I was thinking ... and maybe you guys won't agree... but what about obvious good faith typos that are immediately retracted? Like if you're selling a 0.1 BTC coin and someone bids 0.10 BTC and the next guy bids 1.05 (instead of 0.105). If the member instantly writes back "sorry!" we shouldn't penalize or make a big deal about it. What do you think?
Also the seller should reserve the right to refuse any scam or suspicious bids (after making reasonable attempts to look into it).
Hello,
Yes. this could be an issue. First of all, mistakes can happen at any time. One way to easily solve this problem is to standardize the habit of placing bid. To do that, I would suggest that bid can be only placed based on the bid increment. If it is over the bid increment that is mentioned by auction seller then the bid will be nullified. This way, users who are placing bids by mistake or typo errors, will be ignored. So there will be no fight back and forth. I call this type bid as static bid because the bid increment is always same.
But, there is one drawback because it will not be dynamic - users will not be able increment bids at their will. But there is another solution to this issue - users can place bids by incrementing the bid sequentially based on the bid increment mentioned in the auction thread by seller. In that case we can confer that users are consciously placing the bids at their will. I will give you an example so that you will understand. Let's say, Tom started an auction with bid increment with .001 btc. Users Jerry, Moe and Larry started to bid. Now, if Jerry, Moe and Larry place their bids with .005 btc, it will be nullified because they are not incrementing with .001 btc. But if Jerry, Moe and Larry place their bids with .001 btc increment even multiple times with increment .001 btc it will be valid like last_higest_bid+.001, Last_higest_bid+001 and so forth.
The 3rd solution to this issue is to make 100% dynamic meaning anyone can place any higher bid from the last highest bid. Mistake can happen in that case. A reasonable decision should be taken by seller and admin and not being too harsh.
So, I believe I gave all possible solutions to the issue. So we can say so far we found 3 kinds of bid increments here:
1. Freezing Static Bid Increment
2. Sequential Static Bid Increment
3. Dynamic Bid Increment
Best regards,
RainbowskyStop trying to overthink this..... you guys will end up confusing yourselves. The OP and first few comments will end up being helpful..... then you will see crap like this trying to reinvent the wheel. alamjob239 (Rainbowsky) please just shut the hell up.