Bitfinex, in conjunction with its Ethfinex cryptocurrency exchange, recently introduced a new initial exchange offering (IEO) platform, in response to the negative activity associated with initial coin offerings (ICOs). The platform, Tokinex, allows users to participate in project launches using funds they hold in their personal wallets on the exchanges and Bitfinex has said that it will ensure \u201ctransparency\u201d and \u201cdue diligence.\u201d It appears that those assertions may have been a little exaggerated. According to Maple Leaf Capital, a crypto investment firm, Ampleforth (AMPL) is \u201canything but stable.\u201d The company published a series of tweets last week in which it highlights the negative aspects of the currency and its characteristics, leading off by asserting that \u201cThe somewhat misleading signals might fool many initially, but it\u2019s great trading sardine!\u201d Maple Leaf explains that AMPL incorporates mechanics that don\u2019t offer a great deal of stability and that it is easy to manipulate. It adds, \u201cSo even if price is stable, as long as it\u2019s higher than 1.05, your portfolio value increase as goes up slowly. I can see this make for a great narrative\u2014a double-kill so to speak for retail\u2014not only can the price pump, but your holding size also increases.\u201d It also states that, because of the number of AMPL tokens in circulation, the price of the token can be easily and artificially manipulated in order to maintain it above the $1.05 mark. Maple Leaf further offers that the stabilization mechanisms are inherently flawed. Those mechanisms could lead to \u201can expansionary cycle could be exponential (P*Q) expansion of one\u2019s portfolio value. Slick story to spread... When price dips below 0.95 and enters contraction, I can totally see a double whammy\u2014you lose value on price, and by the way the amount of tokens you own shrink every day. Who in the right mind will act as \u2018central bank\u2019 to stabilize?\u201d AMPL creators assert that it \u201ccannot be thought of as a stablecoin initially\u201d because the \u201ctime to reach equilibrium is market dependent.\u201d However, in the same breath, it says that commodities such as gold and silver cannot efficiently respond to changes in demand, making them a poor substitute for central-bank-money.\u201d In other words, it is meant to be a more efficient alternative than commodities such as gold and silver, even though it admits it cannot respond efficiently.