The auction is unfair in the first 5-day period due to bidding uncertainty.

[biophil]

Bidders have no control over the maximum price they pay, and should be able to submit a maximum_price along with their bid. See my steemit post for a rationale for this change. One of the main points is that subsequent bidders can force early bidders to pay a higher price than they are willing to, which incentivizes those early bidders to bid later or commit less ETH.

My proposed fix is this:
A bid is a pair (committed_ETH,maximum_price).
The total amount to be minted is total_EOS.
At the end of the minting period, bids are resolved in the following way:
Sort all bids in descending order of maximum_price.

Iterate through the bids summing the committed_ETH along the way, and increment the iteration whenever implied_price := total_committed_ETH/total_EOS is less than the current bid's maximum price. If implied_price is ever greater than the current maximum price bid, the iteration terminates and all orders seen so far are filled at implied_price. Everybody receives a price no greater than their maximum price, and everybody who entered a max price greater than the final price is happy their order didn't get filled.

The algorithm terminates in finite time with a deterministic outcome because the list of bids is finite, the implied price is an increasing sequence, and the maximum prices are sorted descending.

My proposed auction allows people to submit bids with full control over their own maximum price.

[cryptonut]

They did it like this on purpose. Market action alone sets the price.