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Bitcoins101
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March 01, 2014, 11:23:56 PM |
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Stupid "there has been a reply" notice cost me the 10 seconds.  Darn. Top tip: you can turn this "feature" off in your profile  I also wish I knew this. I got my final bid screwed up by this too and wasn't able to get it in. Maybe it would be a better idea for auctions on here to have extended bidding, like most auction houses do to prevent situations like this. That way the bidders can decide on a fair price based on their max, rather than who was able to get the right bid in during the last few seconds. |
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the_poet
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Activity: 1138
Merit: 1035
Bitcoin accepted here
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March 01, 2014, 11:31:27 PM |
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The best auction format is the one that ends 24 or 48 hours after last bid. It is heavily used on domain forums. It's great because:
- Last second bidders are automatically out of the game
- It is much more helpful in determining the real market price of an asset
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Under construction.
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b!z
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March 02, 2014, 06:10:35 AM |
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eoJ, lucky buy |
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nahtnam
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Activity: 1092
Merit: 1000
nahtnam.com
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March 02, 2014, 07:21:55 AM |
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The best auction format is the one that ends 24 or 48 hours after last bid. It is heavily used on domain forums. It's great because:
- Last second bidders are automatically out of the game
- It is much more helpful in determining the real market price of an asset
Could you expand on that a little bit? I am looking to sell off a domain... |
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the_poet
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Activity: 1138
Merit: 1035
Bitcoin accepted here
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March 02, 2014, 08:43:48 AM |
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The best auction format is the one that ends 24 or 48 hours after last bid. It is heavily used on domain forums. It's great because:
- Last second bidders are automatically out of the game
- It is much more helpful in determining the real market price of an asset
Could you expand on that a little bit? I am looking to sell off a domain... It's an ordinary auction. The only difference is that closing time isn't set in advance but is reset everytime a bid is received. Example: - you post a bid on March 02 at 08:21:55 AM -> if nobody bids by March 04 at 08:21:55 AM (48 hours after last bid) you win the auction - I leave a bid on March 03 at 09:13:42 PM -> if nobody bids by March 05 at 09:13:42 PM I win the auction |
Under construction.
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krach (OP)
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Activity: 1851
Merit: 1020
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March 02, 2014, 08:50:36 AM |
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I aggree with the 48-72 after last bid aucitons, however since the price of bitcoin changes a lot and some of those types of auctions can go on for weeks people might "cancel" their bids if there was a price spike. Maybe I will try it for an experiment here once.
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Bitcoins101
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March 02, 2014, 09:00:35 AM |
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I aggree with the 48-72 after last bid aucitons, however since the price of bitcoin changes a lot and some of those types of auctions can go on for weeks people might "cancel" their bids if there was a price spike. Maybe I will try it for an experiment here once.
Personally, I think rather than the 48-72 hours 15 minutes is fine. It's called "extended bidding." As long as you placed a big during the regular auction time, you're allowed to place bids after the auction end time. Auction only ends after 15 minutes with no bids. This is how many collectible auction houses run auctions. |
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the_poet
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Bitcoin accepted here
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March 02, 2014, 09:14:53 AM |
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I aggree with the 48-72 after last bid aucitons, however since the price of bitcoin changes a lot and some of those types of auctions can go on for weeks people might "cancel" their bids if there was a price spike. Maybe I will try it for an experiment here once.
If you choose the right minimum bidding value, the auction will not last more than 8-10 days in the worst case. |
Under construction.
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the_poet
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Activity: 1138
Merit: 1035
Bitcoin accepted here
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March 02, 2014, 09:21:15 AM |
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I aggree with the 48-72 after last bid aucitons, however since the price of bitcoin changes a lot and some of those types of auctions can go on for weeks people might "cancel" their bids if there was a price spike. Maybe I will try it for an experiment here once.
Personally, I think rather than the 48-72 hours 15 minutes is fine. It's called "extended bidding." As long as you placed a big during the regular auction time, you're allowed to place bids after the auction end time. Auction only ends after 15 minutes with no bids. This is how many collectible auction houses run auctions. It's not a good choice: the auction could end right after the first bid because most people might not even see the auction within 15 minutes. |
Under construction.
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nahtnam
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Activity: 1092
Merit: 1000
nahtnam.com
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March 02, 2014, 09:53:22 AM |
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The best auction format is the one that ends 24 or 48 hours after last bid. It is heavily used on domain forums. It's great because:
- Last second bidders are automatically out of the game
- It is much more helpful in determining the real market price of an asset
Could you expand on that a little bit? I am looking to sell off a domain... It's an ordinary auction. The only difference is that closing time isn't set in advance but is reset everytime a bid is received. Example: - you post a bid on March 02 at 08:21:55 AM -> if nobody bids by March 04 at 08:21:55 AM (48 hours after last bid) you win the auction - I leave a bid on March 03 at 09:13:42 PM -> if nobody bids by March 05 at 09:13:42 PM I win the auction Alright, thanks. |
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krach (OP)
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Activity: 1851
Merit: 1020
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March 02, 2014, 10:18:32 AM |
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15min could work for a live auction but no in a form where members are in all the different time zones of the world.
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eoJ
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March 02, 2014, 12:27:25 PM |
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eoJ, lucky buy heh, thank you, did lots of stuff in advance like testing out post flood limits, very happy. I won't let it go to waste |
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Bitcoins101
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August 30, 2024, 06:53:58 AM |
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I aggree with the 48-72 after last bid aucitons, however since the price of bitcoin changes a lot and some of those types of auctions can go on for weeks people might "cancel" their bids if there was a price spike. Maybe I will try it for an experiment here once.
Personally, I think rather than the 48-72 hours 15 minutes is fine. It's called "extended bidding." As long as you placed a big during the regular auction time, you're allowed to place bids after the auction end time. Auction only ends after 15 minutes with no bids. This is how many collectible auction houses run auctions. It's not a good choice: the auction could end right after the first bid because most people might not even see the auction within 15 minutes. 15 minutes after the auction END TIME, not when the auction starts. So if the auction was stated to end on March 1 at 23:00 the auction is extended past that time if there has been a bid in the past 15 minutes. This was a weird auction and its rules probably cost the owner a couple BTC. I guess the domain may not be worth the $120,000 or so 2 BTC is worth now (or is it worth that much?), but it was certainly worth 2 BTC at the time. |
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