bitcoin auction game

[heidula]

so, I have this idea about a bitcoin auction game. because I plan to get rich.
the idea is as follows: I offer to auction something high valued of mine, what can be decided later. Lets say a watch worth 2000$.
Then I post my bitcoin address, and everyone who would like to bid on the auction has to send bitcoins to my address. Starting price will be 5 btc. the one who sent the highest amount in total until the end of a set deadline (the same sender addresses should be used to avoid confusion), will get the watch. blockchain.info can be used to see the transactions. transaction id's should be posted immediately after transferring money in the forum so it can be verified who the winner is. or if this is ambiguous, the winner can be asked (over pm) to transfer a given amount of satoshis as proof to the address or something like that.
of course, everyone whose bet is not the highest in the end, won't get anything. so I will be rich. and one lucky guy will get a watch for way less than what he would pay for in a shop.

Any thoughts about it? Anyone who would be willing to play the game? (this is just a thought experiment right now, but if there is interest, I will put something up for auction, with pictures and proof and everything)

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[btcmind]

Interesting idea, but the expected value is < 0. quite generally bitcoins might allow complete new social contracts, so this applies to : insurance, funding, investing. Instead of having just transaction in $, you can have contracts which have much more fluidity. Essentially this means that economic relations can be much more based on software.

[libertine]

it sounds good in theory, ebay'esque. but... how do we know you wont just swallow the btc? but if your word is true then i think setting up a site for this would be a good idea. i too could auction some things off.

[unk]

http://en.wikipedia.org/wiki/Dollar_auction

martin shubik has written about this extensively. it would be idiotic for anyone to play under most circumstances.

there was an early-ish bitcoin service that played this out in automated fashion with 1 btc as the auctioned item. i forget what it was called.

[Meatpile]

Well the original poster had the shitty disgusting scammy idea that he would keep all bids, further down someone assumed that the non winning bids would be refunded, that would in fact be a middle-manless auction...  too bad faceless people can not be trusted.

Howvever if this was done in a mob setting, where the seller was standing in the middle of all the sellers with the item, then hey the fact he can be physically beaten for not refunding the losing bids, means a great idea! Standard bitcoin tx fee only auctions

[Logik]

Yes it's a fine idea. This concept has been around a long time and many websites in the non-Bitcoin world make plenty of profit.

Somebody has a website like this and was offering it for sale somewhere on these forums..

[romerun]

the buyers then wait for the last second,

so the seller will pump the price bidding by himself,

this is fuck up.