Auction for a bitcoin bond

[theymos]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256

Bidding 95 BTC for grondilu's bond.
-----BEGIN PGP SIGNATURE-----

iF4EAREIAAYFAk2UUI4ACgkQxlVWk9q1keeUJgD/Vt2++eEFVpYUbKDBW1T/66Ma
G2k6SYFitfoY4YD3aNIA/Rwgyw9dtro4JF9kjIqTf1zRYNIdBSq0S12v/4hShtJr
=DSjd
-----END PGP SIGNATURE-----

[1715272188]

1715272188

[1715272188]

1715272188

[1715272188]

1715272188

[1715272188]

1715272188

[1715272188]

1715272188

[grondilu]

theymos leads with 95 BTC.

I may be anal here, but the bid should include the signature of my initial message, so that we know which auction we're talking about.

[grondilu]

I'll bid 93.5.
How essential is the PGP signing? (Remember, this is only a POC)

I will accept a bid even if it's not signed.  But precisely because it's a POC, we should look for the way to do things properly.

[grondilu]

Basically a bid could look like this:

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

XX BTC
> -----BEGIN PGP SIGNATURE-----
> Version: GnuPG v1.4.11 (GNU/Linux)
>
> iEYEARECAAYFAk2UNq0ACgkQq17371C4DmhQIQCg86UwjCUt0q8iyojsOXUI7juB
> BpsAn2UtxuFqtXpLPwedvnYap+m2wrx9
> =qC0c
> -----END PGP SIGNATURE-----

-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (GNU/Linux)

iEYEARECAAYFAk2Uc8EACgkQq17371C4DmhXSQCdGnXrJG6/4cA411b6lkXwX5Uc
LL8AnjuQGKNmI6LEbHpYAPca8P/GMqKL
=btiF
-----END PGP SIGNATURE-----


But I'm not sure it is really important.  It's not related to the bond process, but to the auction process anyway.  I don't think we would need it if we were on biddingpond, for instance.

[theymos]

I may be anal here, but the bid should include the signature of my initial message, so that we know which auction we're talking about.

The date is in the signature, so there's not much chance of confusion...

[grondilu]

I may be anal here, but the bid should include the signature of my initial message, so that we know which auction we're talking about.

The date is in the signature, so there's not much chance of confusion...

I'm not sure the timestamping in a GnuPG signature is trustworthy.  If it was, the bitcoin network would use it instead of a distributed time server.


Anyway, now that I think about it, signing bids is not necessary.  It is really an auction protocol issue.  Here the proof of concept is about bonds, not forum auctions.

What has to be signed is my promess to pay.  So once I get a bitcoin address from the auction winner, I'll sign it along with the bonds terms, and that will be all.

[Nefario]

This is exactly the sort of thing that our stock market will be suitable for.

[grondilu]

This is exactly the sort of thing that our stock market will be suitable for.

Well, I'll be the first in bitcoin history to actually "do" it 

[Raulo]

I would bid 95.5 BTC but if the 116000 block happens during the night at my timezone, I wouldn't be able to send the payment in 10 blocks which is less than 2 hours. Please extend the payment window to at least 60 blocks.

[­­­Atlas_]

I wonder if this will become the standard for Bitcoin loans. This seems a lot simpler than establishing some obscure interest rate.

[grondilu]

I would bid 95.5 BTC but if the 116000 block happens during the night at my timezone, I wouldn't be able to send the payment in 10 blocks which is less than 2 hours. Please extend the payment window to at least 60 blocks.

No, sorry.   You just have to stay awake.  I don't want to wait 10 hours for a paiement.

[grondilu]

I wonder if this will become the standard for Bitcoin loans. This seems a lot simpler than establishing some obscure interest rate.

I think it's a standard procedure in bond markets.

[­­­Atlas_]

I wonder if this will become the standard for Bitcoin loans. This seems a lot simpler than establishing some obscure interest rate.

I think it's a standard procedure in bond markets.

Sure -- but with Bitcoin being non-inflationary and such, establishing interest rate-based loans is a bit difficult. It would be nice if this bond concept was applied to lending Bitcoins overall.

[Raulo]

No, sorry.   You just have to stay awake.  I don't want to wait 10 hours for a paiement.

OK, your auction, your rules but if you want to set up a bitcoin bond standard, such rules are rather bizarre in any bond market.  Bonds usually have 2 days settlement and the bond duration starts at settlement, not the auction time.

[grondilu]

OK, your auction, your rules but if you want to set up a bitcoin bond standard, such rules are rather bizarre in any bond market.  Bonds usually have 2 days settlement and the bond duration starts at settlement, not the auction time.

I have no idea what justifies those two days settlement, but I suspect it is related to clearing.  And there is no clearing with bitcoins.

[mpkomara]

95.6 bid

[grondilu]

95.6 bid

mpkomara leads at 95.6 BTC

(One block left)

[grondilu]

95.61 BTC

Vladimir leads at 95.61

[mpkomara]

95.62 bid (i will buy 5 such bonds)

[N12]

95.63