Avalon ASIC Batch #2 Income Sharing; arrived and hashing - page 5.

dchou

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Quote from: ProfMac on May 24, 2013, 03:25:31 PM

I have written some rules for the final heat of this auction. These rules are not live, as I welcome your feedback for a while.

My biggest issue with the partial auction is that it is not transparent enough. Until you can modify TheJuice's auction app to show who the partial winners are, it will be clearer for everyone just to end an auction, issue a new address, and have people bid fresh.

ProfMac

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Quote from: dchou on May 24, 2013, 11:56:17 AM

It goes without saying, that I would like to be issued a refund for my bids today. As I am now out of the top 10 bids, with no intention of bidding higher, my BTC will just be sitting there.

I think the blunder bid, and the non-winning bids are returned and that all is tidy.
If you do not think so now, please let me know.

ProfMac

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I have written some rules for the final heat of this auction. These rules are not live, as I welcome your feedback for a while.

In particular, if there are fewer than 10 partial-winners at the final closing of the auction, I have to decide whether I include other winners to make a total of 10, or whether I return those bids.

If you are a bidder but have remorse, of course you will want to have me return those bids.
If you are a bidder who thinks you got a wonderful deal, you will want me to declare a total of 10 bidders, or even more, as winners.

So. please feel free to read the language off the link and have your say. As always, I will read what you write, and change what I do, but perhaps not in the way you hoped.

When this goes live, I will start a new topic and post it's link in this thread.

dchou

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It goes without saying, that I would like to be issued a refund for my bids today. As I am now out of the top 10 bids, with no intention of bidding higher, my BTC will just be sitting there.

dchou

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Quote from: ProfMac on May 21, 2013, 12:33:07 AM

partial ending
People were asking for the auction to end but I was not ready to end the whole auction. I happened to notice that changing the number of winning bids moves the boundary at the bottom of the list. However, the list has a top as well as a bottom. So I thought, I'll just shorten the list at the top, and the people at the very top are now final winners, they are no longer active bidders in the auction, and they can't lose their place. So I suddenly have this idea of partially ending an auction. I have never heard of this idea before, and I would be grateful for any reference to it that anyone knows about. I think this gives certainty to those people who want it.

A partially ended auction does mean that some of the status is not visible in the block-chain. I don't like that. However, I think it would be very peculiar to send serious bids back to the bidders, and ask them to turn around and re-bid at a different address. So, for now, there are 3 bids that are final winners, 7 bids that are winning but not final, a new block number to make an additional bidder into a final winner, and some of that information is here in the discussion and not in the block-chain itself.

The partial auction also creates problems. It's not easy for a bidder to see just by looking at the blockchain who has already won. In our case, there was no need to outbid any of the top three bids in order to win the 2nd partial auction. But now that they are outbid, any new bidders will not understand the minimum bid that they will need to win the 5th share (Since the first 4 slots have already been won).

Pistachio

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I hope this means that bids lower than the top six will be either accepted or refund now. Several of these bids have been in limbo for six weeks and it does not look like they will win this auction after dogie's bids. That is unless you are willing to extend the number of slots up for auction.

Quote from: dogie on May 23, 2013, 08:10:54 PM

Quote from: dchou on May 23, 2013, 08:07:40 PM

Each bid represents 1% of his Avalon.

You need to send 5 bids of 1.4 BTC each from 5 separate addresses in order to do this.

Well I followed his instructions and it only provided me 1 address to send from. He knows what my intentions were/are and can either accept [email protected] or refund to [email protected]. Up to him if he wants the money or not.

sealkid

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Honk, honk!

Quote from: Rampion on May 24, 2013, 04:32:24 AM

Prof, your method is so complicated that most interested buyers just do not take the time to learn and understand it. Just think about newbies, who are normally the most willing to pay huge amounts to get hold of some hashrate, for them the blockchain auction concept + your complicated rules + a non defined ending date is too much to handle (I know you have now decided to end at a certain block, but still it was not clear from the beginning).

The truth is that your methodology rewards the ones that take their time to understand it, as they will have cheaper prices than they will find in other auctions. On the other side, is not so good for you, because making things so complicate just reduces what you are going to get for your Avalon shares.

When selling/auctioning, there is a rule of thumb that never fails: the simpler, the better Wink

- I'm sure that was one of the success basis of CoinHoarder's huge Avalon group buy.

I very much agree and must confess to being one of the people that may benefit from the cheaper prices that may arise in this auction. I hope that doesn't make me a bad man! I'm feeling slightly guilty about other bidders possibly not having their bids accepted either because they misunderstood the methodology or the end time wasn't clear to them.

My guilt aside Roll Eyes

, as it appears to me at the moment, the bid from 1CwLwBgR16urEkcL5Su3LkzA7RYYqyjHy4 of 1.265 BTC at block 237591 wins a 1% share. Auction ended at block 237601 with no further bids up to this point.

Lets see what ProfMac has to say.

Rampion

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Quote from: ProfMac on May 23, 2013, 01:51:17 PM

Quote from: sealkid on May 23, 2013, 01:37:21 PM

I would say that it is time consuming but worthwhile to read through the entire thread. I did so several weeks ago and am glad I did. Not only does this give a learned understanding of a fairly new (to the best of my knowledge) and inventive concept of using the block chain to perform auctions, it also offers the chance to buy shares of an Avalon ASIC that is confirmed batch 2 and shipping soon at a considerably lower price (right now anyway) than some other auctions taking place for batch 2 and 3 Avalon ASICs. Bids can be in increments as low as 1 satoshi, compared to higher increment auctions that only accept 0.1 or even 0.25 BTC increments, which are too high IMHO.

For more tl;dr minded folks out there, this tool provided by TheJuice is highly useful - http://blockchainauctions.com

Submit 17DCms43Vu2yusDjmpjHJuZihSSWkNzgSH as the auction address.

I do hope the price rises to par with the other auctions Grin

Prof, your method is so complicated that most interested buyers just do not take the time to learn and understand it. Just think about newbies, who are normally the most willing to pay huge amounts to get hold of some hashrate, for them the blockchain auction concept + your complicated rules + a non defined ending date is too much to handle (I know you have now decided to end at a certain block, but still it was not clear from the beginning).

The truth is that your methodology rewards the ones that take their time to understand it, as they will have cheaper prices than they will find in other auctions. On the other side, is not so good for you, because making things so complicate just reduces what you are going to get for your Avalon shares.

When selling/auctioning, there is a rule of thumb that never fails: the simpler, the better Wink

- I'm sure that was one of the success basis of CoinHoarder's huge Avalon group buy.

dogie

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Quote from: ProfMac on May 23, 2013, 07:48:45 AM

edited:
ROTFL
Too long; didn't read.
"omg you postwench. i can only say one thing in response - tl;dr"

Getting a short answer from a professor is like getting a thimble-full of water from a fire-hydrant.

This is why I don't read lecture notes Wink

tldr, something something thermoforming

dogie

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Quote from: ProfMac on May 23, 2013, 08:24:22 PM

Quote from: dchou on May 23, 2013, 08:16:24 PM

Yes, in fact there will still be 6 outstanding 1% shares. But in order to bid on each share, it needs to come from a unique address.

I'm going out for a dinner date with my wife. I can't really stay and deal with this.

I think it is obvious to everyone that the very generous bid is a mistake. I will refund it.

I also think that the auction was closed when he made the bid. I will look more carefully when I return, but I think it closed at block ...601.

Anyway, please discuss it but don't freak out. I'll do the right thing.

Have a good time, you can resolve this tomorrow there is no rush. If I was in time then hurrah, I thought it was extended to 610? If not then poo Sad

I'd still like to bid for [email protected], obviously it didn't go in right but can you accept it in this fashion? If not, please refund down to [email protected], easiest pay out address is 1DPyN58w62Bz5KF1AG96CKefvww6giRAHX

dchou

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Quote from: dogie on May 23, 2013, 08:23:41 PM

Quote from: dchou on May 23, 2013, 08:16:24 PM

Yes, in fact there will still be 6 outstanding 1% shares. But in order to bid on each share, it needs to come from a unique address.

You can stop stirring shit now, the Prof will sort it when he comes on.

I think I will change my handle to shit-stirrer

Seriously though, just trying to help clarify for everyone.

ProfMac

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Quote from: dchou on May 23, 2013, 08:16:24 PM

Yes, in fact there will still be 6 outstanding 1% shares. But in order to bid on each share, it needs to come from a unique address.

I'm going out for a dinner date with my wife. I can't really stay and deal with this.

I think it is obvious to everyone that the very generous bid is a mistake. I will refund it.

I also think that the auction was closed when he made the bid. I will look more carefully when I return, but I think it closed at block ...601.

Anyway, please discuss it but don't freak out. I'll do the right thing.

dogie

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Quote from: dchou on May 23, 2013, 08:16:24 PM

Yes, in fact there will still be 6 outstanding 1% shares. But in order to bid on each share, it needs to come from a unique address.

You can stop stirring shit now, the Prof will sort it when he comes on.

dchou

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Yes, in fact there will still be 6 outstanding 1% shares. But in order to bid on each share, it needs to come from a unique address.

dogie

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Quote from: dchou on May 23, 2013, 08:12:50 PM

Further more, the following 3 bids have already one his first partial auction. No one needs to outbid them.

14Zqn3i1iDJzmkFCRjVqDe4YqgkrrmyEYd 1.23359794 BTC
1Fu4JaynbQrtkSPN73uoDqEPAxyzVfsqLu 1.2141 BTC
1cCXNG5mNFkErBWtCLaVLA9fZrGAzFCB1 1.211 BTC

Blockchain bids are binding, so this should be interesting.....

He said there are 5 more shares actively auctioned. 1 Locking in soon, 4 more by/during 5/24/13

dchou

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Further more, the following 3 bids have already one his first partial auction. No one needs to outbid them.

14Zqn3i1iDJzmkFCRjVqDe4YqgkrrmyEYd 1.23359794 BTC
1Fu4JaynbQrtkSPN73uoDqEPAxyzVfsqLu 1.2141 BTC
1cCXNG5mNFkErBWtCLaVLA9fZrGAzFCB1 1.211 BTC

Blockchain bids are binding, so this should be interesting.....

dogie

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Quote from: dchou on May 23, 2013, 08:07:40 PM

Each bid represents 1% of his Avalon.

You need to send 5 bids of 1.4 BTC each from 5 separate addresses in order to do this.

Well I followed his instructions and it only provided me 1 address to send from. He knows what my intentions were/are and can either accept [email protected] or refund to [email protected]. Up to him if he wants the money or not.

dchou

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Each bid represents 1% of his Avalon.

You need to send 5 bids of 1.4 BTC each from 5 separate addresses in order to do this.

dogie

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Quote from: dchou on May 23, 2013, 07:49:34 PM

Congrats Dogie, you've just paid 7 BTC for 1% of a 65 ghash Avalon.

Profmac, I think using one posting thread to hold partial auctions of 10% of an Avalon is much too confusing for anyone to sort through. Even if someone reads the entire thread, there have been too many edited changes that no one knows what they are bidding on.

I do like using the blockchain, but this thread now holds your initial fixed price auction, your partial auction for 10% of your Avalon for 3 winners, and now for 1 additional winner.

It would seem to be easier to stop the auction and create a new thread and new address for the remaining 6%.

7btc for 5%... ie 3.25 GH

dchou

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Congrats Dogie, you've just paid 7 BTC for 1% of a 65 ghash Avalon.

Profmac, I think using one posting thread to hold partial auctions of 10% of an Avalon is much too confusing for anyone to sort through. Even if someone reads the entire thread, there have been too many edited changes that no one knows what they are bidding on.

I do like using the blockchain, but this thread now holds your initial fixed price auction, your partial auction for 10% of your Avalon for 3 winners, and now for 1 additional winner.

It would seem to be easier to stop the auction and create a new thread and new address for the remaining 6%.

Topic: Avalon ASIC Batch #2 Income Sharing; arrived and hashing - page 5. (Read 23457 times)