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Author Topic: Auction for a 5g pure gold bar until block 90,000  (Read 5526 times)
grondilu
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October 29, 2010, 08:04:35 PM
 #1

EDIT:  THIS AUCTION IS OVER.  See end of thread.



I launch an auction for a 5g pure gold mini bar (see attached photo).

You can post your bid on this thread.  Don't PM me :  others must be able to see what has been proposed.
This is an experiment, but it is for real :

DON'T PUT A BID IF YOU DON'T REALLY INTEND TO BUY THE BAR !

The bitcoin paiement will be required before I send the bar.  Therefore there
is no point for you to post a fake bid here.  You would just destroy your
reputation.

The auction will end when the 90,000th block will be published (it's funnier
than just using conventionnal time).

Postal fees will be included in the price.

When the block chain length reaches 90,000,  I will lock this topic and therefore will not accept any more bid.
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grondilu
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October 29, 2010, 08:12:33 PM
 #2

I'll start the ball rolling 8 bitcoins per gram, or BTC 40 in total. Gotta start somewhere.

Ok, fair enough.  I guess there will be at least one person who will put 50 bc.
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October 29, 2010, 08:16:29 PM
 #3

500BTC

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October 29, 2010, 08:21:10 PM
 #4

Wouldn't it be smarter for us all to hold our bids until near 90,000 for when the value of bitcoins rises dramatically? Cheesy

I am holding my real bid ;-)

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October 29, 2010, 08:52:22 PM
 #5

Wouldn't it be smarter for us all to hold our bids until near 90,000 for when the value of bitcoins rises dramatically? Cheesy

I never understood the online auction thing, especially when people bid early and often... I thing advertising way in advance is a great thing, very much needed, but shouldn't the auction be more of "between blocks 89990 and 90000 (about one hour)"?

Of course timezone differences may become a problem for some so a 12 hour period is probably a good idea...
grondilu
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October 29, 2010, 08:57:27 PM
 #6

Of course timezone differences may become a problem for some so a 12 hour period is probably a good idea...

Why is timezone timezone difference a problem ?  The length of the block chain is geographically invariant.

I actually chose 90,000 only because it was the closest round number I could see.

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October 29, 2010, 08:58:40 PM
 #7

FreeMoney leads at 500 BTC.
nelisky
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October 29, 2010, 09:02:04 PM
 #8

Of course timezone differences may become a problem for some so a 12 hour period is probably a good idea...

Why is timezone timezone difference a problem ?  The length of the block chain is geographically invariant.

I actually chose 90,000 only because it was the closest round number I could see.



I meant if you were only taking the bids during the 10 blocks that precede the 90k. It might end up at unusable hours for some, like 9am Smiley
grondilu
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October 29, 2010, 09:05:39 PM
 #9

I meant if you were only taking the bids during the 10 blocks that precede the 90k. It might end up at unusable hours for some, like 9am Smiley

Well, that's part of the fun of it Wink

Maybe I will have to wake up at 4am.  I don't know.  I don't even know if it's possible to know.
ribuck
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October 29, 2010, 09:51:48 PM
 #10

Maybe I will have to wake up at 4am.
Maybe you don't have to wake up if you trust the forum timestamps.

Finishing the auction at a random time defined by a block number is a clever way of stopping people from all submitting their bids at the last second.
grondilu
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October 29, 2010, 09:59:38 PM
 #11

Finishing the auction at a random time defined by a block number is a clever way of stopping people from all submitting their bids at the last second.

Indeed !  (I confess I hadn't even thought of it in this way Wink )

I actually came up with this idea of using block numbers because I had heard about an old tradition of auction using burning candles.  This kind of auction is still in practice in some european countries.  I guess you pointed out the exact reason.  There is a element of randomness involved.
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October 29, 2010, 10:15:08 PM
 #12

2000 blocks away will be approximately 2 weeks.

In 2 weeks, bitcoin will be worth?

Another good question, is in two weeks, gold will be worth?


It's only up to you to find the answers of these questions.


Edit.

ribuck leads at 600 BTC
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October 31, 2010, 08:13:46 AM
 #13

800 BTC

jorgen
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October 31, 2010, 08:59:51 AM
 #14

1000 BTC
grondilu
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October 31, 2010, 08:12:03 PM
 #15

jorgen leads with 1,000 BTC.

Please let me remind you not to bid if don't really intend to buy the bar.  The bitcoin paiement will be required first before the actual sending of the bar.  Therefore there is no point anyway in putting fake bids.  You will just destroy your reputation.
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November 01, 2010, 07:29:33 PM
 #16


Current highest bid is 1,000 bc.

Anyone for 1,100 ?
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November 01, 2010, 07:57:59 PM
 #17

Gold is about to turn down for at least 10% if not 30% in nominal dollars, so one can wait to buy gold...

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grondilu
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November 01, 2010, 08:25:51 PM
 #18

Gold is about to turn down for at least 10% if not 30% in nominal dollars, so one can wait to buy gold...

Yeah, sure.  I have been hearing this one for quite some time, now.

grondilu
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November 01, 2010, 08:46:07 PM
 #19

Gold is about to turn down for at least 10% if not 30% in nominal dollars, so one can wait to buy gold...

Then there's also some credible sources saying 2-3 year target above $3000. So... the fact would be, no one really knows, unless they are manipulating the market themselves, and then that wouldn't even be a guarantee.

I don't know what will be the price of gold in a few years, but I'm pretty sure I would not feel confident if I had a lot of dollars in cash right now.  Those people are flowding the banking industry with trillions of worthless dollar.  Not only this will eventually lead to massive inflation, but above all, it's unfair enough for me not to want to participate to this by hoarding dollars.
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November 02, 2010, 08:39:18 PM
 #20


Current highest bid is 1,000 bc.

Anyone for 1,100 ?


1,100 BTC Smiley
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