bitcoinauction.us

[bitcoinauction]

Hi!

I want to introduce http://www.bitcoinauction.us/


It works like an auction, but there is a tiny difference:

You bid bitcoins to get some more bitcoins as a prize.
Even if you do not win the auction you won't get your bitcoins back, because they are used to pay the prize.
While the auction is running you are able to send additional bitcoins to increase your bid.


Good luck!


Feedback and suggestions are welcome.

[BitcoinMint.US]

Interesting idea.  But it seems like this will always be a case of "he with the most BTC wins" or am I missing something?

[bitcoinauction]

Your earnings are the prize minus your bid. To have high earnings you have to make your bid as low as possible. As a result of this it is easier for the other participants to catch up.

Due to the time limit (fixed end) it can happen that there is a higher bid which the user can not beat because the auction has finished.


Now a new question might come up:


Is it a good idea to bid a short time before the end of the auction?

No, because of two reasons it is not:

- It might happen that your bid arrives too late (it needs to be confirmed).

- If you start bidding now, you either win the auction or you force the others to increase which leads to a higher prize (--> higher earnings, provided that you can outbid them again).