REVERSE AUCTION for 500 Avalon chips from zefir's group buy

[ASICME.COM]

We want to get 500 Avalon chips from zefir's group buy.

This auction is a reverse auction, and also it is a full escrow auction. John was asked for this auction escrow service, and we pay the escrow fees.

We offer the start price at 0.172 BTC per chip, and we will in no time send 86 BTC to escrow address after John's escrow contract.

Before you bid, please send the coins ( = 0.172 * the quantity of what you want to sell) to escrow address provided by John, and then post your price, the amount of the chips and which group buy, and a message with your bitcoin address associated with your chips in the group buy to verify the ownership.

Please use the wallet you can control to send the coins to John's escrow address.

The quantity for your selling should be at least one entire transaction in your group buy.

The auction will end on 25/06/2013 at 15:30 h UTC.

Every valid bid placed during the last 10 minutes extends the auction for another 10 minutes (counted from the timestamp of that respective bid).

After the auction, John will return back the coins who are not included in the final list to the sending address, and our shipping address will be sent to those winners via PM by John.

When zefir asks for the shipping address, the winners should provide our shipping address to zefir and CC John and me at the same time. After zefir ships the chips and we receive the chips (which should be proven by the tracking/and or Zefir himself), we will ask John to release the winner's escrow coins and the coins for the chips, and John will also release the overpayment of our escrow coins. If the winner does not ask Zefir to ship to our shipping address, the escrow coins won't be returned back, and John will send the escrow coins to us.

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[John (John K.)]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

The escrow address for ASICME.COM's Reverse Auction would be:

163ChSQ6nK3iduYYUbsz7C4cYfQHQC9Urn

Please state and agree to the conditions (if item is received damaged, item lost with tracking, customs fee etc) beforehand.

If possible, GPG sign your agreement to prevent any discrepancies later on and please ship with tracking to prevent problems during delivery. GPG signing is not a requirement, and any verbal exchange in the form of private messages or posts on bitcointalk.org, or email is effective as a statement of condition.

The fine print:
This Contract is solely generated for the purpose of facilitating the transaction between the seller and the buyer, which refers to the pseudonyms used on bitcointalk.org.
The escrow holder, John, assumes and gives no liability or guarantees on the satisfaction of all parties involved, although he agrees to mediate and facilitate the deal to the fullest extent he is capable of.  On the event that any problems arises, he will release the escrow to whichever party that presents him with the most convincing proof and/or after an open discussion with others or theymos. 
The verbal acceptance by both parties (or the failure to reject) and the sending of Bitcoins to the escrow address above constitutes the acceptance of the terms and conditions stated, and the activation of this Contract.

Please understand that I am assuming the risk of holding the escrowed Bitcoins, and I am using my own time to facilitate this transaction.   
I am imposing a fixed and nonrefundable fee of 1.5% for this transaction, pre-paid to 1NB1KFnFqnP3WSDZQrWV3pfmph5fWRyadz before the start of the escrow.

If I am offline when the BTC is received (please check on blockchain.info), please consider the escrow active (and go ahead with shipping etc) when the transaction gets 3 confirmations or more as the escrow address is unique for this transaction.


Thank you.

John (the escrow holder)
24 June 2013
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[ASICME.COM]

We have sent 86 BTC to the escrow address.
Tx is here: http://blockchain.info/tx/1cd11bb2608cc211fc2887b6d2acf7112f9769b3e7fd7a20cb14d263c98c6782

[John (John K.)]

We have sent 86 BTC to the escrow address.
Tx is here: http://blockchain.info/tx/1cd11bb2608cc211fc2887b6d2acf7112f9769b3e7fd7a20cb14d263c98c6782

Confirmed, thanks.

[excalibur]

Maybe I somehow don't get this reverse auction.. but why does the seller need to transfer coins in order to sell his chips?

[ASICME.COM]

Maybe I somehow don't get this reverse auction.. but why does the seller need to transfer coins in order to sell his chips?

The coins are sent to John for escrow so as to make sure the seller can give our address to zefir for shipping, and our coins have been sent to John for escrow. After zefir ship the chips, the escrow coins and the coins for the chips will be released to the seller by John.

Thanks for your interest.

[excalibur]

still, this doesn't make sense to me. why does john not simply keep your money until delivery of the chips, and then pay the seller? why does it need to be the double amount?

the reason to use escrow is to wait with the payment to the seller until delivery, to keep up the incentive (payment) for the seller to deliver. why would he need to pay anything?

[John (John K.)]

still, this doesn't make sense to me. why does john not simply keep your money until delivery of the chips, and then pay the seller? why does it need to be the double amount?

the reason to use escrow is to wait with the payment to the seller until delivery, to keep up the incentive (payment) for the seller to deliver. why would he need to pay anything?

TL;DR: There's still a chance that the seller might sell the chips later on to another user if they offer a better price to him, and thus a deposit of sort is needed to disincentivize that.

[excalibur]

thanks John for the explanation. i understand the reason for a deposit from the seller. i did not understand it at first, because a deposit as high as the purchase price does not appear proportionate to me.

[zenbow]

Hi,

I have 100 chips in zefir's 3rd batch:

https://bitcointalk.org/index.php?topic=177827.msg1913906#msg1913906

Message: "I zenbow have 100 chips in zefir's 3rd batch."
Address: 1FvyUu5az9wYcarmaBKdokgg8aq8Smx2KS
Signed Message without quotes: G3bI/gF+biUzy/WDiSWvngOzQEjtaCuMpnHUvS3fp4/o+RmYPT7P9NHwE/osQaktzT9Aylpx4Jru7cG6N7svOkA=

I would sell you all of my 100 chips for 17.2 BTC, but I don't want to move 17.2 BTC into escrow, because
I would have to sell some of my ASICMINER shares. I could send 20% = 3.44 BTC.

And I could sign a message for zefir with your shipping address and send it to John, he could verify it.
When you recieve the chips John can send me the BTC: 17.2 + 3.44.

What do you think?

zenbow

P.S.: What about the shipping costs?

[ASICME.COM]

Hi,

I have 100 chips in zefir's 3rd batch:

https://bitcointalk.org/index.php?topic=177827.msg1913906#msg1913906

Message: "I zenbow have 100 chips in zefir's 3rd batch."
Address: 1FvyUu5az9wYcarmaBKdokgg8aq8Smx2KS
Signed Message without quotes: G3bI/gF+biUzy/WDiSWvngOzQEjtaCuMpnHUvS3fp4/o+RmYPT7P9NHwE/osQaktzT9Aylpx4Jru7cG6N7svOkA=

I would sell you all of my 100 chips for 17.2 BTC, but I don't want to move 17.2 BTC into escrow, because
I would have to sell some of my ASICMINER shares. I could send 20% = 3.44 BTC.

And I could sign a message for zefir with your shipping address and send it to John, he could verify it.
When you recieve the chips John can send me the BTC: 17.2 + 3.44.

What do you think?

zenbow

P.S.: What about the shipping costs?

Okay. We accept your 20% escrow offer.

Now candidate list:

ID                GB#        Chips#       Price
zenbow         3            100           0.172       

[ASICME.COM]

Hi,

I have 100 chips in zefir's 3rd batch:

https://bitcointalk.org/index.php?topic=177827.msg1913906#msg1913906

Message: "I zenbow have 100 chips in zefir's 3rd batch."
Address: 1FvyUu5az9wYcarmaBKdokgg8aq8Smx2KS
Signed Message without quotes: G3bI/gF+biUzy/WDiSWvngOzQEjtaCuMpnHUvS3fp4/o+RmYPT7P9NHwE/osQaktzT9Aylpx4Jru7cG6N7svOkA=

I would sell you all of my 100 chips for 17.2 BTC, but I don't want to move 17.2 BTC into escrow, because
I would have to sell some of my ASICMINER shares. I could send 20% = 3.44 BTC.

And I could sign a message for zefir with your shipping address and send it to John, he could verify it.
When you recieve the chips John can send me the BTC: 17.2 + 3.44.

What do you think?

zenbow

P.S.: What about the shipping costs?

Okay. We accept your 20% escrow offer.

Now candidate list:

ID                GB#        Chips#       Price
zenbow         3            100           0.172       

We cover the shipping costs.

Now candidate list:

ID                GB#        Chips#       Price         BTC address
zenbow         3            100           0.172        1FvyUu5az9wYcarmaBKdokgg8aq8Smx2KS

[zenbow]

Please state and agree to the conditions (if item is received damaged, item lost with tracking, customs fee etc) beforehand.

What are the conditions?

zenbow

[John (John K.)]

Please state and agree to the conditions (if item is received damaged, item lost with tracking, customs fee etc) beforehand.

What are the conditions?

zenbow

Ah, that's just a part from my general escrow contract. I normally state that as there would be additional agreements/T&C's between the buyer and seller themselves, and thus implying that they should state them beforehand so that I can arbitrate in a fairer way if there's any disputes afterwards.

[zenbow]

Please state and agree to the conditions (if item is received damaged, item lost with tracking, customs fee etc) beforehand.

What are the conditions?

zenbow

Ah, that's just a part from my general escrow contract. I normally state that as there would be additional agreements/T&C's between the buyer and seller themselves, and thus implying that they should state them beforehand so that I can arbitrate in a fairer way if there's any disputes afterwards.

Ok, thank you John. I have sent 3.44 BTC to your escrow address.

[ASICME.COM]

The auction closed now.

We accept zenbow's bid. Thank you, zenbow!

The final list for this auction is as following:

ID                GB#        Chips#       Price         BTC address
zenbow         3            100           0.172        1FvyUu5az9wYcarmaBKdokgg8aq8Smx2KS

[John (John K.)]

Confirmed, and thank you everyone.

Final stats:

100/500 chips bought, 3.44BTC from zenbow and 86BTC from ASICME.COM in escrow.

[fex]

Unfortunately I missed the auction, but if you are still interested, I could sell you 40 chips from batch 5 for zenbow's conditions.

[idee2013]

HI...have to sell 591 here https://bitcointalk.org/index.php?topic=242267