TWTIA.com - The Winner Takes It All! - Bitcoin Auction Game

[TWTIA.com]

Introducing "The Winner Takes It All!", a bitcoin auction game:
http://twtia.com/

How it works:

Dynamic Auctions: auction duration starts at 6 hours, there's no minimum bid and multiple bids are allowed. All bids add up to the jackpot and extend closing time: first bid extends closing time by 15 minutes, second bid by 5 minutes, then all subsequent bids by 60 seconds.

The Winner Takes It All: at auction end, the highest bid wins the entire jackpot. The winning bid is paid back 100%, and 90% of all losing bids are won (5% goes into the next auction, 5% is the house margin).

Fair and Safe: in case of multiple highest bids (same amount) the earlier bid wins. Late bids (transactions arriving after auction end) are not lost, they are automatically considered for the next auction.

Transparent: all bitcoin transactions are in the blockchain, and they can be independently audited and monitored. Amounts < 0.001 BTC are not paid (they go into the next auction).

(IMPORTANT: jackpot is paid out to the address placing the winning bid. Use only wallets that allow you to receive coins from the same address you bid from.)

For any question, clarification, suggestion or feedback please let us know. Good luck!
http://twtia.com/

[HostFat]

What do you think about making other "auctions" that reset them self at every bid?

https://bitcointalk.org/index.php?topic=1439839.0

[Daffadile]

Your site appears to be down.
So this is like bidding on items on ebay ?
That is the general idea right ? Sounds good. Perhaps you should let people buy tokens and bid with those ?

[minime0105]

The site seems down, and i really dont know if this is a good idea, how can we know if you will give back the btc's auctioned?
Can you please give more details with this..haha

[TWTIA.com]

What do you think about making other "auctions" that reset them self at every bid?
https://bitcointalk.org/index.php?topic=1439839.0

Thanks for sharing, HostFat! It seems an interesting game, let me analyze it and I'll give you some feedback.

Your site appears to be down.
So this is like bidding on items on ebay ?
That is the general idea right ? Sounds good. Perhaps you should let people buy tokens and bid with those ?

Sorry for the inconvenience, the site is up as of now. Hopefully it was a random network outage only.

Basically you bid for a jackpot of money instead of items (like eBay), and the jackpot grows at any bid. All the losing bids add to the jackpot itself, and at the end the higher bid wins.

The site seems down, and i really dont know if this is a good idea, how can we know if you will give back the btc's auctioned?
Can you please give more details with this..haha

I understand you concern, however the same concern applies to basically every bitcoin game, service and exchange

Let's put it in these terms: it doesn't make economic sense to develop a game, build the web site, backend scripts, etc... just to steal 100/200$ (maybe) at the first auction, since if you steal and don't honor the rules of the game of course nobody will want to have any business with you.

[TWTIA.com]

About 24 hours to first auction closing, 0.2 BTC are still there up for grabs 

[DarkStar_]

About 24 hours to first auction closing, 0.2 BTC are still there up for grabs 

Does an unconfirmed transaction with the highest bid count as a valid bid, or does it have to confirm before it counts? Would be good to have clear rules on that.

Edit: Dammit, forgot about sniping the pot. Congrats to the person who win the 0.2 BTC with a small bid!

[TWTIA.com]

What an unconfirmed transaction with the highest bid count as a valid bid, or does it have to confirm before it counts? Would be good to have clear rules on that.

Yes, unconfirmed transactions count as bids as soon as they are broadcasted: the time considered for the auction is the "Received time" you can see on blockchain explorers. Just as an example, this specific transaction would be counted as a bid placed on: 2016-06-21 20:37:39

https://blockchain.info/tx/ef330638e69f08504f04709e8237bab69eac5c554228b8ad86925af5b7a119e6

Then the prize is paid to the winner as soon as all the bids included in the jackpot have 3 confirmations.

[Stedsm]

Good game, but still need to learn before investing.
I want to ask that what's that multiple bids that get added to the jackpot?
How can people compete when they will be able to see the current highest bid?

[TWTIA.com]

I want to ask that what's that multiple bids that get added to the jackpot?

All the bids form all participants increase the jackpot. Multiple bids means that if your bid is no more the highest bid at some point in time, you can bid again if you want.

How can people compete when they will be able to see the current highest bid?

The highest bid is displayed to let participant know which amount they need to outbid in order to win.

[TWTIA.com]

Congratulations to 1LTuBEbmRJkbGJWLuUFmHw3d7N7SgrTPqn, our first winner! 0.2009 BTC won with a bid of 0.011 BTC:

https://blockchain.info/tx/b51e52d8685756bbde3f96ceaa9c257409c4dc180d30ceb4ef708942a6726bc8

Jackpot will be seeded again during the next days, and some other great news are coming... stay tuned

[dbshck]

Confirming that I (owner of 1LTuBE...) have received the pot money from the first auction.

Every bids and prize payout transaction can be found here (the bid address) https://blockchain.info/address/3HFe9pr52azPQ3s2UUssrAXYubUxuTwtSD

Thanks TWTIA!

[TWTIA.com]

Confirming that I (owner of 1LTuBE...) have received the pot money from the first auction.

Every bids and prize payout transaction can be found here (the bid address) https://blockchain.info/address/3HFe9pr52azPQ3s2UUssrAXYubUxuTwtSD

Thanks TWTIA!

Thanks to you for trusting us and being our "guinea pig" 

[Brakoo-Lottery]

  Looks like Brakoo, but without any randomness in the game. I don't know if it's appropriate to have this post in the Gambling section.

Tip to TWTIA owner: wait the end of the auction period, send the highest bid at the last moment, and take the money of your participants 

Cheers.

[JasonXG]

Would like to add. This is a very good idea . How did you come up with it ? You must have been thinking about how you could do something different , which you have. Very clever . An auction for jackpots. Like you combined them. Nice going on spicing the ga!bling scene up. *high five*

[TWTIA.com]

Looks like Brakoo, but without any randomness in the game. I don't know if it's appropriate to have this post in the Gambling section.

Tip to TWTIA owner: wait the end of the auction period, send the highest bid at the last moment, and take the money of your participants  

Cheers.

Nice game! Well yes of course I could participate and try to get the jackpot... but just like all other participants are trying to do the same  

Would like to add. This is a very good idea . How did you come up with it ? You must have been thinking about how you could do something different , which you have. Very clever . An auction for jackpots. Like you combined them. Nice going on spicing the ga!bling scene up. *high five*

Thanks for your kind words! We are in the process of adding some additional features to spice up  the game... new version should be ready this coming Friday  

[TWTIA.com]

So as anticipated thanks to community feedback (HostFat expecially ) we changed the way closing time is managed.

Auction duration starts at 6 hours, then first bid extends closing time by 15 minutes, second bid by 5 minutes, and finally all subsequent bids by 60 seconds.

Current auction is expiring today at 18 GMT at the moment, and jackpot is 0.2 BTC... good luck!

http://twtia.com/

[TWTIA.com]

Less than 1 hour 

[dragonchopper9]

is there any way to see the last bids from everyone ?

[LegitPoker]

looks like 12 minutes left and no bidders.  no activity unless people are just waiting to snipe it but with 1st and 2nd bids adding time, idk if anyone is going to bid.