[emagdnim2100]

Notwithstanding all the problems with token sales: I don't really understand Vitalik's objection to the "partial refund model." He dismisses it out of hand as creating deadweight loss because the coins have to be locked up for a period of time.

First, it's not clear to me that the coins need to be locked up at all - why can't participants deposit or withdraw their funds as they please, with the funding contract relying on the current state at the end of the funding period?

Second, even if they do have to be locked up, I'm not at all sure that it results in deadweight loss. Certainly not appreciable amounts compared to traditional methods of funding.

To me, this is pretty clearly the best system currently available. It avoids problems like scammy, uncapped sales (Bancor) and sales that instantly sell out to a few buyers (BAT).