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Author Topic: How to sell a great domain (like for a super price!!!  (Read 1946 times)
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April 04, 2013, 10:58:40 AM
Last edit: April 04, 2013, 11:53:21 AM by remotemass

I was thinking and here is what I would do if I owned domain name.
I would put there a very simple and plain web page with a bitcoin address and the following rules.
This domain is being raffled for ten thousand bitcoins.
Send any amount of satoshis, and you will be entering the indexed list of participations by order of arrival, the number of satoshis you send being the number of entries that will be added as a block to it.
So, for instance if there are already 100 participations (#1 to #100) and you send 200 satoshis, you will have your bitcoin address on the entries between #101 to #301, so that if the winner entrie is within such a block that you added you will win!

Let N be the number of entries of the list when this bitcoin address reaches more than 10,000 BTC and A be the hash of the next block created in the bitcoin blockchain after the closing has been decided converted to a decimal number.
Then, the new owner of this domain name will be anyone able to claim ownership of the bitcoin address corresponding to the entrie position number: A mod N.

If the amount cannot be reached before block number #98765... (of the bitcoin blockchain), all satoshis are to be refunded right after that block creation.

This is the legal contract to claim new ownership of this domain name where you can read this.

[ Following it would be displayed: a dynamically generated list of participations that could obviously be verified using the blockchain. ]

ps. - Are there PHP developers out there ready to make a good script for such?
ps2 - An alternative would be to say only the closing date instead of the amount to be reached.
ps3 - Another alternative would be to make it just like an ebay bidding. Anyone sending more satoshis would be put on top leading the bid and all previous ones' automatically refunded. If the amount sent was not enough to beat the one leading you would also get refunded.

Simple.  Wink

Would be great there was a torrent file of all referenced materials of the paper: "How to Build Time-Lock Encryption" by Tibor Jager. And having its magnet link published on bitcoin blockchain!
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