Satoshi Auction - Bid on a prize where 98% of each bid is added to the prize.

[LoyceV]

Review

When I first checked the Past Auctions, all of them had either no players, or just one. That's a pitty, I think this game will only be fun once a few people join and bid against each other. I like the concept. The more people join, the bigger the prize gets!

Thoughts

• I can't "double click > copy" the Bidding address, because there's a link under it. Can you add a 1-click "copy" icon?
• To stop games for taking forever: how about decreasing the 144 blocks between the last bid and the end of the auction by just one block for each bid? With the exception that if 2 bids are made within the same block, that still only reduces it by one block (to prevent someone from dropping it to zero instantly by making 144 bids). For most bets, it won't matter, but at least it will give each game a hard upper limit in duration.
• Bidding the exact same amount as the previous highest bid may work to "settle" a bidding war into 50-50 (or 49-49 after the house edge) prizes.
• Do you have to bid from the same address to raise your bid (either by using another input from the same address, using the sending address to return the change to, or by funding it from another address)?
• What happens if someone uses more than one sending address (in one transaction)? Do you randomly pick one? I think this is important to know when someone wants to raise their bid.
• The required number of confirmations (5) is still quite large for penny amounts.

Game 32
I joined Game 32 (should it be called Auction 32?) with 0.00004779 BTC, after a few other players joined. My deposit with 0 confirmations was instantly added to the list of Participants (but not to the total Prize yet). After a few confirmations, everything looked as expected.

At first, only the winning addresses were shown on the leaderboard. I would have expected all transactions to show up, that can be useful if someone's deposit is already beaten by someone else before it had 5 confirmations. This was updated already before I posted my review. Follow-up question: can you highlight the current highest bid(s)? And how does it show it if one address made multiple deposits?

After someone bid 1 sat more than my bid, it gave me the chance to see if I can raise my existing bet by depositing 0.00000666 BTC again from the same address. I think the amount was added to the total prize, but my Bid wasn't increased (after 40 confirmations). My guess is this is not the intended behaviour. It turns out you can't raise your bid, you can only make a new higher bid.
Update: Game 32 ended, and my last deposit was never shown. But 98% of it was added to the Prize.

[Coin_trader]

My review:

I’m currently bidding on game 32 that still not completed so this feedback will be updated base on the results.

But I want to made a comment about the bidding rules since this game is an auction. It’s odd to see that same amount of bid is allowed on this games since auction is a bidding war without no tie winner for the price.

If possible add a minimum bid increments to avoid spam satoshi bids that typically prolonged the game due to extension of block.

I would like to see too the history of blocks being added when new bid is made. Let’s say bid 2 was made when the block remaining is 80 to check bids timeline without visiting the blockchain and easily verified all bets timestamp.

I’m wondering since there’s no rules about what is the additional block when new bid made. For example the current block 10 then new bid register, is the block counter will be added by +144 block or just +134 to reset on 144 block initial count down?

[Igebotz]

This is my first time commenting here; I just visited your website; sorry, but it appears to be a low-budget site at first glance; this is just my honest opinion on the UX/UI design. I'll participate in the auction and then give my honest opinion.

can we have a Dark mode option on the site? black on a plain white affects the eyes.

[LoyceV]

If possible add a minimum bid increments to avoid spam satoshi bids that typically prolonged the game due to extension of block.

Even "satoshi bids" increase the Prize. I'd like to see this game with much higher bidding, see what happens if there are 4 bids around 0.005BTC. If a fifth user joins, the prize goes up by at least (98% of) 0.005BTC, even if he bids just one satoshi above the highest bid.
I'm still unsure what happens if someone increases his bid, or if that isn't possible at all and he has to make a new bid from a new address for the full amount.

can we have a Dark mode option on the site? black on a plain white affects the eyes.

I just reduce my screen brightness

[Kakmakr]

I do not think the motivation for this is to snipe bids, because this will be extremely risky from the operators perspective. There are always people with more money out there, so they stand a huge chance of losing the bid, if a whale snipe their "snipe" bid.

The concept are flawed... as shown by other people on this thread and the idea are poorly executed. You cannot start something like this and then not document all aspects of the rules. 

[LoyceV]

I do not think the motivation for this is to snipe bids

Sniping isn't possible, as each new bet will extend the auction.

You cannot start something like this and then not document all aspects of the rules.  

I think OP was overly enthusiastic. It happens, and if the comments are used to improve the site, it can still work.

it reminds me why on-chain gambling isn't very popular these days.

LN would be good, but unfortunately it doesn't work with the required transparency of all bets.

[Igebotz]

can we have a Dark mode option on the site? black on a plain white affects the eyes.

I just reduce my screen brightness

Imagine reducing the screen brightness on every every website I visit. Without installing anything or lowering my system brightness, the dark mode option would fix this issue. imho

well just as i promise yesterday I've just sent in my bid of 0.00086546 into the Auction 37





I'll give my review/suggestions as we discuss on. OP, it would be cool if we could be notified when a new bid or maximum bid comes in, a way to track progress nah? Is that even possible? Yes, but I don't know how.

[LoyceMobile]

it would be cool if we could be notified when a new bid or maximum bid comes in, a way to track progress nah? Is that even possible? Yes, but I don't know how.

Create a watch-only wallet in Electrum, and import the deposit address. You'll get a pop-up for every transaction.

[BitcoinGirl.Club]

After someone bid 1 sat more than my bid, it gave me the chance to see if I can raise my existing bet by depositing 0.00000666 BTC again from the same address.

I am the culprit LOL. According to the game rules a fraction more means all previous depositor lost it. Interestingly bitcoin does not have a decimal of of 1 sat 😂

I think the amount was added to the total prize, but my Bid wasn't increased (after 40 confirmations). My guess is this is not the intended behaviour.
Update: Game 32 ended, and my last deposit was never shown.

Did you get refund? I will need the piece of information before starting my review

[LoyceV]

Did you get refund? I will need the piece of information before starting my review

OP hasn't responded yet. For the record: I don't need the refund, but if it's a bug, it should be fixed. And if this should work the way it did, it should be clearer in the Rules.

[NeuroticFish]

Did you get refund? I will need the piece of information before starting my review

OP hasn't responded yet. For the record: I don't need the refund, but if it's a bug, it should be fixed. And if this should work the way it did, it should be clearer in the Rules.

It was added to the winner's amount?  (I don't know for sure).
It has increased the "ending time" with 140+ blocks? (I am 99% sure it did).
This means that it was seen as a smaller (non-winning) separate bid, no matter the originating address.

So it can be "the expected behavior", just it must be documented.

[LoyceV]

It was added to the winner's amount?  (I don't know for sure).

Prize   0.00026254 BTC
bc1qvcngzn85l9gzyq0qmjmlp883rs46tyupftd82u    0.00000300 BTC
bc1qtltta3s20xxa8de6pu8cg92c9zqvcnhs3hxztr    0.00000400 BTC
bc1qz9y5pmj7690az9m3y2qvus7r0rw8z4y4f4kfpx    0.00000800 BTC
bc1qxs0277ethjj2zrkwutkx2qj5lgfv67tkujwqly    0.00000800 BTC
bc1qktnqq0x8phnks7swtpch9gjm863k0q28z47g56    0.00004063 BTC
bc1q5gz6c5u3c8p6e6mtgnq0gxre9mkrgvav3n0q4g    0.00004779 BTC
bc1ql847ly3a0kaw6zhscc686a3lv7ve98qgay8422    0.00004780 BTC

That would result in the prize being: 0.0001+0.98*(0.00000300+0.00000400+0.00000800+0.00000800+0.00004063+0.00004779+0.00004780)=0.00025603 BTC.
If you add 98% of my missing 0.00000666 BTC deposit, you'll get the correct Prize (after rounding down).

It has increased the "ending time" with 140+ blocks?

I checked, and that's correct. My second deposit confirmed in block 770,934, BitcoinGirl.Club's deposit confirmed in block 770,915 and the prize was sent in block 771,085.
That leaves 151 blocks after my deposit, so it extended the auction by 144 blocks. I guess the transaction was broadcasted 5 confirmations later.

This means that it was seen as a smaller (non-winning) separate bid, no matter the originating address.

There's still a flaw: my bid never showed up in the list of Participant payout addresses.

So it can be "the expected behavior", just it must be documented.

Definitely. But: I think the game is more fun if you can increase your bid. Let's say you bid 1 Bitcoin, and the Prize is at 4 Bitcoin. If you'd have to bid 1.1 Bitcoin to increase your prize, you're less likely to do so than when you need to send "only" 0.1 Bitcoin.

[Igebotz]

After someone bid 1 sat more than my bid, it gave me the chance to see if I can raise my existing bet by depositing 0.00000666 BTC again from the same address.

I am the culprit LOL. According to the game rules a fraction more means all previous depositor lost it. Interestingly bitcoin does not have a decimal of of 1 sat 😂

quick one! If I bid 1BTC and someone else bids 1.3BTC, and I submit another counter 1BTC from the same address, will my bid become 2BTC? are bids accumulated. Why isn't the administrator replying to this comment? This is a horrible thing.

Do you guys need a botz ?

[jackmurray]

After someone bid 1 sat more than my bid, it gave me the chance to see if I can raise my existing bet by depositing 0.00000666 BTC again from the same address.

I am the culprit LOL. According to the game rules a fraction more means all previous depositor lost it. Interestingly bitcoin does not have a decimal of of 1 sat 😂

quick one! If I bid 1BTC and someone else bids 1.3BTC, and I submit another counter 1BTC from the same address, will my bid become 2BTC? are bids accumulated. Why isn't the administrator replying to this comment? This is a horrible thing.

Do you guys need a botz ?

Hey, sorry for the late replies, I've been super busy with another project and I didn't realize the reviews had started.

The bids aren't accumulated.

OP hasn't responded yet. For the record: I don't need the refund, but if it's a bug, it should be fixed. And if this should work the way it did, it should be clearer in the Rules.

Ah yep, this was unclear in the rules. Bids don't accumulate. It just takes the maximum bid that you sent.

Was this bid not added to the auction prize total?

[LoyceV]

Bids don't accumulate. It just takes the maximum bid that you sent.

Interesting design choice, that makes it an entirely different game play. I expect people to be less likely to overbid by a tiny amount this way, but it levels the playing field for everyone: nobody can build on their previous bids.
Maybe, when your site has many active players, you can experiment by adding "accumulation games" to see which one is more appealing.

Was this bid not added to the auction prize total?

It was. Does that mean not showing the deposit was intentional? That can be confusing if someone bids a certain amount right after someone else bids a higher amount. I'd say both bets should show up.

[BitcoinGirl.Club]

Bids don't accumulate. It just takes the maximum bid that you sent.

Interesting design choice, that makes it an entirely different game play. I expect people to be less likely to overbid by a tiny amount this way, but it levels the playing field for everyone: nobody can build on their previous bids.
Maybe, when your site has many active players, you can experiment by adding "accumulation games" to see which one is more appealing.

Accumulation means adding up with the previous amount?
In that case in a regular auction how do we play it? You call 2 then I call 3, then you call 4. Basically you are adding more 2 with the previous call. So it's accumulation. I was expecting the same but it seems it's not the case.

[LoyceV]

Accumulation means adding up with the previous amount?

Yes.

In that case in a regular auction how do we play it? You call 2 then I call 3, then you call 4. Basically you are adding more 2 with the previous call. So it's accumulation. I was expecting the same but it seems it's not the case.

In a regular auction, you only pay your last bid. Here, you pay every bid. I don't think it really matters, as long as it's clear.

[FatFork]

In that case in a regular auction how do we play it? You call 2 then I call 3, then you call 4. Basically you are adding more 2 with the previous call. So it's accumulation. I was expecting the same but it seems it's not the case.

In a regular auction, you only pay your last bid. Here, you pay every bid. I don't think it really matters, as long as it's clear.

Yes. This is more like a form of all-pay auction, such as the Tullock auction, in which all participants submit a bid and the outcome is determined by the highest bid. However, unlike a traditional auction, in this type of auction both the winning and losing bidders are required to pay the amount of their submitted bids.

[Igebotz]

MY EXPERIENCE/SUGGESTIONS

The site needs a lot more to make it a bit more fun to attract a lot of members, just a few black texts on a plain white board didn't appeal to me, the website still needs a bit of design, I didn't like the overall design. 30/100

A system like this requires a large number of users to function properly. I sent in my bid ($15) yesterday to test the system and was surprised that there was no single counter bid for the entire day, and I received $16 as the pool prize, making me feel like I wasted the entire day. What is a game without competition? I believe the 144 block is too long to make it more competitive; I would have suggested a cut down time for each auction to make it faster and more competitive.

Several documents are missing from the website (no license?) And, since no escrow and I'm sending coins directly to your personal address, what guarantees do I have that if I win the auction, I'll always get my BTC back? I suppose that's why most users only send in a small amount.

There is no online support, no email, no phone number, only a link to a BTT thread? really? If I need to speak with the admin, I must create an account on BTT?

Can we only have 1-2 running auctions with a minimum bid to keep things competitive and fun? e.g

auction 1 ( min bid $50)
auction 2 ( min bid $100)

What exactly are we bidding on? Create something to make it more enjoyable (digital art, avatar, coins, etc.). I can't put money where there isn't happiness.

A dark mode option is required due to the site's design. i almost lost my sight.


overall; I didn't enjoy my time on the site; it's still far from perfect. good luck

[jackmurray]

I'm not sure the site would be a success, even if I did create dark mode, etc.

The game is too risky and the trust required is too high.

So it looks like it's time to end this project.

I will wait for the existing auctions to end and then take the site offline.

Thank you everybody for your feedback.