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Author Topic: 0.1 BTC up for Auction! Bidding starts at 0.01 BTC!  (Read 3500 times)
gavgav (OP)
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February 12, 2014, 05:16:31 PM
 #1

Rules: http://en.wikipedia.org/wiki/Dollar_auction
Increments: 0.01


Stick to the rules, or don't bid!  Grin
otrkid70
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February 12, 2014, 05:28:53 PM
 #2

Now if i bid the 0.01 Opening bid and won would that mean you have to send me 0.09?
AT101ET
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February 12, 2014, 05:43:20 PM
 #3

Yes it does, however if someone else bids for it which is higher than you and he wins, you'd need to pay your bid to the seller if you were the second highest bidder. Smiley
rohnearner
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February 12, 2014, 08:47:00 PM
 #4

When the auction will END..? I bid: 0.01 if no one else did Smiley 

djjacket
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February 12, 2014, 08:55:05 PM
 #5

I imagine the auction will end when he has multiple bidders and a total bid sum greater that .1 BTC   Shocked

gavgav (OP)
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February 12, 2014, 09:48:39 PM
 #6

Sorry forgot to explain Embarrassed

The auction will end 24 hours (determined by time stamp on forum post) after the sum of the 2 highest bidders is >0.1BTC.

This still leaves the ability for someone to make a nice, healthy profit

Happy bidding


djjacket
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February 12, 2014, 10:03:18 PM
 #7

Sorry forgot to explain Embarrassed

The auction will end 24 hours (determined by time stamp on forum post) after the sum of the 2 highest bidders is >0.1BTC.

This still leaves the ability for someone to make a nice, healthy profit

Happy bidding


Only one making a "nice, healthy profit" with those rules is you...  You take no risk and are guaranteed a profit...   No Thanks.
cooldgamer
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February 12, 2014, 10:14:25 PM
 #8

The only way to win this game is to not play, you'll either end up paying way over .1 so you don't end up second, or paying and not getting shit Undecided

gavgav (OP)
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February 12, 2014, 10:16:27 PM
 #9

The only way to win this game is to not play, you'll either end up paying way over .1 so you don't end up second, or paying and not getting shit Undecided

The payment address can be escrowed...

If you want to go over .1, then that will be your decision.
Peter Lambert
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February 12, 2014, 10:27:32 PM
 #10

Why link to the wikipedia article instead of just posting the rules?

Quote
Only the auctioneer gets to profit in the end.
This game can be beaten only if the game players are irrational.

If the auctioneer is dishonest, he could use an alternate account to push up the bidding (this could be done in any of the auctions on this forum, how do you know if it happens or not?)

Two players could conspire together (or just one player using two accounts), other players might bid a few times, but then player A puts in a bid quickly followed by player B. If bid(A) + bid(B) < .1, they will profit, and if they choose bids high enough then the other players will stop bidding, since the other players now have nothing risked they will not try to outbid the highest score to undo their loss.

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
techgeek
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February 12, 2014, 11:16:16 PM
 #11

Why link to the wikipedia article instead of just posting the rules?

Quote
Only the auctioneer gets to profit in the end.
This game can be beaten only if the game players are irrational.

If the auctioneer is dishonest, he could use an alternate account to push up the bidding (this could be done in any of the auctions on this forum, how do you know if it happens or not?)

Two players could conspire together (or just one player using two accounts), other players might bid a few times, but then player A puts in a bid quickly followed by player B. If bid(A) + bid(B) < .1, they will profit, and if they choose bids high enough then the other players will stop bidding, since the other players now have nothing risked they will not try to outbid the highest score to undo their loss.

Simple terms: Shell bidding, its been going since forever lol.

gavgav (OP)
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February 13, 2014, 12:26:24 AM
 #12

Why link to the wikipedia article instead of just posting the rules?

Quote
Only the auctioneer gets to profit in the end.
This game can be beaten only if the game players are irrational.

If the auctioneer is dishonest, he could use an alternate account to push up the bidding (this could be done in any of the auctions on this forum, how do you know if it happens or not?)

Two players could conspire together (or just one player using two accounts), other players might bid a few times, but then player A puts in a bid quickly followed by player B. If bid(A) + bid(B) < .1, they will profit, and if they choose bids high enough then the other players will stop bidding, since the other players now have nothing risked they will not try to outbid the highest score to undo their loss.

Simple terms: Shell bidding, its been going since forever lol.

Admins can see my IP.
Granted, I *could* use a VPN and could bid it up, but that's a whole lot of work for what is really just good fun.

Arcas
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February 13, 2014, 12:34:58 AM
 #13

I don't see how it would be possible to collect from the loser without them paying in advance.
James222
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February 13, 2014, 12:40:43 AM
 #14

Just a little tip here. You should make the auction in$. Why would you want to sell 0.1 bitcoin for 0.05 in example. Makes no sense to me.
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February 13, 2014, 12:44:12 AM
 #15

The only way to win this game is to not play, you'll either end up paying way over .1 so you don't end up second, or paying and not getting shit Undecided

The payment address can be escrowed...

If you want to go over .1, then that will be your decision.
I never said you wouldn't pay, but isn't the whole point that the 2nd highest bidder has to pay and gets nothing?

sobe-it
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February 13, 2014, 02:18:37 AM
 #16

this guy is just trying to make out.... no one else bid so he loses, or admins just lock this thread. its shady stuff for sure, might as well be a scammer.
gavgav (OP)
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February 13, 2014, 07:51:16 AM
 #17

this guy is just trying to make out.... no one else bid so he loses, or admins just lock this thread. its shady stuff for sure, might as well be a scammer.

1. If no one else bids, how am I going to lose exactly?

2. Why am I a scammer exactly/conducting shady stuff? I've even said I'll have the payment address escrowed. Nothing in this thread (or any other of mine) has made you think that!

Its just a game and a bit of harmless fun. It gives someone a chance to make some money.

rohnearner
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February 13, 2014, 08:28:35 AM
 #18

this guy is just trying to make out.... no one else bid so he loses, or admins just lock this thread. its shady stuff for sure, might as well be a scammer.

1. If no one else bids, how am I going to lose exactly?

2. Why am I a scammer exactly/conducting shady stuff? I've even said I'll have the payment address escrowed. Nothing in this thread (or any other of mine) has made you think that!

Its just a game and a bit of harmless fun. It gives someone a chance to make some money.


so its over 24hours.. and there is not bid other then mine of 0.01btc.. so what does that mean i won..?
thanks Tongue my BTC : 13AxqUHW2AD6G33Szm5Vsvmfn5CpiED7ip

gavgav (OP)
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February 13, 2014, 08:31:45 AM
 #19

this guy is just trying to make out.... no one else bid so he loses, or admins just lock this thread. its shady stuff for sure, might as well be a scammer.

1. If no one else bids, how am I going to lose exactly?

2. Why am I a scammer exactly/conducting shady stuff? I've even said I'll have the payment address escrowed. Nothing in this thread (or any other of mine) has made you think that!

Its just a game and a bit of harmless fun. It gives someone a chance to make some money.


so its over 24hours.. and there is not bid other then mine of 0.01btc.. so what does that mean i won..?
thanks Tongue my BTC : 13AxqUHW2AD6G33Szm5Vsvmfn5CpiED7ip

Read post #10. The top 2 bids have to be >0.1
ahmedjadoon
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February 13, 2014, 09:18:39 AM
 #20

o.o4BTC Only if you go first or escrow
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