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Hmmm...well that's a great offer that is cause for serious consideration as you are right, credits can essentially be viewed as an online wallet of some sort. Would definitely like to hear others opinions as well.

Yes but we were getting complaints from the penny auction community of bidders, because usually in last seconds you have bid wars and you would have 2 people bid up the auction back to 20-30 minutes. Then they would have to wait for timer to go back down again.

Since most action, and fun, occurs in final minute, there's really no point in adding second with more than a minute left.

The bitcents is something I will have to look into. I have to be careful how I words things so I do no get my site shut down

Thanks for trying out my site!

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We stopped adding time for longer than minute because it was taking forever for auctions to finish. Congrats on your win! Since everybody thinks it's a scam they don't even try so that the few people that do actually win quite easily

Will ship your item on Wednesday w/tracking number.

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I see your point, I just figured it would be just as easy to copy/past unique address as it would be a unique payment. And user would still get credit, it would just take longer.

Another advantage is that I can store my wallet offline; wouldn't I have to have my wallet.dat file on server if I wanted to generate unique addresses?

Instead of issueing a random address for payment with each transaction, couldnt you just assign a unique ID to each user to the end of each payment?

So if user #43 in your sytem wants to purchase something worth 1.542 bitcoins. Your system would request that they send 1.542000043 bitcoins, where the 000043 would be the unique identifier for that account; you could also generate a random sequence per each account.

This is the system I am implementing on mokimarket, what do you guys think?

15 seconds when less than a minute remaining.

We used to have a cash out feature that allowed users to exchange credits with 20% withdraw fee, but technically that wasn't legal so we got rid of it.

Our solution was to allow members the ability to freely transfer credits to one another, that way two agreeing parties could exchange Credits for bitcoins, cash, in whatever currency they want without incurring a site transaction cost and on their own agreed upon terms. This also keeps the system honest, as we can't give away to many free credits without devaluing our credit system.

As we grow users, sellers should be able to easily sell excess credits to other users in our Marketplace forum: http://www.mokimarket.com/forum/viewforum.php?f=8&sid=045dea70ce02837f472eacbdaa50bfe7

Keep in mind that while our site definitely has inherent capibilities that will eventually make it easier for sellers to make profits, we market it more as a bartering exchange. Post good you dont want or services you have to offer, earn credits, and then use those credits to win other items.

**Unofficially since we are still quite new we still buy back credits from sellers , so if you want to talk terms let me know!

I'll send your bitcoins by the end of the day.

First, thanks for trying out my site, here are my suggestions:

Your credits per bid is really low, you probably want to do something more like 20 credits or 50 credits per bid for the value of the item you posted.

1) Lets say your auction get's bidded up to $2, 1 credit per bid will only earn you 200*1=200 credits, however 50 credits per bid will earn you 10000 credits. Thats enough credits to easily win many other items posted on the site

2) I think it's great you posted that many bitcoins on the site, but I would suggest maybe posting a lower value item at first (1 casasious bitcoin perhaps??). Many bidders will feel uncomfortable spendig credits on auctions from sellers with 0 feedback rating as they have a high tenden not to ship items so you are probably not getting the most value for you auction. Once you get a good feedback rating, you will get many more bidders. Also this will give you a chance to get a feel how the system works.

Now, my site won't allow you to edit auctions once there are bids placed and you already have 4 bidders. However, if you want to repost, just pm me and I will refund bidders their credits and delete post from the backend so you could repost with my suggestions. Also, if your okay with your posts, that fine by me as it's possible it may get bidded up high; but just my recommendation as I rather you not have a bad experience.

Also, I will work on fixing the password issue, thanks for pointing that out; I'm definitely open to any feedback how I can make the system better.

Lol, it will still allow you to register even with you "weak" password.

Thanks, I tried to make it as easy to use as possible.

Yes it's still available. I might be away from my computer today, but I will still send coins once I get back from work.

Haha, yea the site name came from my dog, hence the corny picture.

And you are right I think the main image is a poor representative of the site. I doubt anyone will be getting $500 electronics on the site, but you can definitely get good deal, just check out my ended auctions and you will see that the math usually favors the winning bidder.

And sorry, each auctions states shipping for US and canada only.

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Well the free credits can be used to get more than just the .1 bitcoins.

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coins sent!

Coins sent!