BlockRun.com - Bitcoin Auctions - page 4.

Mitchell

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Quote from: dogie on May 22, 2013, 01:04:24 PM

Quote from: dipsy on May 22, 2013, 12:47:33 PM

The winner makes money, as long as their cumulative bids do not add up to more than the price of the product.
We make money if all the bids add up to more than the price of the product. Otherwise we make a loss, which is fine.
Losers lose their bids in order to subsidise a cheap prize for the winners.

It is completely sustainable if we make more profits on all auctions than losses; in the long-run we hope this to be the case but are also happy to cover any losses.

ONE winner makes money. The other bidders get NOTHING for the money they put in.

That is exactly what he said.

dogie

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Quote from: dipsy on May 22, 2013, 12:47:33 PM

The winner makes money, as long as their cumulative bids do not add up to more than the price of the product.
We make money if all the bids add up to more than the price of the product. Otherwise we make a loss, which is fine.
Losers lose their bids in order to subsidise a cheap prize for the winners.

It is completely sustainable if we make more profits on all auctions than losses; in the long-run we hope this to be the case but are also happy to cover any losses.

ONE winner makes money. The other bidders get NOTHING for the money they put in.

dipsy

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The winner makes money, as long as their cumulative bids do not add up to more than the price of the product.
We make money if all the bids add up to more than the price of the product. Otherwise we make a loss, which is fine.
Losers lose their bids in order to subsidise a cheap prize for the winners.

It is completely sustainable if we make more profits on all auctions than losses; in the long-run we hope this to be the case but are also happy to cover any losses.

dogie

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The problem with this is that either the collective bidders make money, or you do. Neither is sustainable.

dipsy

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Thanks for bidding

Occasionally our blocks fall behind on the auction page. However, if it is confirmed on the chain, the site will process all the blocks as they come and the same rules apply; we are simply looking whether transactions (bids) are in blocks or not.

Mitchell

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My bet on the Nexus isn't visible, but it has conformations: http://blockchain.info/tx/a0cce40535884477a3107b11ceb66d5a0d24b494433c16c9260f3cc95ee3c147
I bet 0.014BTC, so it's higher then the one from that other guy.

EDIT: Nvm. it has been handeld.

dipsy

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Thanks Niel! We will look at those countries and see if we can ship in future.

@Grue
How is it a scam? We offer a prize to the winner, and either make a profit or loss on the auction.
All bids are in the blockchain and everyone plays by the same rules of the blocks counting down..

Another Nexus 4 Auction will be ending soon;
http://www.blockrun.com/auctions/lg-google-nexus-4-16gb-1

NielDLR

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Good implementation! Especially the signing part there. Clever use of the Bitcoin protocol.

I'm a little bit bummed that you don't ship to other countries (South African currently living Taiwan, so both are out of the question).

grue

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it's pretty much a scam.
https://en.wikipedia.org/wiki/Penny_auction

at the best, it's gambling

dipsy

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A bid is only valid if it has 1 confirmation. We show pending bids as an indicator of what is happening, but your bid must be in a block for it to count.

An auction can end with pending/unconfirmed bids as these are not yet in a block, so don't count. If the auction ends (after 3 blocks with no bids) and your bid gets confirmed a while afterwards, we will refund the bid.

If there is only 1 block left on the auction, you could add a miners fee to increase the liklihood of your bid being accepted into the next block.

yacare

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What happens if a bid takes a LONG time to get confirmed?
For example, if someone makes a winning bid, but id doesn't get confirmed before the 3 empty blocks for the previous confirmed bid?

Can the auction end with unconfirmed/pending bids?

dipsy

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I agree that the address can be confusing, so we will change this.

If you double-click, you should be able to select the address. We'll also look at changing the "copy" icon to something more obvious.

Thanks for the feedback, it's much appreciated!

yacare

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In CryptoEnergy we trust

A few comments:

1- On how_it_works example, you have an adders to copy (step 2), but then it sends the bid to a different adders (step 4). That may confuse someone...

2- On my actual browser+resolution I can't see the full bidding adders (just part of it), and I can't select to manually copy (Ctrl + C). The copy button works, but it is not very clear/instinctive, maybe you can replace the icon for just "copy", and allow selection for manual copy as well.

Mitchell

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Quote from: dipsy on May 21, 2013, 12:53:48 PM

Only the highest bid wins, all other bids are lost. So, for example if somebody bid BTC3.00001 on the Nexus auction, the current high bidder (BTC3) would lose and BTC3.00001 would be the highest (and maybe winning) bid.

At the moment we are making a loss on each auction, but that's fine as we are just getting started. Eventually we hope that the sum total of all the bids on an auction will be worth more than the item for sale.

Hmm, I see. Well if your site gets big, you could earn some decent cash from it. Goodluck!

dipsy

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Only the highest bid wins, all other bids are lost. So, for example if somebody bid BTC3.00001 on the Nexus auction, the current high bidder (BTC3) would lose and BTC3.00001 would be the highest (and maybe winning) bid.

At the moment we are making a loss on each auction, but that's fine as we are just getting started. Eventually we hope that the sum total of all the bids on an auction will be worth more than the item for sale.

Mitchell

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How can you profit of something like this? How do you pay for this?

dipsy

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Sure:
https://twitter.com/greenglue/status/336649024549560320

On the chain:
http://blockchain.info/address/1Run2RUNo7bw1MB6dR2nNkdU1DNxE5Zwv

Welsh

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Quote from: dipsy on May 21, 2013, 12:30:40 PM

Only 2 blocks left to win a brand new Nexus 4:
http://www.blockrun.com/auctions/lg-google-nexus-4-16gb

So far we have given away BTC6 for a total of BTC0.123 Wink

We need proof. The 'Bitcoin' bids have been a few days now, I want to see transaction proof, and I want the person who received it to say that they received it.

dipsy

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Only 2 blocks left to win a brand new Nexus 4:
http://www.blockrun.com/auctions/lg-google-nexus-4-16gb

So far we have given away BTC6 for a total of BTC0.123 Wink

dipsy

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Activity: 210

Merit: 100

Nope, of course somebody will win.

Each new bid that comes in at the end extends the auction by 3 blocks. The winner is the highest bidder before 3 blocks with 0 bids.

You can see from the page that the auction is now "blockrunning"; http://www.blockrun.com/auctions/5-bitcoins

It will count down 3 blocks, 2 blocks, 1 block, win. Unless of course a new bid gets accepted into a block, in which case the countdown will reset to 3 again.

Topic: BlockRun.com - Bitcoin Auctions - page 4. (Read 4068 times)