ASICMINER: board seat (equivalent of 5000 shares) for sale

[mb300sd]

500 @ .36

[1715289216]

1715289216

[bitcad]

Please change my bid to 100 @ 0.37

[DiabloD3]

Update bid to 200 @ 0.36

[zefir]

PMd updates:

LainZ: update to 100 @ 0.37
PM.9: update to 200 @ 0.36

[ghostshirt]

Please update my bid to:
300 @ 0.37

[qukkM]

200 @ 0.365

[Vezunchik]

This means exactly change of rules. Because you just throw away bids for (5'000 - X) shares, which were posted fully legal before.

The only way to do it fairly - "one second chance offer". At first you sold (X>=3'500) shares for theirs bid price. Then you make public offer for (5'000 - X) shares with highest price of them + 0.1 (or any other number...). First one who agrees, wins them.

Vezunchik, how about you handling this auction for me? Let's say max{3BTC;100$} for you to update the bid list twice a day until auction is over? I'd post those bids I receive PMd and you take care of correct accounting and terminating the auction. Deal?

If he doesn't take the job, I will.

Sorry wachtwoord && Vezunchik, INAU took the job for free before we even started negotiating


Bug-Report
From the PM communication with private bidders I realize I made a stupid mistake: some of them are interested only in getting the board seat, i.e. buy all the 5k shares or none. With the current offer this seems impossible, since given a state like

Someone for 100 shares @ 0.45
Me for 5000 shares @ 0.43
All others at 0.41 or lower.

he would have to raise to 5000 @ 0.46 to secure the seat and continue to do so whenever someone increases the top bid. This makes it effectively fairly impossible to get all the 5k shares.


It was not my intention to push the price for a future board member that way, but I simply overlooked that scenario. Since at the same time it is too late to change the rules now, I thought about some potential fix that I want to announce publicly as follows:

Addendum
If at the end of the auction a bidder bought X shares in total with X>=3'500, he is granted the option to buy (5'000 - X) additional shares for his highest bid price to reach board member status.


Hope that solves it somehow.

[SAC]

PMd updates:

LainZ: update to 100 @ 0.37
PM.9: update to 200 @ 0.36

The whole point of the auction section being no editing/deleting of posts is this, posts in the thread with the offers being made in public so there can be no dispute as to what happened, you posting PM offers is not that.  If they have time to PM they have time to post, I have reported this post for breaking the auction rules.

[qukkM]

Additional, 200 @ 0.3

[Vezunchik]

Well, I thought that it will be too impolite to point to this situation (because I don't know reasons why PMs want to stay private), but I agree.

The whole point of the auction section being no editing/deleting of posts is this, posts in the thread with the offers being made in public so there can be no dispute as to what happened, you posting PM offers is not that.  If they have time to PM they have time to post, I have reported this post for breaking the auction rules.

And this means that zefir now presents PMs interests and makes this bid for them. There is now problem - it's just regular bid. Time of this bids - time of post in this topic, and that is all.

PMd updates:

LainZ: update to 100 @ 0.37
PM.9: update to 200 @ 0.36

If zefir agrees with this interpretation I can see nothing to worry about.

[Vezunchik]

This means exactly change of rules. Because you just throw away bids for (5'000 - X) shares, which were posted fully legal before.

The only way to do it fairly - "one second chance offer". At first you sold (X>=3'500) shares for theirs bid price. Then you make public offer for (5'000 - X) shares with highest price of them + 0.1 (or any other number...). First one who agrees, wins them.

Sorry for my mistake - English is not my natural language. I meant public offer for (5'000 - X) shares in case that "smaller" bidder agrees looks like:

bids:
H 4400@10
------
A 100@10
B 100@20
C 300@30
D 100@30

one second chance offer in next hour answer yes or no:
A 100@30.1
B 100@30.1
C 300@30.1
D 100@30.1
------
H 500@30.1

answers in one hour:
C - yes
H - yes
A - yes
D - no
hour ends
B - yes

shares transfer:
H - 4400@10
C - 300@30.1
H - 200@30.1
A - 0
D - 0
B - 0

[zefir]

Sorry for my mistake - English is not my natural language. [...]

Hey, it is not mine either - that's why my post was misleading. Please allow me to clarify:

Addendum
If at the end of the auction a bidder bought X shares in total with X>=3'500, he is granted the option to buy (5'000 - X) additional shares for his highest bid price to reach board member status.

Clarification

• The shares granted by the given option are additional ones, i.e. I reserve another max. of 1'500 shares from my holdings.
• In no way the current auction shall be affected by this goodwill offer, the 5'000 shares will remain on offer in full and the auction will be finalized as planned.

I understand the confusion comes from an assumption that I am dumping all my ASICMINER shares with this auction. That's not the case and I hope you understand this is an offer I added to increase fairness, not to decrease it.

Please let me know if this clarifies it for you.



Thanks,
zefir

[DiabloD3]

Sorry for my mistake - English is not my natural language. [...]

Hey, it is not mine either - that's why my post was misleading. Please allow me to clarify:

Addendum
If at the end of the auction a bidder bought X shares in total with X>=3'500, he is granted the option to buy (5'000 - X) additional shares for his highest bid price to reach board member status.

Clarification

• The shares granted by the given option are additional ones, i.e. I reserve another max. of 1'500 shares from my holdings.
• In no way the current auction shall be affected by this goodwill offer, the 5'000 shares will remain on offer in full and the auction will be finalized as planned.

I understand the confusion comes from an assumption that I am dumping all my ASICMINER shares with this auction. That's not the case and I hope you understand this is an offer I added to increase fairness, not to decrease it.

Please let me know if this clarifies it for you.



Thanks,
zefir

Yes, but the side effect of altering the terms of the auction is anyone would have the right to reject the new terms and remove their bids as long as they did not bid after this rule change (thus implicitly accepting the new terms). Although, I don't think this will be a problem, they will soon be outbid anyhow.

[zefir]

PMd updates:

LainZ: update to 100 @ 0.37
PM.9: update to 200 @ 0.36

The whole point of the auction section being no editing/deleting of posts is this, posts in the thread with the offers being made in public so there can be no dispute as to what happened, you posting PM offers is not that.  If they have time to PM they have time to post, I have reported this post for breaking the auction rules.

Hey SAC,

dude, slow down and relax. Why don't you politely bring up your concern and point me to where I am wrong to fix it instead of calling the police right away? Shoot first ask later, no?

Actually, If your report helps to clarify whether anonymous bidding is allowed or not, I frankly would be very thankful. I looked through the forum to find some terms and rules for auctions, but since there are none I used common sense to accept PMd bids.

Fact is, there are some bidders that do not want to expose their identity or nick to the public. From what I see they are either
1) senior members that prefer to not reveal
2) newbies that just entered the Bitcoin world and can't post outside the newbies thread

Now, what is your concern with those folks using me (or whoever they want) as middleman to place anonymous bids? If there is someone that needs to be worried, isn't that me? I might end up loosing enforcement mechanisms to finalize trades (i.e. bidder changed his mind after auction ends and gives a damn about getting his new account tagged as scammer), but why do you think there is something to worry on the buyer/bidder side?


Maybe I just don't see the obvious, but if you have valid arguments I am fine with asking the anonymous bidders to reveal their nick (like two already did, if you followed).


Thanks,
zefir

[Jutarul]

Maybe I just don't see the obvious, but if you have valid arguments I am fine with asking the anonymous bidders to reveal their nick (like two already did, if you followed).


Thanks,
zefir

Using a forum software, where anybody can create multiple users, it doesn't make a difference whether you'd try to manipulate through PMs or newly created users posting bids.

Actually the best way to do this would be a silent auction, where the seller accepts bids until a deadline and then publishes the winning bids.

[zefir]

Yes, but the side effect of altering the terms of the auction is anyone would have the right to reject the new terms and remove their bids as long as they did not bid after this rule change (thus implicitly accepting the new terms). Although, I don't think this will be a problem, they will soon be outbid anyhow.

I fail to understand how this can be perceived as a change of auction terms. I should have better posted the offer in a separate thread or just PMd the related bidder, but instead decided to remain fully transparent - lesson learned .

Not going to argue further. Whoever feels the option I am offering to reach board member status is an unacceptable change of terms, please feel free to remove your pending bids. This grant is valid for all bids posted above this post.


Sorry for confusion, next time I'm going to use a bidding platform, promised.

[zefir]

PM.3: update to 4500 @ 0.36BTC

[asnonmous]

5000 shares @ 0.37 btc

[zefir]

5000 shares @ 0.37 btc

Thanks for bidding in public and distorting some of the paranoia here.

For the records: so far, this was bidder PM.7

[DiabloD3]

5000 shares @ 0.37 btc

Aaaaand hes now outbid everyone.