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Author Topic: [Block Games] Bitcoin Wallet Auction + Kickback (Discussion Thread)  (Read 2000 times)
EnergyVampire
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June 21, 2012, 10:56:39 PM
 #1

[Block Games] Bitcoin Wallet Auction + Kickbacks (Balance= 1 BTC, Highest Bid= 0.30)
Play for Fun & Profits!

BTC Wallet: 1EkXYzFMiHgHDenrjZVcpLYXwiL4aNWye8
Updated: Block 187938
Wallet Balance: 1.00 BTC
Largest bet: 0.30 BTC
Ending Block: 188000
Results Thread: https://bitcointalk.org/index.php?topic=91137.0

The largest confirmed transaction into the pot from now until we reach the Ending Block# 188000 wins all the Bitcoins deposited into the wallet!
(Minus the Kickback Pot and my fee)

It is that simple, Guys. It is an All-Pay Auction with an early bidder incentive.

Auction Rules
  • The Jackpot is 90% of the total amount deposited into the wallet.
  • The Kickback Pot is 5% of the total amount deposited into the wallet.
  • My take is 5%.
  • There is no maximum bet size, so bet as much and as often as you like.
  • All payouts will go to the same address the transfer came from approximately 24 hours after Block #188001.
  • Any transfers into this wallet after the Ending Block will be considered a donation.
  • I will make donations out of my fee.
Kickback Pot Rules
-Each bet has a chance of getting shares.
-Shares per bet is (Bet Block - Ending Block)
-Each share is worth (Kickback Pot)/(Total Shares)
  • The following 3 criteria must me met to receive shares of the Kickback pot:
  • 1. The bet doesn't win the Auction.
  • 2. It was the highest bet included in a block prior to the Ending Block.
  • 3. Ensuing block has a higher bet.

Winning and payout Example:
Player A Bets: 10 BTC Included in Block 187100
Player B Bets: 20 BTC Included in Block 187300
Player C Bets: 30 BTC Included in Block 187300
Player D Bets: 40 BTC Included in Block 188000

Total Deposits= 100 BTC
Kickback Pot = 5 BTC
Total Shares = 1600

The Winner would be Person D.
Player D gets 90 BTC
Player A gets 2.8125 BTC (900 shares x 0.003125)
Player C gets 2.1875 BTC (700 shares x 0.003125)
Player B gets 0 BTC (outbid in same block)

Frequently Asked Questions (FAQs)
Q1: What if there are two or more transfers with the highest amount?
A1: Equal split for the winners.

Q2: What happens to my BTC if someone makes a bigger transfer into the wallet?
A2: You lose them but you might have a chance to win kickbacks.

Q3: Why are you complicating the auction with shares?
Q3: As a reward for early bets because the previous auction had no incentive making sniping the optimal strategy. Unfortunately the Ending Block was found in the middle of the night when the potential players where asleep.

Q3: Where is the wallet located?
A3: Cold Storage

Q4: Do I need to post here after I make the transfer?
A4: Posting is not required, the blockchain is proof.

Q5: Is there a minimum bet increment?
A5: No

Q6: You've been registered on this forum since January, how come don't have many posts?
A6: I like to read more than I like to post.

Q7: Who covers the transaction fee of the jackpot?
A7: I will pay the outgoing fees.

Q8: What is the minimum bet size?
A8: 1 Satoshi although you won't win.

Q9: Why did you make small deposits before the auction started?
A9: It's how I start up the pot.

Q10: Can I use a bot?
A10: Yes, use whatever programs or websites you like.

Q11: I have other questions.
A11: You can PM me or post them here.

Previous Auction: https://bitcointalk.org/index.php?topic=88961.0

Comments, questions, and suggestions are welcomed!

Cheers and Good Luck!

EnergyVampire

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EnergyVampire
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June 22, 2012, 04:14:09 PM
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I used the http://mycryptcoin.com/?rid=1AaEsKbEQqaaomybYT7P8YUydSsUyovT7k faucet to get it started. I will probably continue to use the faucet to add to the wallet.

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June 22, 2012, 07:11:09 PM
 #3

interesting.. watching this one!

EnergyVampire
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June 22, 2012, 08:26:44 PM
 #4

interesting.. watching this one!

Thanks!

I have been thinking about changing Block # 187000 to Block# 190000, to allow some time for the wallet to build up some funds but I still like the idea of paying out once per week or so. What do you guys think?


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June 22, 2012, 09:08:03 PM
 #5

interesting.. watching this one!

Thanks!

I have been thinking about changing Block # 187000 to Block# 190000, to allow some time for the wallet to build up some funds but I still like the idea of paying out once per week or so. What do you guys think?


Try it out, see how it goes.  Do you know the estimated time of arrival for those two blocks?

and what happens in this scenario, someone sends a new-winning bid but posts it during block #190001, technically after the deadline, what do you do?


EnergyVampire
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June 22, 2012, 09:32:39 PM
 #6

interesting.. watching this one!

Thanks!

I have been thinking about changing Block # 187000 to Block# 190000, to allow some time for the wallet to build up some funds but I still like the idea of paying out once per week or so. What do you guys think?


Try it out, see how it goes.  Do you know the estimated time of arrival for those two blocks?

and what happens in this scenario, someone sends a new-winning bid but posts it during block #190001, technically after the deadline, what do you do?



Well, assuming 144 new blocks per day, the ETA for block # 187000 is ~8.5 days away and block # 190000 is ~30 days away.

In your scenario the same rule would apply, as long as the transaction is included in a block before block# 190001 would be the winner (transactions in block# 190001 and above are excluded).

This auction makes it very risky to snipe because a failed snipe would lose and 100% of the transaction would go to the Donations Wallets.

EnergyVampire
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June 24, 2012, 01:25:59 PM
 #7

Okay, I padded the wallet to bring the balance to 10.014 BTC (The 3.00 BTC deposit is mine, so I'm winning! LOL! )

Block #187000 is the ending block, we are at block# 186030.

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June 25, 2012, 01:52:41 PM
 #8

Interesting concept...

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
EnergyVampire
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June 25, 2012, 03:33:38 PM
 #9

Interesting concept...

Thanks Inaba!

I haven't had any bids yet, except for my own unfortunately. I'm not sure if people don't like it, don't like me, or are waiting for the last minute to place their bid(s).

I want to keep it as simple as possible but on a later aution I might add some incentive for early bids.

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June 25, 2012, 03:52:54 PM
 #10

Seems like the last minute is really the only way to go, since any early bids are really meaningless.  It's whoever can snipe the best/most lucky.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
EnergyVampire
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June 25, 2012, 04:30:08 PM
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Seems like the last minute is really the only way to go, since any early bids are really meaningless.  It's whoever can snipe the best/most lucky.

Yes, it does appear that way.

I did find a couple early bidding strategies which increases the odds of winning though but I'll keep quiet for obvious reasons.

The early bidding incentive I'm contemplating is a combination of ideas from DGM (https://bitcointalk.org/index.php?topic=39497.0) and Options Valuation Methods. So far I'm thinking along the lines of a percentage of the fees divided by shares, where shares per bid is equal to (Bidding Block - Ending Block) IFF it's the highest bid included in the block AND it is the highest bid so far. At the end of the auction the "kickback" is distributed to the shareholders, so if the bid is placed early enough it would be possible to get more bitcoins returned than was deposited (in theory). Plenty of time to bounce around ideas though, so we'll see how this auction goes as is.

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June 28, 2012, 12:54:44 AM
 #12

The idea is nice !

Good luck and i hope you earn some donations
EnergyVampire
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June 28, 2012, 01:32:12 AM
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The idea us nice !

Good luck and i hope you earn some donations

Thank you, smart1985  Smiley

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July 02, 2012, 01:53:59 AM
 #14

Original Auction before modifications:

[Block# 187000] Bitcoin Wallet All-Pay Auction

BTC Wallet: 1AaEsKbEQqaaomybYT7P8YUydSsUyovT7k
Largest bet: 3.00 BTC
Wallet Total: 10.0211 BTC as of Block# 186778
Wallet Tracker: http://blockchain.info/address/1AaEsKbEQqaaomybYT7P8YUydSsUyovT7k

The largest confirmed transaction into the pot from now until we reach block #187001 wins all the Bitcoins deposited into the wallet!
(Minus Fees)

It is that simple, Guys. It is an All-Pay Auction: http://en.wikipedia.org/wiki/All-pay_auction

There are a lot of Bitcoin projects that I would like to support, this is my way of doing so. Donations will go to developers, faucets, non-profits, and any person or project that I like. Please feel free to post your favorite project on this thread for consideration.

  • The payout is 90% of the total amount deposited into the wallet. My management fee is 5% and the remaining 5% will go into the donations wallet.
    There is no maximum bet size, so bet as much and as often as you like.
  • I guarantee a minimum payout of 10 BTC to the winner.
  • Payout goes to the same wallet the transfer came from approximately 24 hours after Block #187001.
  • Any transfers into this wallet after Block# 187000 will be considered a donation.

Winning and payout Example:
Person A Transfers: 10 BTC
Person B Transfers: 20 BTC
Person C Transfers: 30 BTC
Person D Transfers: 40 BTC

Total Deposits= 100 BTC

The Winner would be Person D.
Person D gets 90 BTCs.
Management gets 5 BTCs.
Donation Wallet gets 5 BTCs.

Frequently Asked Questions (FAQs)
Q1: What if there are two or more transfers with the highest amount?
A1: Equal split for the winners.

Q2: What happens to my BTCs if someone makes a bigger transfer into the wallet?
A3: You lose them.

Q3: Where is the wallet located?
A3: The wallet is stored offline.

Q4: Do I need to post here after I make the transfer?
A4: Posting is not required, the blockchain is proof. I would like the winner to post after receiving the Jackpot but the decision is theirs to make.

Q5: Is there a minimum increment amount?
A5: No

Q6: You've been registered on this forum since January, how come don't have many posts?
A6: I like to read more than I like to post.

Q7: Who covers the transaction fee of the jackpot?
A7: The winner

Q8: What is the minimum bet size?
A8: 1 Satoshi although you won't win.

Comments, questions, and suggestions are welcomed!

Cheers and Good Luck!

EnergyVampire

EnergyVampire
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July 07, 2012, 10:52:02 AM
 #15

Okay, so I unlocked this thread and I'm using the other one to keep track of the results and wallets: https://bitcointalk.org/index.php?topic=91137.0

The second auction's balance is 1 BTC atm and we are at Block# 187941. The Ending Block is 188000 so only 59 blocks to go.

Edit: Auction finished, no takers.  Cry

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