What is #crowdbuying? (and why bitcoin is idea for it...)

[remotemass]

Crowdbuying is quite simple.

1) You tell the crowdbuying platform which product or service you are interested in, pasting the link for it.
2) You send any amount of bitcoins.
3) For every satoshi you send you get +1 more chances of crowdbuying that item.
4) You can always come later and send more satoshis if the product price was not reached yet.
5) Once the required amount to buy that item is reached with the money that all crowdbuyers sent the platform waits for the next block (6 confirmations), buys the product and sends it to the winner.
6) The winner of the crowdbuy is picked using the /r/millionairemakers  formula:
{Latest_block_hash} % {Total_amount_Satoshis_sent_by_Crowd} = {n_Satoshi_Sent&WINNER}


I think this could get very popular. Sometimes you could be shopping and think: 'well, I don't want to buy it but I would like to get some chances of getting this by sending some satoshis...')


What do you think?

[dothebeats]

Crowdbuying is quite simple.

1) You tell the crowdbuying platform which product or service you are interested in, pasting the link for it.
2) You send any amount of bitcoins.
3) For every satoshi you send you get +1 more chances of crowdbuying that item.
4) You can always come later and send more satoshis if the product price was not reached yet.
5) Once the required amount to buy that item is reached with the money that all crowdbuyers sent the platform waits for the next block (6 confirmations), buys the product and sends it to the winner.
6) The winner of the crowdbuy is picked using the /r/millionairemakers  formula:
{Latest_block_hash} % {Total_amount_Satoshis_sent_by_Crowd} = {n_Satoshi_Sent&WINNER}


I think this could get very popular. Sometimes you could be shopping and think, well I don't want to buy it but I would like to get some chances of getting this by sending some satoshis...)


What do you think?

At first I thought that this was similar to group buying an item eg. a miner and afterwards people would just split the shares on to all the contributors. Seems like a lottery to me, though the catch is the chances of winning increases when you also increase your share.

[Kprawn]

I think it's a excellent idea... but people might misuse it, as a cheap form of advertising for products they want to sell. Just a reminder that the next draw for this is

scheduled for today, so go to https://www.reddit.com/r/millionairemakers/ and get your name in there. We need more projects like this, but it should be "Bitcoin only"

If you want to post something you want to buy, it must be on a site where payment is only accepted with Bitcoin. That way people who want to participate, must adopt

Bitcoin, before they will be eligible to take part. 

[ajrah]

nice idea, sounds like a group buy and auction put into one but this time you don't beat the other with the higher price but beat them with number of entries.

[remotemass]

Also, you would know that all the money you lose will be going to buy products and services that you fancy, making them selling in bulk and so: pushing their price down.