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Author Topic: [BidOnBitcoins.com] Dollar Auction game for Bitcoins  (Read 2222 times)
giantdragon
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April 02, 2012, 09:43:14 PM
 #1

I want to introduce my new service: BidOnBitcoins.com.

This auction is a game, based on the Martin Shubik's dollar auction. Rules are very simple: certain number of Bitcoins are being placed for sale and user who made greatest bid wins the prize. The distinction with a traditional auction is that all users have to pay for their highest bids, but not only the winner. All bids are transparent, there are no random number generator and any possibility for owner to cheat. Deposits and referral payments are fully automated and being processed instantly with BitPing.

Have a fun playing!

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RaggedMonk
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April 02, 2012, 09:46:57 PM
 #2

Are you joking? There is completely the possibility for the owner to cheat.

The owner can always submit the last bid, keeping the prize for themselves and taking everyone else's bids.

These kind of auctions are really stupid.  They only benefit the auction site owner, and everyone else loses.
giantdragon
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April 02, 2012, 09:58:35 PM
 #3

Are you joking? There is completely the possibility for the owner to cheat.

The owner can always submit the last bid, keeping the prize for themselves and taking everyone else's bids.
At first, all bids are public. Also I have no motivation to send fake bids. I have other legit methods to prevent loss: a reserve price and first bid limit.

They only benefit the auction site owner, and everyone else loses.
Tell me please at least one casino in the world where players have positive expected value! House profit is included in the game rules (e.g. "zero" sector on roulette) and it is not a cheating. My game is not an exception, just another form of gambling, but more skill based and interesting. You can read rules here.

FreeMoney
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April 02, 2012, 10:24:51 PM
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Are you joking? There is completely the possibility for the owner to cheat.

The owner can always submit the last bid, keeping the prize for themselves and taking everyone else's bids.
At first, all bids are public. Also I have no motivation to send fake bids. I have other legit methods to prevent loss: a reserve price and first bid limit.

They only benefit the auction site owner, and everyone else loses.
Tell me please at least one casino in the world where players have positive expected value! House profit is included in the game rules (e.g. "zero" sector on roulette) and it is not a cheating. My game is not an exception, just another form of gambling, but more skill based and interesting. You can read rules here.

His objection (I think) is not that you have an edge, it is that it is unknown. Making bids yourself (which no one could detect) would be easy and pure profit for you. I don't think it's 'wrong' to run a game like this, but no one ought play it, there are better gambles for sure.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
giantdragon
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April 02, 2012, 10:33:30 PM
 #5

Making bids yourself (which no one could detect) would be easy and pure profit for you.
Rules of my auction differs from standard penny auctions and as I wrote before, I have no incentive to cheat. My reputation worth much more than few Bitcoins stolen from players!

th3.r00t
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April 04, 2012, 09:40:50 PM
 #6

What can I say about this... Lucky bidder...

Quote
Auction #23
Amount:   ฿0.500
Time left:   0s
(April 4, 2012 21:30:00 UTC)

Bidder      Bid amount      Bid time
JohnDoeMann   ฿0.400      April 4, 2012 21:30:00 UTC
xxxxxxx      ฿0.380      April 4, 2012 21:29:58 UTC

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giantdragon
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April 05, 2012, 10:14:06 PM
 #7

Rules of game were changed. If you make a bid less than 1 minute before the auction closes, it's close time will be automatically extended by 5 minutes.

Reserve price lowered.

I think it will decrease factor of chance and make this game more skill-based.

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April 14, 2012, 10:48:25 PM
 #8

I think the site is down, what's up? Does anyone knows something?
giantdragon
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April 14, 2012, 10:50:28 PM
 #9

I think the site is down, what's up? Does anyone knows something?
It is a problem with my hoster. I called support but they don't respond (now it is night in Latvia, most probably admin just sleeps).

There are absolutely no reason to worry. I have backup of the wallet.

Sorry for inconvenience. I hope server will be up again soon.

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April 14, 2012, 11:07:10 PM
 #10

I hope you've got a late backup, because right in the moment i propably won 1.5 BTC the site went down Cheesy
giantdragon
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April 15, 2012, 12:08:37 AM
 #11

Server restored. Auctions that were active before the crash extended to another day.

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April 15, 2012, 12:32:06 AM
 #12

Damn, because of that i didn't won the 2 BTC(it were actaually 2 BTC Cheesy )
Perhaps i'm lucky and win them anyway, but i don't think so Cheesy
giantdragon
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April 23, 2012, 07:32:44 PM
 #13

Hoster's server again went down! Sorry for inconvenience.

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April 24, 2012, 10:28:11 PM
 #14

Website have moved to another, more stable hosting provider. Have a fun playing again!

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May 04, 2012, 02:58:12 AM
 #15

Ok what the Hell I made a deposit and that transaction has already gone through 4 of 6 confs and it has still yet to show up in my account, this needs to be corrected or ALL btc in my account needs to be refunded ( regardless of minimum withdraw amount ) and here i have been talking nothing but good about your site to all my friends

giantdragon
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May 04, 2012, 03:09:33 AM
 #16

Ok what the Hell I made a deposit and that transaction has already gone through 4 of 6 confs and it has still yet to show up in my account, this needs to be corrected or ALL btc in my account needs to be refunded ( regardless of minimum withdraw amount ) and here i have been talking nothing but good about your site to all my friends
It was a notification service's BitPing problem. I credited deposited amount to your account.
Sorry for inconvenience!

kingkatari
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May 04, 2012, 03:25:47 AM
 #17

i see that thank you


also your site is rejecting bids

it said that the bid must be a minimum of 0.018 so i tried to make a bid for that amount and i get a red box saying that the bid must not be less then the same amount i just bid

giantdragon
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May 04, 2012, 12:35:57 PM
 #18

i see that thank you


also your site is rejecting bids

it said that the bid must be a minimum of 0.018 so i tried to make a bid for that amount and i get a red box saying that the bid must not be less then the same amount i just bid
Amounts are represented as float numbers, so there may be an error with comparison.

I tried to fix this bug, if a message appears again, just add some insignificant value, e.g. instead of 0.15 bid post 0.15000000001.

kingkatari
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May 04, 2012, 06:50:01 PM
 #19

ok thx

kangasbros
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May 05, 2012, 08:12:58 AM
 #20

This thread belongs to the gambling section.

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