## 1320 ASICMINER DIRECT SHARES @0.29[btc] - 7 DAYS AUCTION - ESCROW POSSIBLE ## - page 8.

jimmothy

hero member

Activity: 770

Merit: 509

Quote from: gurcani on November 29, 2013, 04:43:50 AM

Consider the case for instance someone bids 1320 shares at 0.4? Anyone else has to bid higher than him. so the table gets filled with 0.41s, 0.42s etc.

Then the initial buyer just withdraws in the last minute. and eventually we find out that was the seller himself (or a friend). The seller manipulates the market with zero consequences.

So binding auctions protect the both the buyer and the seller. If the seller and all the other buyers play by the rules, you have to play by the rules as well.

Although I don't condone shills you really shouldn't be bidding more than you think it is worth.

gurcani

full member

Activity: 167

Merit: 100

Consider the case for instance someone bids 1320 shares at 0.4? Anyone else has to bid higher than him. so the table gets filled with 0.41s, 0.42s etc.

Then the initial buyer just withdraws in the last minute. and eventually we find out that was the seller himself (or a friend). The seller manipulates the market with zero consequences.

So binding auctions protect the both the buyer and the seller. If the seller and all the other buyers play by the rules, you have to play by the rules as well.

101111

hero member

Activity: 525

Merit: 500

Quote from: bitdude on November 29, 2013, 04:22:47 AM

Quote from: David Chen on November 29, 2013, 03:16:08 AM

if the market price is 0.3 ,the auction price here is more than 0.31, then what would you do ? I am sure most guys will buy it directly on markets even he didn't cancel his bid.
IF I obey the rule strongly, Then I will just let the my bid here let it be , and wish I would be kicked out, it's a smart choice.
but what if I am not kicked out finally, I am sure I just have no more BTCs to buy there shares even I really want to pay them to obey the rule.
Also, I know reputation is really important for the bitcoiner , but I think it's not just simply about "obey the rule".

whatever, cancel my bid is the best choice both for the seller and buyer. If people stick to say " you should obey the rule,anyway" , then I say sorry for that... In this situation , I just don't know "what's the right thing to do" , also it's maybe one of the problems of 7 days period of auction....

Well, if you think a couple of bucks is more worth than your word and your reputation, then what you say makes sense. Just please make sure you don't bid in my auctions. Thanks.

+1

bitdude

sr. member

Activity: 277

Merit: 254

Quote from: David Chen on November 29, 2013, 03:16:08 AM

if the market price is 0.3 ,the auction price here is more than 0.31, then what would you do ? I am sure most guys will buy it directly on markets even he didn't cancel his bid.
IF I obey the rule strongly, Then I will just let the my bid here let it be , and wish I would be kicked out, it's a smart choice.
but what if I am not kicked out finally, I am sure I just have no more BTCs to buy there shares even I really want to pay them to obey the rule.
Also, I know reputation is really important for the bitcoiner , but I think it's not just simply about "obey the rule".

whatever, cancel my bid is the best choice both for the seller and buyer. If people stick to say " you should obey the rule,anyway" , then I say sorry for that... In this situation , I just don't know "what's the right thing to do" , also it's maybe one of the problems of 7 days period of auction....

Well, if you think a couple of bucks is more worth than your word and your reputation, then what you say makes sense. Just please make sure you don't bid in my auctions. Thanks.

fuji

newbie

Activity: 8

Merit: 0

Quote from: fuji on November 26, 2013, 08:11:51 PM

Been kicked out...and re-bid now

18 @ 0.31

I notices you have mistaken my bid for “20 @ 0.31”, please make correction since after I've been kicked off, my re-bid changed to 18 @ 0.31 since I have limited amount of BTC on hand now.

fhh

legendary

Activity: 1206

Merit: 1000

Quote from: David Chen on November 29, 2013, 03:16:08 AM

if the market price is 0.3 ,the auction price here is more than 0.31, then what would you do ? I am sure most guys will buy it directly on markets even he didn't cancel his bid.
IF I obey the rule strongly, Then I will just let the my bid here let it be , and wish I would be kicked out, it's a smart choice.
but what if I am not kicked out finally, I am sure I just have no more BTCs to buy there shares even I really want to pay them to obey the rule.
Also, I know reputation is really important for the bitcoiner , but I think it's not just simply about "obey the rule".

whatever, cancel my bid is the best choice both for the seller and buyer. If people stick to say " you should obey the rule,anyway" , then I say sorry for that... In this situation , I just don't know "what's the right thing to do" , also it's maybe one of the problems of 7 days period of auction....

there is one simple rule for everyone taking part in an auction: DON'T spent coins you need to fulfill your bid!!!!

bublus7

newbie

Activity: 13

Merit: 0

Some of the people that got outbid posted new bids at higher levels of price. It was perfectly normal to do so.
But when it comes to canceling auction bids, this always re-activate older bids and good faith buyers might find out in the end that they would have to buy more shares than they ever planned. What should they do, cancel some of their bids too?! Who is keeping track of all the mess? It would take weeks to sort this out and get firm confirmations from all buyers...

This is why bids have to be binding, the rule is logical.

David Chen

member

Activity: 91

Merit: 10

if the market price is 0.3 ,the auction price here is more than 0.31, then what would you do ? I am sure most guys will buy it directly on markets even he didn't cancel his bid.
IF I obey the rule strongly, Then I will just let the my bid here let it be , and wish I would be kicked out, it's a smart choice.
but what if I am not kicked out finally, I am sure I just have no more BTCs to buy there shares even I really want to pay them to obey the rule.
Also, I know reputation is really important for the bitcoiner , but I think it's not just simply about "obey the rule".

whatever, cancel my bid is the best choice both for the seller and buyer. If people stick to say " you should obey the rule,anyway" , then I say sorry for that... In this situation , I just don't know "what's the right thing to do" , also it's maybe one of the problems of 7 days period of auction....

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: jimmothy on November 29, 2013, 01:33:20 AM

Quote from: dmcdad on November 29, 2013, 01:27:01 AM

Guys, there is no canceling an auction bid. You have to wait until you are outbid if you want out of the auction. Not playing by those rules is going to hurt the confidence people have in you for further dealings...

Well technically it is not a rule and it is better he cancel the bids if he cannot possible pay for them now.

Although cancelling because you simply changed your mind is definitely bad auction etiquette.

From first auction post i.e. rules of auction, specified by seller:

Bids are binding.

So technically, yes it is a rule, because the seller gets to the make up the rules of his own auction.

And yes the guy that pulled out did simply "change his mind", he decided to ignore his binding bid here and buy elsewhere.

Legally of course nothing to be done, but its definitely more than "bad auction etiquette". And people that do that deserve the rep they will end up with.

Bids are binding. Its a very simple rule.

empoweoqwj

hero member

Activity: 518

Merit: 500

+1

You can't stop people cancelling their bids with a range of excuses, but you can never deal with them again ;-)

Quote from: dmcdad on November 29, 2013, 01:27:01 AM

Guys, there is no canceling an auction bid. You have to wait until you are outbid if you want out of the auction. Not playing by those rules is going to hurt the confidence people have in you for further dealings...

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Speaking of auction rules. I'm assuming that top bidders would get filled at lowest possible price although it's not that much of a difference but still every little bit helps.

jimmothy

hero member

Activity: 770

Merit: 509

Quote from: dmcdad on November 29, 2013, 01:27:01 AM

Guys, there is no canceling an auction bid. You have to wait until you are outbid if you want out of the auction. Not playing by those rules is going to hurt the confidence people have in you for further dealings...

Well technically it is not a rule and it is better he cancel the bids if he cannot possible pay for them now.

Although cancelling because you simply changed your mind is definitely bad auction etiquette.

dmcdad

sr. member

Activity: 302

Merit: 250

Guys, there is no canceling an auction bid. You have to wait until you are outbid if you want out of the auction. Not playing by those rules is going to hurt the confidence people have in you for further dealings...

David Chen

member

Activity: 91

Merit: 10

I have bought all 170 shares on havelock, so pls cancel my [email protected] bid . sorry for that....

toffoo

sr. member

Activity: 408

Merit: 261

75 @ 0.32 BTC

explorer

legendary

Activity: 2016

Merit: 1259

Quote from: David Chen on November 29, 2013, 12:17:01 AM

it seems that the auction is done ? I have bought a lot in havelock...

The auction runs another day and a half. there are no shares left to bid on at .29, you have to up the bid to jack the shares from one of the listed targets. I mean buyers Grin

David Chen

member

Activity: 91

Merit: 10

it seems that the auction is done ? I have bought a lot in havelock...

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Quote from: tinus42 on November 28, 2013, 01:55:59 PM

Sadly I have to withdraw my bid. Don't have spare BTC anymore. Sad

Normally bids are binding... so guys please only bid if you have the bitcoins.

Quote from: David Chen on November 28, 2013, 08:54:13 AM

actually, the 25% yearly dividend is meaningless at this time. we actually just bet if Friecat be back again in the next spring of 2014. I just take the bet, I know it's high risk. But my cost of BTC is really low, so it's easy to me to take the bet.

Yes... betting was done all the time but the shareprice was bound to the divs all the time. Probably the traders that looks for the yearly return are more than the one betting.

New status:

Code:

1320 Direct Asicminer Shares					
					
Price	Amount	Bids	Total	User-ID	Username
					
0.33	1	1	1	137510	jimmothy
0.33	17	1	17	119418	User705
0.33	20	1	20	66038	data
0.32	16	1	16	124426	atomicchaos
0.32	30	1	30	104287	sleger
0.32	18	1	18	23054	mumchristmas
0.32	10	1	10	92749	damiano
0.32	12	1	12	18668	greatscott
0.32	40	1	40	56886	fhh
0.32	150	1	150	35308	kaerf
0.32	3	1	3	83868	vortex1878
0.32	130	1	130	66041	chriswilmer
0.32	7	1	7	106031	saffron
0.31	10	1	10	99161	BTCLondon
0.31	170	1	170	130397	David Chen
0.31	4	1	4	169396	pishish
0.31	15	1	15	168752	sochee
0.31	20	1	20	89079	TaaviK
0.31	40	1	40	88753	freedomno1
0.31	5	1	5	125959	Tafelpoot
0.31	105	1	105	85989	Juzzers
0.31	75	1	75	92839	Ajay
0.31	45	1	45	64957	Aruut
0.31	30	1	30	138652	hotpoonis
0.31	25	1	25	90703	sooraw
0.31	4	1	4	143170	cacalillos
0.31	35	1	35	88390	KarmaShark
0.31	20	1	20	90215	pierrejo
0.31	20	1	20	152395	fuji
0.31	25	1	25	78929	superbit
0.31	2	1	2	89388	dnaleor
0.31	25	1	25	106038	spartan82
0.31	1	1	1	22116	_mr_e
0.31	3	1	3	40879	bitdude
0.31	30	1	30	103925	whalezy
0.31	157	1	157	26684	bitsalame
					
Shares gone:	1320				
Remaining Shares:	0

tinus42

hero member

Activity: 784

Merit: 501

Sadly I have to withdraw my bid. Don't have spare BTC anymore. Sad

whalezy

member

Activity: 103

Merit: 10

your cost of BTC is not lower than anyone else, no matter how cheap you got them, they can be sold at same price now.

Topic: ## 1320 ASICMINER DIRECT SHARES @0.29[btc] - 7 DAYS AUCTION - ESCROW POSSIBLE ## - page 8. (Read 19950 times)