Bitcoin Forum

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~52 hour auction

June 17th, 2014: Auction for TWELVE (12) LEALANA 0.1 BTC 1/4 oz 999 Silver Bitcoins

https://i.imgur.com/TyZU0ES.png

*****Carefully read this auction post in its entirety before bidding*****

Auction ends June 19th, 2014 at 12:00pm NOON Hawaiian Standard Time

Minimum bid will start at 0.01 BTC. Bidding will be done in 0.01 BTC increments. Shipping will be $30 for US and $50 for International bidders. This will be added to the winning bid after the auction.(ID will be required upon delivery for pickup) for both domestic U.S. and international customers. Bitcoin is the only accepted form of payment for this auction.

You are bidding for TWELVE (12) LEALANA 0.1 BTC 1/4 oz 999 Silver Bitcoins. Numbers are above #500 and are randomly selected by me.

The coins come in clear capsules and each coin comes in a single-coin black leatherette.

All 12 coin addresses starts with "1BF" in green font type.

For this auction there is the option to not fund the coin prior to shipping or to pre-fund before being shipped. Should the winner choose not to pre-fund the coins all 12 holograms will be marked "BUYER FUNDED" with a laser. This is an all or nothing type deal for simplicity (pre-fund all or none).

THESE COINS ARE BUYER FUNDED. Should the winner choose to pre-fund the coins before I ship them, they will accept the risks involved with shipping funded coins through USPS registered mail. The coins will be valued at the price paid plus the bitcoin that is loaded on to them (if they are pre-funded by the winner). Winner agrees to hold LEALANA, LLC. and myself innocent of any losses while in transit (in the small event the coin goes missing/stolen while in transit).

Any customs/VAT taxes or fees that are placed on the package while going through customs for international customers are the responsibility of the buyer/winner to pay.

Please bid in the following formats:

1. "I bid 0.5 BTC"
2. "I bid 0.5 BTC and if I am out bid by someone else, 1.0 BTC is my max bid."

Should bids come in at the last minute I will allow for the auction to extended by 15 minute increments between bids. Once the 15 minutes is up and no bidding is done after the deadline specified ABOVE, the auction will end. To be clear on the precision of the auction times in 15 minute increments we are talking about the actual MINUTE and not the seconds that are posted on the forum timestamp.

THIS AUCTION CANNOT BE COMBINED WITH OTHER AUCTIONS OF MINE TO SAVE ON SHIPPING SO PLEASE BID ACCORDINGLY.

Payment address:

14M1W6ckAo2wyeg4cTpuHB3rQZjb1nKqHc

Please do not send payment to any winner address until the winner has been declared which I will post once the auction ends. If you would like a non-public payment address PM me and I will create a PGP signed address for you to send payment to.

Payment is due within 48 hours from the time the auction ends. Should the winner not honor their bid and not provide payment in that 48 period the next highest bidder will be required to honor their bid. By bidding in this auction thread you agree to this stipulation. In other words, please make sure you are able to honor your bid(s) in a timely manner before you bid.
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Note that the title is incorrect this is a 52 hour auction. It is a typo as I indicated the details in the post. Apologize for this.

OMG my math is so bad today. its 48 hours auction based on the end time in red in the OP.

Seriously need to get some sleep.  :P

Just used the end time I signed in the PGP message in the OP.

Ok I start. I bid BTC0.1.

I bid 0.15BTC and if I am out bid by someone else, 0.42 BTC is my max bid.

smoothie, just a comment: Don't you think there's a flaw in the public "max bid"?

For example, I'd bid more than 0.15, but not more than 0.42. Then there's no point to publish my bid now.
So unless somebody bids more than 0.42, you'll get only 0.15.

It doesn't work this way with private max bids (which I know is not possible here).

I was thinking the same thing. By publishing the max bid, it is in effect your bid.

It is my understanding that you can still bid me up to whatever level you are comfortable at.

It doesn't really make sense. I can bid .41 right now and it wouldn't put me at the current high bid which would now be .42 to you. My bid's sole purpose would be to just let you pay more.

Yeah, it is a little odd. If the winning bidder defaults, then bidding up to 0.41btc makes a difference in allowing you to buy it at that price. I lost the last auction because I was two minutes late, so there is some logic to placing a max bid.

I didn't think of that scenario so it works for that purpose.

This ^.

If someone bids 0.41BTC and the winner (who had a higher bid) doesn't honor their bid you would need to honor the bid you made that forced their maximum bid. In effect you are bidding should that person not pay up.

It is an odd auction method yes I admit. But it does not allow someone to get out of their bid should someone with a higher bid decide to back out. Which if someone backs out I will likely make a scammer thread concerning the bid. Just bid honestly and make sure you can honor your bid in the specified timeframe outlined in the OP.

I may change this auction style in the future based on the current auctions.

Happy bidding!

A thought crossed my mind: Do you folks think setting a maximum bid should be limited to doing it only once?

If you say "my max bid is X" then you would in theory not bid higher than X anyway as that was your maximum bid.

I don't think any max bids should be allowed.
If someone is willing to pay 0.5 BTC for it, then he should bid 0.5 BTC straight out. If he wants to get it cheaper, then he should come back an hour before the auction ends and bid accordingly then.
I've been put off posting bids if they're lower than the current max bid as I doubt the buyer would neglect his bid.
By that logic, if taken by others, you always almost likely to sell your goods at a cheap price.
All it takes is the first or second post to start off with the minimum bid and say max bid to x BTC.
Yes, you can have others bidding him up, and when he defaults they will as well.

Another point, what's stopping people making new accounts just to bid up the auction to only back out once they win?

Just my view of the matter. It's your thread so your call :)

P.S When are you going to auction some LTC coins? - I keep checking
The auctions thread highly anticipating one! :)

One more thing. First time I've done this. Hoping Pistachio back out... 0.16BTC

The part about new accounts just to bid up the auction applies to all auctions. Anyone can make a sock account and bid things up in any auction thread.

I highly doubt multiple people will back out on their bids as you suggested. As I've already stated I will create scam accusation threads for any and all users who make a bid and do not honor them.

To answer your question: Soon.  ;)

I reserve the right to not take someone's bid as legitimate should their account be suspicious of just trying to drive up the price and nothing more. Usually this will be the case for newb accounts. This should help the sock account issue.

 :)

I bid .5 , however willing to go up in .05 increments to up to 1.05btc max bid.

Just want to make this clear to everyone given this account is considered "newbie" status. He is a previous customer of mine several times over and he won one of the previous auctions and paid up.

well, I'll go to 1BTC.

Bitguy's current bid is now 1.01BTC with his max bid 1.05BTC.

Correction...he said increments of 0.05BTC so bitguy's current bit is 1.05BTC

12 hours left

Thanks Smoothie for this.
Does anyone know how many posts I have to do to get rid of this newbie status? I have been member since Oct 13', just mostly do pm's with members and have a lot of direct dealings with all the coin makers and have done trades with members.

Look here:
https://bitcointalk.org/index.php?topic=178608.0

25 min left

Highest bid so far is 1.05BTC

I increase my 1.05 current bid to a maximum of up to 1.21 btc in .01 increments if outbid.

bitguy101 wins at 1.05BTC

I will PM you shortly.

This auction is now closed.

Congrats bitguy101, great deal  :)

Thanks tookdk :)