I have some questions about the OP auction rules
1) Since gold price constantly fluctuates, what exactly is being considered as "Gold Spot"? The current price of gold at the time of placing my offer for the coin (forum timestamp)? The current price of gold at the time of the auction ends? OR the current price of gold when I will send payment?
2) How will we end up to a mutual agreement of what the "Gold Spot" price is, at a given moment? Will we use the given price of an exchange (for example), and if yes which one?
3) To avoid 1 & 2 implications, will you consider, additionally to the BTC or LTC payments, to receive as payment a 1oz raw gold of same purity +/- the difference in $. For example: In case the winning bid is "Gold Spot - $10", the winner will send you a "1oz raw gold", and you will send back the coin +$10
4) We can place the +$10 bid increments in the $ currency of our preference (ie. Australian, New Zeland, US, Canadian, Zimbabwe, etc. etc.), and you will short out the winning bid at the end of the auction? (according to the PEG ratio of specific $ currency type, with BTC for example?) OR will you consider selecting (and explicitly mention in the OP) a certain $ currency that all bidders will use as the standard?
Thank you in advance, for the clarifications.
The current price when the auction ends
Kitco
Payment is btc or ltc. I thought that was clear
And you can use whatever method you want to calculate the winning amount. It will equal roughly the same across the board.
I thought that it was universal language that $10 was ten dollar. And that a dollar was a US dollar