitepaper

ur so smart 24/7