can somebody explain this concept for me?
Dibbits Auction
Items offered by DIBBIT will allow users to call DIBS by using their tokens. All auctions will start at $1. Each bid will cost 10 tokens. When a bid is placed, item value will increase by $0.01.
In addition to value increase, each bid will add 30 seconds to the auction clock.
The final bid received when the clock hits 0 will award the item at final value to the winner.
Users can bid when they want, as many times as they wish.
if auctions start at 1 dollar does that mean you have to bid 100x10 dibbits =1000 dibbits to bid 2 dollar on an item? Does that mean that luxury items for example diamonds and gold will be sold for a few dollars in auction value but in infinitely more fiat value when viewed from the point of Dibbit exchange value? So in my example, I could be the buyer of a car for 2 dollars, yet if it costs me 1000 Dibbits and a Dibbit is a Dollar I actually paid 1000 dollars for a car that is valued at 2 dollars? Do I understand this correctly?
Dibbits Auction
Items offered by DIBBIT will allow users to call DIBS by using their tokens. All auctions will start at $1. Each bid will cost 10 tokens. When a bid is placed, item value will increase by $0.01.
In addition to value increase, each bid will add 30 seconds to the auction clock.
The final bid received when the clock hits 0 will award the item at final value to the winner.
Users can bid when they want, as many times as they wish.
if auctions start at 1 dollar does that mean you have to bid 100x10 dibbits =1000 dibbits to bid 2 dollar on an item? Does that mean that luxury items for example diamonds and gold will be sold for a few dollars in auction value but in infinitely more fiat value when viewed from the point of Dibbit exchange value? So in my example, I could be the buyer of a car for 2 dollars, yet if it costs me 1000 Dibbits and a Dibbit is a Dollar I actually paid 1000 dollars for a car that is valued at 2 dollars? Do I understand this correctly?
I still find this coin scammy but IF that's true it could be something pretty interesting (and possibly do something for this coin).
