[AUCTION] 53 ASICMINER shares @3.33 BTC/share (48hrs)

[chriswilmer]

10 minutes left!

[chriswilmer]

I am confused about the results of this auction. .. could you post a summary?

[Transisto]

I am confused about the results of this auction. .. could you post a summary?

fhh 10 3.33
gooesebumps 10 3.33
qzx881112 3 3.33
wonko 5 3.33
qzx881112 2 3.33
chriswilmer 40 3.38
fei_l 20 3.39
David Chen 10 3.4
bitdude 2 3.45
fhh 10 3.44


I have contacted everyone in private earlier today.

I tried yesterday but the bitcointalk forum had reliability issues.

[chriswilmer]

I am confused about the results of this auction. .. could you post a summary?

fhh 10 3.33
gooesebumps 10 3.33
qzx881112 3 3.33
wonko 5 3.33
qzx881112 2 3.33
chriswilmer 40 3.38
fei_l 20 3.39
David Chen 10 3.4
bitdude 2 3.45
fhh 10 3.44


I have contacted everyone in private earlier today.

I tried yesterday but the bitcointalk forum had reliability issues.

OK, so based on this it looks like I won 11 shares. Thanks.

[mechs]

I am confused about the results of this auction. .. could you post a summary?

fhh 10 3.33
gooesebumps 10 3.33
qzx881112 3 3.33
wonko 5 3.33
qzx881112 2 3.33
chriswilmer 40 3.38
fei_l 20 3.39
David Chen 10 3.4
bitdude 2 3.45
fhh 10 3.44


I have contacted everyone in private earlier today.

I tried yesterday but the bitcointalk forum had reliability issues.

OK, so based on this it looks like I won 11 shares. Thanks.

Too bad they are now trading for 2.35BTC each on btct and haverlock

[Transisto]

I apologize for the delays, i've been working full time on the bitcoin embassy for the last month,  back to my home town for a few days. I don't
fell like being stressed up with non-payment right now.

As of now only ffh and bitdude have paid their shares,  and Chriswilmer is counting on fei_l (7 post) bid to pay for less shares.

[chriswilmer]

... and Chriswilmer is counting on fei_l (7 post) bid to pay for less shares.

Isn't that how auctions work? If person A bids, and person B outbids person A, then person A is no longer under any obligation to pay unless he/she wants to raise their bid (and try to outbid person B). If person B (the auction winner) ends up deciding not to pay and violating the terms, that's unfortunate, but it's a matter between person B and the seller. Right? That's my understanding, what do other people think? This doesn't come up very often so I would be interested to hear what others think is proper auction etiquette.

[Vycid]

... and Chriswilmer is counting on fei_l (7 post) bid to pay for less shares.

Isn't that how auctions work? If person A bids, and person B outbids person A, then person A is no longer under any obligation to pay unless he/she wants to raise their bid (and try to outbid person B). If person B (the auction winner) ends up deciding not to pay and violating the terms, that's unfortunate, but it's a matter between person B and the seller. Right? That's my understanding, what do other people think? This doesn't come up very often so I would be interested to hear what others think is proper auction etiquette.

I agree. The contract is between the winner of the auction only.

Imagine if a guy went to a rare art auction, bid $2M on a painting and lost. So he wandered to the next auction, and won for $2.5M, all the money he had allocated.

It would be completely unacceptable if the first auction came after him for that $2M as well.

[bclcjunkie]

your thinking is correct. person A is not obligated to wait for B's bid to fall through unless A privately conveyed his or her intention to take that spot and the seller has agreed to that.. but to make things simpler start the auction over for the remaining shares and be done with it...

on another note why bother with all these auctions when you can put in your bid, catch the bottom at https://btct.co/security/ASICMINER-PT and get them transferred to you? the last lowest price was 2.251 per share... there's probably even more correction to come now that competition offers much better investment options(hosting, cheaper hardware and etc)...

... and Chriswilmer is counting on fei_l (7 post) bid to pay for less shares.

Isn't that how auctions work? If person A bids, and person B outbids person A, then person A is no longer under any obligation to pay unless he/she wants to raise their bid (and try to outbid person B). If person B (the auction winner) ends up deciding not to pay and violating the terms, that's unfortunate, but it's a matter between person B and the seller. Right? That's my understanding, what do other people think? This doesn't come up very often so I would be interested to hear what others think is proper auction etiquette.

[Bitcoin Embassy]

your thinking is correct. person A is not obligated to wait for B's bid to fall through unless A privately conveyed his or her intention to take that spot and the seller has agreed to that.. but to make things simpler start the auction over for the remaining shares and be done with it...

on another note why bother with all these auctions when you can put in your bid, catch the bottom at https://btct.co/security/ASICMINER-PT and get them transferred to you? the last lowest price was 2.251 per share... there's probably even more correction to come now that competition offers much better investment options(hosting, cheaper hardware and etc)...

... and Chriswilmer is counting on fei_l (7 post) bid to pay for less shares.

Isn't that how auctions work? If person A bids, and person B outbids person A, then person A is no longer under any obligation to pay unless he/she wants to raise their bid (and try to outbid person B). If person B (the auction winner) ends up deciding not to pay and violating the terms, that's unfortunate, but it's a matter between person B and the seller. Right? That's my understanding, what do other people think? This doesn't come up very often so I would be interested to hear what others think is proper auction etiquette.

I see a problem arising when some nobody make a bid (and cancel it 5 min afterward).

One could create a fake account for invalidating it's own bid.

I should have added more terms to my auction.

[Transisto]

Facepalm ... wrong account ...

[chriswilmer]

Facepalm ... wrong account ...

Haha, it's almost as if you were proving a point!

I agree with you though, the auction system here has weaknesses. One way around the "fake-account-to-outbid-yourself" strategy might be to state, in the rules of the auction, that only forum members with activity above a certain threshold are allowed to bid. *shrugs*

[bitdude]

Either people are honest or not. Yes, the price is much lower now, but I will honor my bid and pay for it. Every person doing something else will sooner or later go broke, because they do not know how to make the business anyway. And since we all know the drop in price is just because that guy who sold 2000+ AM shares for 2.3 BTC when the market price was 3.4 BTC, it is quite likely that the price will climb up again in few weeks.