It is using the Lightning Network to send Bitcoins.
https://www.google.co.uk/search?q=what+is+the+lightning+network

Generally lightning fees are about 1-5 Satoshi per transaction.

However if you open a channel to our node  (this costs you a standard bitcoin transaction fee) there are then zero fees!

It is really a game of skill - rather than just gambling - like poker. You look at what other people are bidding and how many and then work out the most likely bid to win.

We have now started weekly auction for 100,000 Satoshi (about $4-$5)!
https://lightningauction.net/auction/22

so you can now win 100,000 with a bid of just 1 satoshi

Ends on 9th Dec.

We have now started weekly auction for 100,000 Satoshi (about $4-$5)!
https://lightningauction.net/auction/22

so you can now win 100,000 with a bid of just 1 satoshi

Ends on 9th Dec.

We are now onto our 10th Auction.

Site is slowly getting more popular - and various strategies are emerging.
e.g. this one: https://lightningauction.net/auction/8 had 3 bidders trying to out smart each other. With the eventual winner a bid of 32 Satoshi that won the 10,000 Satoshi auction.

We have added a new function so that in addition to bidding on today's auction you can also bid on the following 2 days too.
And added ability to paste in many bids on many auctions: https://lightningauction.net/textbid and just pay one invoice.


We are still paying out more than is bid so it is still profitable to enter!

We are now onto our 10th Auction.

Site is slowly getting more popular - and various strategies are emerging.

We have added a new function so that in addition to bidding on today's auction you can also bid on the following 2 days too.

But we are still paying out more than is bid so it is still profitable to enter!

Congratulations to: 37AS3fTWkT9MSiM5AYfUVYr9XGHYqj3ttD

They just won 10,000 Satoshi with a bid of 1 Satoshi!

https://lightningauction.net/auction/3

This is one of the few games where playing now before it is popular is actually profitable!

Congratulations to: 37AS3fTWkT9MSiM5AYfUVYr9XGHYqj3ttD

They just won 10,000 sat with a bid of 1 Satoshi!

https://lightningauction.net/auction/3

Cross post to this auction thread:
https://bitcointalk.org/index.php?topic=5067568.msg47811437#msg47811437

Is in beta so winnings very small for next few days...

We are beta testing https://lightningauction.net/

It is a lowest unique bid auction. And we are running an auction for 10,000 satoshi's (only about $0.6!) but will increase when out of BETA each day.

You can bid any number of Satoshi (yes even 1!). And the bid that was the lowest unique bid at the end of each day wins.
So if we got these entries:
4,5,3,4,5,6,1,2,3,9,7,6,5,2,6,1
The winning bid would be 7. So we would pay 10,000 satoshi's to whoever entered that amount. It is the winner because all the bids lower than 7 were not unique.

To enter you need a Lightning Wallet. As sending 1 Satoshi using bitcoin would cost you too much in fees! But we pay you back in Bitcoins if you win.

More info on the site.

I am going to enter a bid of 100 now - as want to be sure we get 1 bid today so people get the idea and so we are 100% sure it is working. So don't bid that as it will not win.

This is a placeholder for us to have public discussion on our new game/auction.

Further information to follow.