Topic: 10 lots of 1,000 CK gold each -> 2014-10-25, 19:00 GMT - page 3. (Read 3383 times)
1,000 @ 0.26
... all winners pay the same amount per lot (the price of the highest non-winning bid).
Emphasizing this important difference from the last auction for clarity.
Might you explain why the difference is important?
It discourages strategic bidding and encourages people to bid what they actually think the gold is worth. Of course, you can't force people to bid that way, just create the incentives.
An example of the difference would be that lets say I think the gold is worth 1 XMR. So I bid 1 XMR for all 10k. No one else thinks it is worth more than 0.5 so that is the highest losing bid. Under the old rules I pay 1 XMR, which penalizes me for bidding my actual belief (I could have bid 0.5 or 0.51 and still won). Under the new rules I pay 0.5, which does not penalize me.
For some references, see
http://www.eecs.harvard.edu/~parkes/cs286r/spring07/papers/myerson.pdf
http://arxiv.org/pdf/0906.1019v1.pdf
Sorry for the hijack, this is the last post I make on the topic.
About 3 days left until the auction ends.
Situation currently:
1,000 @ 0.40 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.25 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.23 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.22 dnaleor
1,000 @ 0.21 Riccardo, Earl of Forte Spagnolo (fluffypony)
5,000 @ 0.20 HM The King
----------------------------------
5,000 @ 0.20 HM The King
If the auction would end now, the price would be 0.20 XMR/CKG.
Situation currently:
1,000 @ 0.40 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.25 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.23 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.22 dnaleor
1,000 @ 0.21 Riccardo, Earl of Forte Spagnolo (fluffypony)
5,000 @ 0.20 HM The King
----------------------------------
5,000 @ 0.20 HM The King
If the auction would end now, the price would be 0.20 XMR/CKG.
... all winners pay the same amount per lot (the price of the highest non-winning bid).
Emphasizing this important difference from the last auction for clarity.
Might you explain why the difference is important?
It discourages strategic bidding and encourages people to bid what they actually think the gold is worth. Of course, you can't force people to bid that way, just create the incentives.
An example of the difference would be that lets say I think the gold is worth 1 XMR. So I bid 1 XMR for all 10k. No one else thinks it is worth more than 0.5 so that is the highest losing bid. Under the old rules I pay 1 XMR, which penalizes me for bidding my actual belief (I could have bid 0.5 or 0.51 and still won). Under the new rules I pay 0.5, which does not penalize me.
... all winners pay the same amount per lot (the price of the highest non-winning bid).
Emphasizing this important difference from the last auction for clarity.
Might you explain why the difference is important?
... all winners pay the same amount per lot (the price of the highest non-winning bid).
Emphasizing this important difference from the last auction for clarity.
1000 @ 0.22
Reserve bid submitted for clarity:
10,000 @ 0.20 HM The King (rpietila)
Proxy bids (these will not be raised):
1,000 @ 0.40 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.25 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.23 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.21 Riccardo, Earl of Forte Spagnolo (fluffypony)
10,000 @ 0.20 HM The King (rpietila)
Proxy bids (these will not be raised):
1,000 @ 0.40 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.25 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.23 Riccardo, Earl of Forte Spagnolo (fluffypony)
1,000 @ 0.21 Riccardo, Earl of Forte Spagnolo (fluffypony)
This is an ingame item. Please see the rules of the game, Crypto Kingdom Version 1: Genesis, before making a bid.
It is advisable to read the game thread also, starting from the announcement that it accepts characters, at least.
As part of the HM The King's gold sales, mandated by the rules, 10 lots of 1,000 units of CK gold each, will be offered for auction.
By buying from this auction, you may also be entitled to the "MEW bonus" and "early poster" bonus that will automatically be added to the gold you have bought. (Note: you get more gold, not pay less.) This is likely the last chance to receive the "early poster bonus".
The bids are to be given in the following format: "quantity @ price (XMR)". For example "2000 @ 0.25".
The reserve price is 0.20 and no more than 2 decimals, so the bidding starts at 0.21. The last auction on Wednesday closed at 0.26.
Higher bid wins over lower one, earlier bid wins over later one, and all winners pay the same amount per lot (the price of the highest non-winning bid).
The right to participate in the auction is limited as follows:
- if it is not legal for you to do so, cannot participate
- negative trust rating, cannot participate
- Full Members or lower, limited to 1 lot
- Senior Members or higher, or existing players of the game, limited to 10 lots (all).
The winners who are already not characters, will be created characters in the game after they pay for the gold and supply the character stats (age, sex, nick).
Auction closes 7 pm GMT Saturday, BCT server time, or one minute after the last winning bid (in case a winning bid was submitted during the last minute, the auction lasts as long as there are no new winning bids submitted in one minute since the previous one).
Gold bought in this auction must be paid in 24 hours in monero (XMR). XMR can be bought with BTC here. Non-payment is considered default and results in forfeiture of game assets, or denial to enter the game at a later time, as well as loss of reputation and trust rating.
HM The King reserves the right to make clarifications.
It is advisable to read the game thread also, starting from the announcement that it accepts characters, at least.
As part of the HM The King's gold sales, mandated by the rules, 10 lots of 1,000 units of CK gold each, will be offered for auction.
By buying from this auction, you may also be entitled to the "MEW bonus" and "early poster" bonus that will automatically be added to the gold you have bought. (Note: you get more gold, not pay less.) This is likely the last chance to receive the "early poster bonus".
The bids are to be given in the following format: "quantity @ price (XMR)". For example "2000 @ 0.25".
The reserve price is 0.20 and no more than 2 decimals, so the bidding starts at 0.21. The last auction on Wednesday closed at 0.26.
Higher bid wins over lower one, earlier bid wins over later one, and all winners pay the same amount per lot (the price of the highest non-winning bid).
The right to participate in the auction is limited as follows:
- if it is not legal for you to do so, cannot participate
- negative trust rating, cannot participate
- Full Members or lower, limited to 1 lot
- Senior Members or higher, or existing players of the game, limited to 10 lots (all).
The winners who are already not characters, will be created characters in the game after they pay for the gold and supply the character stats (age, sex, nick).
Auction closes 7 pm GMT Saturday, BCT server time, or one minute after the last winning bid (in case a winning bid was submitted during the last minute, the auction lasts as long as there are no new winning bids submitted in one minute since the previous one).
Gold bought in this auction must be paid in 24 hours in monero (XMR). XMR can be bought with BTC here. Non-payment is considered default and results in forfeiture of game assets, or denial to enter the game at a later time, as well as loss of reputation and trust rating.
HM The King reserves the right to make clarifications.
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