[ANN] Penny Auction for altcoins {* BETA testing + 100 free bids *}

[n2name]

ANNOUNCEMENT:
- PennyChamp.com is opened for BETA testing. Feel free to sign up for testing.
- Initial 100 bid amount added for new comers.
- Any comment or recommendation will be much appreciated!

The idea of this site is:
- you can pay bitcoin to purchase bids. (currently only accept bitcoin - Blockchain API - minimum transaction amount is applied by Blockchain: 0.001 BTC)
- you can bid on auction items by the numbers of bid you purchased.
- starting auction items will be Ron Paul coins. (can be added other altcoins later)
- increment per bid is 1 cent.
- if you win, you will pay the amount of the highest bid.
- coin holder will send an email to ask your altcoin wallet address.
- once the address has received, the owner will send the winning amount of altcoin ASAP.
- bot free! no fraud!

What is Penny Auction?
- https://pennychamp.com/Help/HowItWorks
- wiki ref : http://en.wikipedia.org/wiki/Penny_auction

Original Thread
- http://ronpaulcoin.cryptotycoons.com/RPCForum/index.php?topic=201.0

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[n2name]

We started 2nd beta testing session. Come and join for testing!

https://pennychamp.com/

[n2name]

3rd Beta testing session started! Bug finders will get rewarded!

Cheers

[Bit_Happy]

Looks pretty well designed, I hope it catches on.

[9inety7even]

What's to stop me from making a bot that will bid on items with prices below their value; doesn't that defeat the purpose?

[n2name]

Looks pretty well designed, I hope it catches on.

Thanks!

What's to stop me from making a bot that will bid on items with prices below their value; doesn't that defeat the purpose?

I hope there is no bot.

[n2name]

Just for giggle, how about entering a simple captcha, like a calculation, every 5 bids lol.
That way I can prevent bots.. will prevent humans also. *argh*

[9inety7even]

I hope there is no bot.

Hate to break it to you, but if there's money to be made, people (maybe even me) will make bots.

[n2name]

Hate to break it to you, but if there's money to be made, people (maybe even me) will make bots.

I agree, but there is no way to block bots.

[n2name]

Feel free to jump in auctions to clear 3rd Beta.

Don't mind to order won auctions. (you don't need to pay) I will revert it fully back if you pay.

Thanks!

[Bit_Happy]

What's to stop me from making a bot that will bid on items with prices below their value; doesn't that defeat the purpose?

You might eventually lose money based on the cost of the bids (ie your bot loses to another bot or human)

[n2name]

What's to stop me from making a bot that will bid on items with prices below their value; doesn't that defeat the purpose?

You might eventually lose money based on the cost of the bids (ie your bot loses to another bot or human)

Again, I don't have any bot. What's the reason you said I am going to lose money?

[9inety7even]

What's to stop me from making a bot that will bid on items with prices below their value; doesn't that defeat the purpose?

You might eventually lose money based on the cost of the bids (ie your bot loses to another bot or human)

But if the price goes over what it's worth then the bot will just not make any more bids.

[n2name]

But if the price goes over what it's worth then the bot will just not make any more bids.

The current auctions are ONLY for testing purpose. The actual products will be different.
Penny auction is risky btw. I am still looking for a solution to prevent bots.
Thanks

[n2name]

if you won any auctions, please place an order for testing.

you dont need to pay, but it is okay to pay because i will revert it back to you.

Btw, I added more auctions to test.

thanks

[n2name]

Planning to jump in again by 3/26 after long vacation.

Feel free to give a feedback.

Thanks

[n2name]

Close to finalize 3rd Beta.

Please use free bids in your account for boosting up testing.

Thanks

[Bit_Happy]

Close to finalize 3rd Beta.

Please use free bids in your account for boosting up testing.

Thanks

I won a Doge auction, thanks. 
Will they be sent automatically once the BTC payment clears?

[n2name]

Since this is Beta testing, I will refund your BTC fully.

Thanks

[n2name]

Beta Testing rewards sent to two testers. (happy*, aure*)

I appreciate your help.