.

[2weiX]

What we do every Friday night is a simple limit sell order, not a dutch auction.

GLBSE does not offer the function you describe.

We have described in detail exactly how it works.  Perhaps your comments belong in a separate thread for requesting new GLBSE functionality?

Hi,

I harbor no hard feelings as per the way you conduct things, I know it increases your margin and that the functionalitly isn't included. But I am customer (in that case) and would prefer better prices) :-D


And of course I posted in the GLBSE feature request thread.

[PatrickHarnett]

This is a pet peeve of mine regarding the use of the word "auction":


If i understand correctly, you will fill the bids from top to bottom, so if you were to "auction" 500 shares and there were the following bids:

100@1.20
100@1.18
100@1.15
100@1.14
100@1.10

then each of those will pay their bid price.

My understanding (and the way this works in the real world) would be that all 500 shares should be allotted at the lowest price where all auctioned shares will be traded, which in this case should be 1.10 BTC!

Of course, when there are multiple orders at the lowest price limit, one would need to apply time-price-priority (orders are ranked by price, order of same price are ranked by time, oldest first).

Whilst I agree that this cuts into your margin, I will strongly advocate for GLBSE to implement such a modus for IPOs.

As has been pointed out, there are several auction types.  What you are referring to is the type where a clearing price is set (intersection of supply and demand).  Terminology will get in the way, but progressive pricing auctions are also common, and the operation on the GLBSE is progressively filling the orders until the supply is used. 

If you look at the spread around the bottom price, you might find there is not too much variation and the average premium over the bottom price was 0.0033.

[The00Dustin]

I find it interesting that there are complaints about the type of auction.  If I was going to complain, I would complain that the bids are public.  This complaint woud be based on the fact that treasury bill bids are private and such a functionality would get rid of market manipulation.

[imsaguy]

I find it interesting that there are complaints about the type of auction.  If I was going to complain, I would complain that the bids are public.  This complaint woud be based on the fact that treasury bill bids are private and such a functionality would get rid of market manipulation.

Makes sense.  I'm leery of more secrecy in the bitcoin community though.  Everyone wants full disclosure for everyone else's business.  I can only imagine they'd be on a witch hunt here before long.

[PatrickHarnett]

This change would be effective staring with the sale of PPT.E which would be moved from 5/19/12 2:00 AM UTC to 5/19/12 5:00 PM UTC.

We will be discussing this at our next BOD meeting.

I'll be snoring through the bond issues given the suggested time.

[exahash]

However, we are seriously considering moving the date and time of the sale from Saturday morning at 2 AM UTC (that is every Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT) to something like Saturday evening at 5 PM UTC (that is every Saturday morning at 10 AM PDT, 11 AM MDT, 12 PM CDT and 1 PM EDT).

I'm on EDT.  Mid-day on a Saturday?  I'm not around then for sure.

I really liked the idea about splitting the sale up.  You'd see with just one test how successful (or not) it is, and get an idea of when your buyers are available. 

[stochastic]

However, we are seriously considering moving the date and time of the sale from Saturday morning at 2 AM UTC (that is every Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT) to something like Saturday evening at 5 PM UTC (that is every Saturday morning at 10 AM PDT, 11 AM MDT, 12 PM CDT and 1 PM EDT).

I'm on EDT.  Mid-day on a Saturday?  I'm not around then for sure.

I really liked the idea about splitting the sale up.  You'd see with just one test how successful (or not) it is, and get an idea of when your buyers are available. 

From the data I looked at a few weeks ago, it looks like most trading occurs during Wednesday, but I did not do any deep analysis of it.

[REF]

The PPT bond auction this week (PPT.D) will be for 2,500 bonds.

The auction will take place on Saturday morning at 2 AM UTC.  That is this Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT.

The bonds sold tomorrow will be redeemed 27 days 22 hours later on 6/9/2012 at 12:00 AM UTC for 1.28 BTC per bond.

See https://glbse.com/asset/view/PPT.D

The results of all previous sales can be found here:  https://docs.google.com/spreadsheet/ccc?key=0An2G-HmYRtr3dEFBMV9uN3FveU0tMGREdjVaZUVRTGc

Excited to see an increase in the number of bonds sold already especially with a bid of 1000 around.

[Tomatocage]

Looks like somebody doesn't want to be outbid...

[Nefario]

GLBSE is down for the moment until we've completed our security sweep. I can't give a fixed time to when that will be.

[REF]

Looks like somebody doesn't want to be outbid...

me? nah Im around for the bond release.

[Sukrim]

Oh, just admit it: You want to do some arb on the side on MPOE and screw Mr. Popescu out of some coin with his offer...

[Mousepotato]

We are keeping an eye on this and are in communications with GLBSE.  We are all hoping that the security sweep will be done in time for the PPT.D sale in about 8 hours from now.

And if it's not?

[imsaguy]

We are keeping an eye on this and are in communications with GLBSE.  We are all hoping that the security sweep will be done in time for the PPT.D sale in about 8 hours from now.

And if it's not?

We'll reschedule of course.

[Otoh]

a good opportunity to move it to Saturday @ whatever UTC was voted best in the PPT Europe thread perhaps

[imsaguy]

GLBSE currently appears to be up.

[exahash]

15 minutes to go and it looks like glbse can't handle the load!  I'm getting even more nginx gateway timeouts than usual; can't even get to the asset/view page.

[Mousepotato]

15 minutes to go and it looks like glbse can't handle the load!  I'm getting even more nginx gateway timeouts than usual; can't even get to the asset/view page.

Put in a low bid, then DDoS the site FTW?

[Mousepotato]

Why can't the 1000+ bidders just get their own BTCST account?

[MrTeal]

Why can't the 1000+ bidders just get their own BTCST account?

We'll see if it goes through, or if it disappears with a minute left.