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dipsy (OP)
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June 12, 2013, 03:34:38 PM |
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1 Bitcoin is ending now:http://www.blockrun.com/auctions/1-bitcoin-18As in, before it enters "blockrun" mode. That's when the "penny auction" really starts. The whole point of 0 fee TX is to minimize the cost of the DoS operation. An attacker can place 1 BTC bids at no cost to him. If someone bids higher than 1 BTC, it will undermine the trust of the site. Since any bid higher than 1 BTC is a guaranteed net loss, it's highly likely that the bidder is the site owner.
The only reason somebody would so this is to basically troll the auction. There is also the chance that the BTC1 wouldn't be confirmed, allowing others a chance to bid a lower amount in the hope they win. Either way, there is always a chance a user could be outbid.
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grue
Legendary
 Offline
Activity: 2058
Merit: 1434
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June 12, 2013, 07:41:33 PM |
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As in, before it enters "blockrun" mode. That's when the "penny auction" really starts. The whole point of 0 fee TX is to minimize the cost of the DoS operation. An attacker can place 1 BTC bids at no cost to him. If someone bids higher than 1 BTC, it will undermine the trust of the site. Since any bid higher than 1 BTC is a guaranteed net loss, it's highly likely that the bidder is the site owner.
The only reason somebody would so this is to basically troll the auction. There is also the chance that the BTC1 wouldn't be confirmed, allowing others a chance to bid a lower amount in the hope they win. Either way, there is always a chance a user could be outbid. But if the 1 BTC user is outbid, people will call shenanigans on the auction. Why would someone pay more than 1 BTC to get 1 BTC? |
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SgtSpike
Legendary
Offline
Activity: 1400
Merit: 1005
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June 12, 2013, 07:48:33 PM |
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As in, before it enters "blockrun" mode. That's when the "penny auction" really starts. The whole point of 0 fee TX is to minimize the cost of the DoS operation. An attacker can place 1 BTC bids at no cost to him. If someone bids higher than 1 BTC, it will undermine the trust of the site. Since any bid higher than 1 BTC is a guaranteed net loss, it's highly likely that the bidder is the site owner.
The only reason somebody would so this is to basically troll the auction. There is also the chance that the BTC1 wouldn't be confirmed, allowing others a chance to bid a lower amount in the hope they win. Either way, there is always a chance a user could be outbid. But if the 1 BTC user is outbid, people will call shenanigans on the auction. Why would someone pay more than 1 BTC to get 1 BTC? To troll the person bidding 1 BTC. I'd almost bid 1.00000001 just to troll anyone who bid 1. |
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grue
Legendary
Offline
Activity: 2058
Merit: 1434
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June 12, 2013, 11:35:55 PM |
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But if the 1 BTC user is outbid, people will call shenanigans on the auction. Why would someone pay more than 1 BTC to get 1 BTC?
To troll the person bidding 1 BTC. I'd almost bid 1.00000001 just to troll anyone who bid 1. Then the whole auction turns into an expensive trollfest benefiting the site owner. Bonus: site owner bids 1 BTC just to attract trolls.  |
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dipsy (OP)
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June 13, 2013, 10:14:46 AM |
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Then the whole auction turns into an expensive trollfest benefiting the site owner. Bonus: site owner bids 1 BTC just to attract trolls. I thought we were over the questions of bidding on our own actions? It's not happening. |
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SgtSpike
Legendary
Offline
Activity: 1400
Merit: 1005
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June 13, 2013, 03:17:30 PM |
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But if the 1 BTC user is outbid, people will call shenanigans on the auction. Why would someone pay more than 1 BTC to get 1 BTC?
To troll the person bidding 1 BTC. I'd almost bid 1.00000001 just to troll anyone who bid 1. Then the whole auction turns into an expensive trollfest benefiting the site owner. Bonus: site owner bids 1 BTC just to attract trolls. Heh, good point! Then the whole auction turns into an expensive trollfest benefiting the site owner. Bonus: site owner bids 1 BTC just to attract trolls. I thought we were over the questions of bidding on our own actions? It's not happening. The problem is, we have no way to verify that. Honestly though, just keep doing what you're doing. People are obviously having a good time bidding, and winning some things, and your reputation will grow as long as no one has any reason to be suspicious. If you're not bidding on your own auctions, then the likelihood that someone will try to claim that you are is slim. |
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grue
Legendary
Offline
Activity: 2058
Merit: 1434
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June 14, 2013, 02:56:45 PM |
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Then the whole auction turns into an expensive trollfest benefiting the site owner. Bonus: site owner bids 1 BTC just to attract trolls. I thought we were over the questions of bidding on our own actions? It's not happening. No, that was hypothetical. Hence the "bonus". |
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Jgguy
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June 18, 2013, 04:30:29 PM |
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Haven't seen a new auction in awhile. Hope you guys aren't closing shop!
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Pale Phoenix
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June 19, 2013, 12:45:37 AM |
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If you guys have decided to close this site, please PM me, as I'd be interested in discussing a purchase.
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cp1
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June 19, 2013, 03:08:41 AM |
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The last few auctions went for really cheap, I hope they didn't go under.
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Mooshire
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June 19, 2013, 03:24:52 AM |
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Seems like a cool site, I lost though lol.
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dipsy (OP)
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June 19, 2013, 02:00:54 PM |
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Hey guys, Nope, we haven't gone under. And nope, nobody has been scammed. We have shipped everything to everyone and paid out all the Bitcoins; if any winners want to give me some trust rating goodness, that would be nice The last few auctions were not that profitable and were taking up time. We've also been working on some other little projects: http://blocknotify.comhttp://blockbadge.comI've put a coin auction on there for you guys: http://www.blockrun.com/auctions/1-bitcoin-20We may also put some lower value stuff on there in the next few days: We're also thinking about ways to change it into a slightly different service, or one that is a little more profitable for us  |
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Jgguy
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June 19, 2013, 02:34:37 PM |
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Good to hear! I'll send some trust rating once the wallet arrives.
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dipsy (OP)
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June 19, 2013, 02:59:19 PM |
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Good to hear! I'll send some trust rating once the wallet arrives.
It hasn't arrived? I've just checked and it was dispatched from the UK 10 days ago, so maybe it is still in transit. If you're the winner of the auction, I've just sent you an email |
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SgtSpike
Legendary
Offline
Activity: 1400
Merit: 1005
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June 19, 2013, 03:19:20 PM |
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Gave you some trust. |
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Mooshire
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June 19, 2013, 03:34:13 PM |
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SgtSpike, why are you everywhere I look when I do something related to bitcoins o.o
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SgtSpike
Legendary
Offline
Activity: 1400
Merit: 1005
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June 19, 2013, 03:38:18 PM |
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SgtSpike, why are you everywhere I look when I do something related to bitcoins o.o
Hmmm... because I like Bitcoins?  |
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dipsy (OP)
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June 19, 2013, 04:12:55 PM |
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Gave you some trust. Thanks, I'm glad you're happy with the iPad  |
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KingOfSports
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June 19, 2013, 04:38:49 PM |
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Can you add some more non-bitcoin prizes?  |
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DiamondCardz
Legendary
Offline
Activity: 1134
Merit: 1118
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June 19, 2013, 05:36:03 PM |
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I'll never win anything xD Just watched someone bid .2 on an auction I tried to kickstart, then have another 1.04 btc sent to their address, ready to snipe down anyone who bids after them >_<
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BA Computer Science, University of Oxford
Dissertation was about threat modelling on distributed ledgers.
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