TON will act like federal reserve and buy back GRM when the price falls

News     by joshephine_99

According to TON's technical white paper, when the price of GRMs falls, TON Reserve, who holds 52% of GRM Token, will act like a federal reserve bank and buy back GRMs 💎:

A.4.6. Buying back the Grams.

If the market price of the Gram falls
below 0.5 · p(n), when there are a total of n Grams in circulation (i.e., not
kept on a special account controlled by the TON Reserve), the TON Reserve
reserves the right to buy some Grams back and decrease n, the total quantity
of Grams in circulation. This may be required to prevent sudden falls of the
Gram exchange rate.

source: TON Technical Whitepaper

I think this means we won't need to be worrying about sudden price drop if we choose to hold GRAMS, I personally think this is great!😀😀

I think this is backward....
Cryptocurrencies should be unregulated and totally decided by the community who built it.
It's ok I guess, the price of cryptos needs to be supervised in order to make GRM a legit currency like it set out to be.
I'm in two minds about this, yes it will smooth out some of the yo-yo that crypto prices are known for but it just sounds a little too centralised.

In mitigation for them, this will apply more early on in TON - their 'control' will lessen significantly over the first few years. (And make an absolute fortune for Telegram of course ☺️)

...and some cash for us early and keen adopters, hopefully!