EOSTime EOS Auctions

[vineyard]

We just launched a site called EOSTime. We host provably fair auctions where you can bid small amounts of EOS to win a larger amount of EOS in a real-time auction. They work like penny auctions whereby any bid placed in the final seconds of an auction resets the timer to give others a chance to bid while eliminating network latency as an issue (i.e. everyone can get a  bid in if they want). When the timer runs out, the last bidder wins. I will be editing this topic and adding much more information, but I wanted to post now because we have an auction scheduled to end in about 5 hours and 15 minutes (about 14:10 UTC 1/31) where you can win more than 40 EOS. Check it out here: https://eostime.io

[rudolfaxl]

Another dice-based game on EOS. EOS looks like a huge casino atm. What's your interest as founders and what exactly financial model do you use?

[vineyard]

Another dice-based game on EOS. EOS looks like a huge casino atm. What's your interest as founders and what exactly financial model do you use?

It is true, a lot of EOS activity right now is in the gaming / gambling space. We are experimenting with more of a P2P skill-based approach. The financial model is to try to return most of the EOS back to the participating community and we are currently trying to figure out the specific parameters. We are providing the initial prize pools in the auctions and are tuning them to meet the community needs (and often losing EOS along the way). We have a telegram group that has provided us a lot of feedback during this dev and testing phase. You can check it out at https://t.me/eostime. Any thoughts or ideas are greatly appreciated.

[jacafbiz]

Another dice-based game on EOS. EOS looks like a huge casino atm. What's your interest as founders and what exactly financial model do you use?

As regard @rudolfaxl question, I would like the developer to answer these questions for transparency sake.

I think dapps like these are what is driving the transaction on EOS, which is good for the whole space because we don't know the one among them that will scale and become adopted and rive more people to the space.

[vineyard]

Another dice-based game on EOS. EOS looks like a huge casino atm. What's your interest as founders and what exactly financial model do you use?

As regard @rudolfaxl question, I would like the developer to answer these questions for transparency sake.

I think dapps like these are what is driving the transaction on EOS, which is good for the whole space because we don't know the one among them that will scale and become adopted and rive more people to the space.

I agree that it is hard to see which dapps will scale. There have been some successes in the gambling space with dice sites driving quite a bit of volume, but only a few of the many have seen that success (see https://dappradar.com/rankings/protocol/eos for info on users and EOS volume of various dapps). We are trying to see if EOS will evolve into a good gaming currency. Our intent is to add all sorts of P2P games that people can enter with and win EOS. Very early in the process though - won't really know if it is a good concept until we get a lot further along.

[unusualfacts30]

We just launched a site called EOSTime. We host provably fair auctions where you can bid small amounts of EOS to win a larger amount of EOS in a real-time auction. They work like penny auctions whereby any bid placed in the final seconds of an auction resets the timer to give others a chance to bid while eliminating network latency as an issue (i.e. everyone can get a  bid in if they want). When the timer runs out, the last bidder wins. I will be editing this topic and adding much more information, but I wanted to post now because we have an auction scheduled to end in about 5 hours and 15 minutes (about 14:10 UTC 1/31) where you can win more than 40 EOS. Check it out here: https://eostime.io

I like this idea but what about all the bidders who don't win? Do they get their invested EOS back so they can bid again or is it like a lottery system?

[hardinero007]

We just launched a site called EOSTime. We host provably fair auctions where you can bid small amounts of EOS to win a larger amount of EOS in a real-time auction. They work like penny auctions whereby any bid placed in the final seconds of an auction resets the timer to give others a chance to bid while eliminating network latency as an issue (i.e. everyone can get a  bid in if they want). When the timer runs out, the last bidder wins. I will be editing this topic and adding much more information, but I wanted to post now because we have an auction scheduled to end in about 5 hours and 15 minutes (about 14:10 UTC 1/31) where you can win more than 40 EOS. Check it out here: https://eostime.io

I like this idea but what about all the bidders who don't win? Do they get their invested EOS back so they can bid again or is it like a lottery system?

i think those who invested EOS by bidding and got outbid will get their EOS back.  maybe only the transaction of the last bidder who won the bid will be recorded on blockchain.  the bidding process maybe processed off-chain, while the winning bid transaction will be on-chain.

[vineyard]

We just launched a site called EOSTime. We host provably fair auctions where you can bid small amounts of EOS to win a larger amount of EOS in a real-time auction. They work like penny auctions whereby any bid placed in the final seconds of an auction resets the timer to give others a chance to bid while eliminating network latency as an issue (i.e. everyone can get a  bid in if they want). When the timer runs out, the last bidder wins. I will be editing this topic and adding much more information, but I wanted to post now because we have an auction scheduled to end in about 5 hours and 15 minutes (about 14:10 UTC 1/31) where you can win more than 40 EOS. Check it out here: https://eostime.io

I like this idea but what about all the bidders who don't win? Do they get their invested EOS back so they can bid again or is it like a lottery system?

It works like this: Part of each person't bid goes into the prize pool (we vary the % based on how much EOS we put into the initial prize pool - we are still experimenting) and the remaining portion of the bid goes to a dividend account. Each time you bid, win, or for each second in the lead, you receive TIME tokens. The bulk of the dividend account is paid back to TIME token holders proportional to their ownership at the end of the day. Only 1 person wins each auction, but EOS flows back to all players via this TIME token mechanism.