https://touchmycoin.com/toptwo/auction/2978touchmycoin has a current auction for 50,000 Cube.
current winning bid is for 41 Bumba,
current Cube value is over 3,000 Bumba.
if you're unfamiliar with the rules, the main thing to be aware of is that the top two winning bids are both taxed towards site profits.
Only the highest bidder wins the auction.
The second bidder will not win anything but may have to pay. No other bid will be required to pay.
If the top bid does not cover house margin then the second bid will have an amount deducted to reach this margin.
The maximum TouchMyCoin may earn is 10% over the cost of the auction item, unless the winner bids more than 110%
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https://touchmycoin.com/toptwo/HowThisWorks.php this auction has completed.
https://touchmycoin.com/toptwo/auction/2978the 50,000 Cube were valued at 2083.33 Bumba, with the final winning bid at 1624.93 Bumba by Ukmayhem.
because this is a top two auction, both the top two bidders had funds deducted for the auction outcome, TouchMyCoin has limited it's profit margin to 10% so Biteme should not have paid the full 2nd bid amount.
to see how much Biteme paid,
first work out 110% value of 2083.33 Bumba = 2291.63
subtract winning bid, 2291.63 - 1624.93 = 666.733
so it seems that Ukmayhem got some cheap Cube, and Biteme paid 666.733 Bumba for coming second and got nothing
dont forget that if the top bid itself is over 110% of market price, then the second bidder has no funds deducted.
but in this case the house profit can be over 10% because it will take the whole bid.
https://touchmycoin.com/toptwo/HowThisWorks.php-note. most auctions are for pissy little amounts
this has a lot to do with it being in beta.
if you join, you will get some free bumba and cube when you create deposit addresses. this should be enough for you to join into a bunch of auctions
