RHC's Game : [Recursive Auction] : Bitcoin Game/Experiment

[RHCwebhosting]

Recursive Auction

http://billmarlin.webs.com/auction_gavel.jpg

The Recursive Auction works as such:

1. Everyone publicly bids on an auction. TX ID's are posted as replies to this thread.
2. The winner of the auction wins the value of the previous two bids. For example, if the sequence of bids is 0.5BTC, 0.9BTC, 1BTC, 1.1BTC, whoever bids 1.1BTC wins 1.9 BTC!
3. I provide the two initial bids, 0.5BTC and 0.5BTC. (This means that if only one person ever bids, I pay them 1BTC.)
4. Bids must be greater in value than the previous bid.
5. If noone bids for 24 hours (for time zone fairness) then whoever was the last to bid wins!

**This is not a pyramid/Ponzi scheme! Think about it: The best case scenario in a pyramid scheme is that more people pile on, to cash out the early adopters. On the contrary, in Recursive Auction, the best case scenario is instead being the last to bid!  

Please send the bids to: 1JapGdKWTGGwHcFNRHghvh6sCHjwtfmCQK  , and reply to this thread with a TX ID. Payouts will be issued to the winner, using the BTC address that sent the bitcoins, unless otherwise specified.

Have fun!  

[John (John K.)]

What is the guarantee that you won't run with the pot?

[RHCwebhosting]

I'm currently in the testing stages of this game, so I'm putting up my own 1BTC to the pot first to see the community's reaction to this new type of game. After all, I spend 1BTC on lunch everyday, so it's not a big deal if this experiment completely fails.  

Also, the house has an edge in this game (whichever bids are not the final 3 go to the house), so there is no reason to play tricks