Special Auction for 5x Denarium Bitcoin Decennium 2019 Gold Bars

[rsincognito]

1 @ .52
1 @ .51

[1715022105]

1715022105

[1715022105]

1715022105

[1715022105]

1715022105

[kebab77]

1 @ 0.76
1 @ 0.43

[lebnor]

1 @ .43 BTC

[Technomage]

Current status of the auction:

kebab77 @ 0.76
rsincognito @ 0.52
rsincognito @ 0.51
kebab77 @ 0.43
lebnor @ 0.43

We might have to rethink the rules for lowering bids in the future...

[comit]

Current status of the auction:

kebab77 @ 0.76
rsincognito @ 0.52
rsincognito @ 0.51
kebab77 @ 0.43
lebnor @ 0.43

We might have to rethink the rules for lowering bids in the future...

Where is kebab77's 0.8 BTC bid?

[Technomage]

Where is kebab77's 0.8 BTC bid?

Invalidated by his newer, lower bids. Technically the rules don't deny overriding higher bids with lower bids, so this can happen. We might change the rules for future auctions, didn't really think of this before as it hasn't been an issue. rsincognito did it first though, and kebab77 simply followed through to not pay too much of a premium.

[kebab77]

Not happy being bid up only for them to drop and then start bidding me up again

[rsincognito]

2 @ .44

[kebab77]

2 @ 0.45

[lebnor]

1 @ 0.29BTC   

[Technomage]

CHANGE OF RULES! BIDS CAN NO LONGER BE REPLACED BY LOWER BIDS. IF YOU BID LOWER THAN YOUR PREVIOUS BID, THE NEW BID IS INVALID.

THIS RULE IS VALID AFTER THIS POST.

Get this over with.

[Technomage]

Current status of the auction:

kebab77 @ 0.45
kebab77 @ 0.45
rsincognito @ 0.44
rsincognito @ 0.44
lebnor @ 0.29

Note: Change of rules, new bids that are lower than your previous bids will not be valid.

[rsincognito]

Well that was fun.  Lol 

[kebab77]

Hate you guys rn ... hour of my life lost forever

[Technomage]

WINNERS OF THE AUCTION!

kebab77 @ 0.45
kebab77 @ 0.45
rsincognito @ 0.44
rsincognito @ 0.44
lebnor @ 0.29

What a battle guys. Congrats to the winners! Our official account Denarium (OP poster) will contact you about payments / delivery in the near future.

In future auctions we will change the rules to disallow making new bids that are lower than previous bids. This has never been disallowed technically in our auctions but no one has tried to do that before. Apologies for the hassle. But now it's finished

[rsincognito]

You are lucky, it was my girlfriends birthday and she woke up during the auction and asked what I was doing and I told her, she said “aren’t you going to wish me happy birthday ?”  Which put me instantly in the dog house, other wise I could have done this all day.  Lol.  Congrats to everyone , we all got bargains in the end .

[Technomage]

Changing rules mid-auction?   you gotta be kidding me.......   

It's unusual but under the circumstances it had to be done. The rules had a previously unknown exploit which made the whole auction slide into ridiculousness. I'm pretty sure all participants understood and most probably appreciated it.

[teeGUMES]

Every denarium auction turns into a shitshow. This is not out of the ordinary at all. Many prominent collectors no longer bid in their threads.

[geophphreigh]

I don’t understand this at all?  How can bids go down in an auction? Wouldn’t the higher bids stay regardless and lower bids be replaced with higher bids? I thought that was how an auction worked. It doesn’t seem that this concept needs clarification in the rules, but would be implied. Can someone explain how price can go down. Minerjones has had many multi-item auctions that function this way. Ie the recent Lealana 10 coin auction.

[Technomage]

I don’t understand this at all?  How can bids go down in an auction? Wouldn’t the higher bids stay regardless and lower bids be replaced with higher bids? I thought that was how an auction worked. It doesn’t seem that this concept needs clarification in the rules, but would be implied. Can someone explain how price can go down. Minerjones has had many multi-item auctions that function this way. Ie the recent Lealana 10 coin auction.

We assumed this as well, as did most others probably. The problem is that doing what was done in this particular auction (again, it has never happened before) is not explicitly forbidden in the rules. The rules just state that if you place a new bid, your previous bids are invalid. That's it. To make this clear, we will add a rule about this in the future, to avoid similar issues.

I'd like to note that I think many other auctions here have the same "exploit" possibility, as they might not technically forbid this type of bidding. I would recommend anyone setting up an auction to include something about this in the rules, just in case. We can't assume everyone just magically "knows how auctions work", all relevant things should be in the rules.