I'm a fan of Emin Gün Sirer and I don't like Bancor's approach in this response, especially in criticizing his informal tone (who cares?), but it does seem that

I'm a fan of Emin Gün Sirer and I don't like Bancor's approach in this response, especially in criticizing his informal tone (who cares?), but it does seem that they're right that he's misunderstood two main points: (1) Bancor tokens are automatically created and destroyed as needed and (2) the pool is collectively owned by all the token holders and not the issuing company. Disclaimer: I don't know whether this makes Bancor great.