An idea I have, is it worth it?

[Btcvilla]

So I got an idea for a project. I want to know if I should create it.

It starts off with one person "buying" the money pot for a small about of BTC they deposited, then a bid that lasts for 12 hours starts. The highest bidder gets the money pot, then a 12 hour bid starts again and the cycle repeats.

There would be a small service fee (A percentage of the persons profit) to be used to run the website.

One issue that I can think of is that the price of buying it gets to high and no one will bid. I think a simple solution would be refunding the person in full and starting over again.

Please let me know what you think!

[1714947871]

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[paffie]

So I got an idea for a project. I want to know if I should create it.

It starts off with one person "buying" the website for a small about of BTC they deposited, then a bid that lasts for 12 hours starts. The highest bidder gets the site, then a 12 hour bid starts again and the cycle repeats.

There would be a small service fee (A percentage of the persons profit) to be used to run the website.

One issue that I can think of is that the price of buying it gets to high and no one will bid. I think a simple solution would be refunding the person in full and starting over again.

Please let me know what you think!

I don't really get this... Sorry, but i seem to be missing some vital part of information.

You're thinking about creating an auction that is automatically repeated every 12 hours, so the winner actually leases your site for 12 hours???
The only way anybody would ever do this, is if you can prove the income of the site over a 12-hour frame is higher than the bid price + service fee... In this case, why would you lease out the site?

If you're talking about physically reselling the domain, i don't know if it would work: the new owner would be the real owner, and he might decide not to re-sell the domain, also, you'd have to push the domain to them, and they would be the ones owning it (this process takes more than 12 hours btw)

[Btcvilla]

So I got an idea for a project. I want to know if I should create it.

It starts off with one person "buying" the website for a small about of BTC they deposited, then a bid that lasts for 12 hours starts. The highest bidder gets the site, then a 12 hour bid starts again and the cycle repeats.

There would be a small service fee (A percentage of the persons profit) to be used to run the website.

One issue that I can think of is that the price of buying it gets to high and no one will bid. I think a simple solution would be refunding the person in full and starting over again.

Please let me know what you think!

I don't really get this... Sorry, but i seem to be missing some vital part of information.

You're thinking about creating an auction that is automatically repeated every 12 hours, so the winner actually leases your site for 12 hours???
The only way anybody would ever do this, is if you can prove the income of the site over a 12-hour frame is higher than the bid price + service fee... In this case, why would you lease out the site?

If you're talking about physically reselling the domain, i don't know if it would work: the new owner would be the real owner, and he might decide not to re-sell the domain, also, you'd have to push the domain to them, and they would be the ones owning it (this process takes more than 12 hours btw)

I'm not actually giving out the site. I edited the post to make it less confusing.

[cloverme]

I think it needs a little more work. Why would someone pay bitcoin to get bitcoin and then pay a fee on top of it for a 1:1 trade? I'm guessing this is a gambling game you're trying to work out versus an auction?  As soon as the bid reaches equilibrium with the pot minus the fee, no one would bid. Needs more work I'm afraid...

[poptok1]

I see it this way:

-Mysterious box with unknown amount of BTC in it . (maybe more than one box?)
-Fixed bid increase for everyone.
-Highest bid wins the Mystery box + his bid - fee for the site (25% of the bid)
-All losers get their bids back -10 satoshi

This is the only way that thing may work.
Stays fair, quite clear and I think attractive.

Problems:
Blockchain transaction fee.
Whale flooding your auctions.
Bids higher than winnings, 25% fee higher than winnings-->gambling

[Swagtoshi]

Perphaps, you should make like a stock. One person buys the stock for a low prices and others buy the stock in hopes that more people would buy the stock.

[Btcvilla]

Perphaps, you should make like a stock. One person buys the stock for a low prices and others buy the stock in hopes that more people would buy the stock.

That's exactly what it is.

[Btcvilla]

I see it this way:

-Mysterious box with unknown amount of BTC in it . (maybe more than one box?)
-Fixed bid increase for everyone.
-Highest bid wins the Mystery box + his bid - fee for the site (25% of the bid)
-All losers get their bids back -10 satoshi

This is the only way that thing may work.
Stays fair, quite clear and I think attractive.

Problems:
Blockchain transaction fee.
Whale flooding your auctions.
Bids higher than winnings, 25% fee higher than winnings-->gambling

Thanks for taking your time to give feedback.

Placing a bid will have a very small fee, if you lose, you get the bid back, minus the fee.

I'm trying to keep this out of the gambling area, so minus the fee, there is no risk to bidding.

I started working on this project to test the waters, I will be releasing it soon.

[toodamntired]

Mystery boxes are great for this. but what you do is make it NOT Gambling by making sure that every mystery box has a prize that is equal to the cost of 10x the cost of a single bid.

So in other words, you need to run it more like quibids, where the user doesn't actually bid with Bitcoin; they use Bitcoin to buy Bid tokens and every time they bid, they use a token.

If i bid $1.00, I use 1 token. If Joe bids $2.00 and I want to outbid him, I use another token. The prize in each box is a minimum of ten times the value of a single bid token.

Then the point becomes to be the bidder towards the end who wins a prize using only a couple tokens.

Of course, you put into place rules and such to prevent the last minute only idiots; add time when bid placed within the last 30 seconds, no new bidders in last 2 minutes, etc...

Everyone who wins then gets a prize, and of course the lure is the chance to win the really big prizes.

[Snorek]

Mystery boxes are great for this. but what you do is make it NOT Gambling by making sure that every mystery box has a prize that is equal to the cost of 10x the cost of a single bid.

So in other words, you need to run it more like quibids, where the user doesn't actually bid with Bitcoin; they use Bitcoin to buy Bid tokens and every time they bid, they use a token.

If i bid $1.00, I use 1 token. If Joe bids $2.00 and I want to outbid him, I use another token. The prize in each box is a minimum of ten times the value of a single bid token.

Then the point becomes to be the bidder towards the end who wins a prize using only a couple tokens.

Of course, you put into place rules and such to prevent the last minute only idiots; add time when bid placed within the last 30 seconds, no new bidders in last 2 minutes, etc...

Everyone who wins then gets a prize, and of course the lure is the chance to win the really big prizes.

Firstly you state that his is not a gambling. But how we can call it when there is a game of chances present in this scheme?

It is fair and square gambling you can't call it anything else when you are given chance to win more:

the bidder towards the end who wins a prize using only a couple tokens

[Joel_Jantsen]

Which moneypot you're talking about ? The gambling related moneypot or bitcoin as in moneypot ? Either way it confuses me.After reading a few posts ,I came to conclusion that basically you need to buy bitcoin using bitcoin and then sell it ,sounds lame to me.There is something similar what btc2bid is doing,check them out.If that's your idea,its been fully implemented and is ass kicking the markets too.

[avatar_kiyoshi]

It's looks like an auction service.
Actually what the pot is? It's BTC inside? If it BTC why people do an auction when they can buy directly from exchange?

[JohnXJ]

or place different "surprise" coins in the box as well besides BTC: Dash, A3C, ETH, livecoin, etc.
Nice!! +like!