Topic: New auction for a gold coin on bidding pond! (Read 1262 times)

Less than 2 hours left, guys.

Given that bitcoin will probably be wildly deflationary for at least a few years, it might be nice to add "reverse auctions" to your site, where buyers can name something they're looking to buy and invite asks from interested sellers.

Done.

Since you are following this thread biddingpond, can I ask you to edit my auction and add the following paragraph at the end ?

Please do not bid if you don't really intend to buy the coin, or if you don't own the amount of bitcoins you are about to bid.  Do not make a bid based on your expectation of the currency exchange at the end of the auction.   Only bid the amount of bitcoins you currently own, and that your are willing to give in order to get the coin.

Although not needed this will be added by the end of the day for the sake of being more explicit.


Update:
Done.

"By clicking the button below, you commit to pay the full 1.00 BTC thus buying the item from the seller if you are the winning bidder . Please DO NOT bid if you don't intend to purchase this item. Please understand that clicking confirm below is an agreement between you and the seller to purchase the item if your bid is the winning bid. It is recommended NOT to bid based on your expectation bitcoin value and to only bid a quantity that you are sure to have at auction close."

It's an understandable beginner's mistake by Patrick, and Grondilu's response is the correct one. BiddingPond might want to consider adding a phrase "even if the value of a bitcoin changes" to the confirmation dialog box, just to make this clear.

I come from a family of auctioneers, this dude would be banned from their sales for this sort of move.

Patrick obviously wouldn't make much of a currency trader...

I answered a question about this coin but I forgot to make it public, so I publish it here:

>> Message posted From: [email protected]
>>
>> Hi Grondilu,
>>
>> I wouldn't usually ask this sort of thing, but due to extenuating circumstances
>> it's become necessary.
>>
>> When I originally bid on your gold coin (101BTC), I was bidding with the
>> expectation of 1BTC=1.80USD. About $180USD was the most I was willing to bid on
>> the item.
>>
>> Now that 1BTC=3.57USD, I cannot afford my bid. I did not anticipate a rise from
>> $1.80/BTC to $3.57.
>>
>> I realize that this is request could be damaging to my reputation on
>> BiddingPond or in the BTC world, but I simply cannot afford to pay $360 for an
>> item on BiddingPond at the moment. I don't have that kind of disposable income
>> this month.
>>
>> I sincerely apologize for the inconvenience that I'm sure this will cause for
>> you, and I would be willing to pay you several BTC for lost time if you find
>> that to be necessary.
>>
>> Thanks for your time and understanding,
>>
>> Patrick
>
> Hi,
>
> thanks for noticing that you won't be capable of fullfilling your bid. In case
> you are not overbidded, the auction will simply be cancelled, and I will have
> to give you a negative rating. Sorry about that.
>
> Note for other bidders: please do not bid a bitcoin amount you don't actually
> own or that you are not really willing to pay. Do not make a bid based on your
> expectation for currency rates at the end of the auction. Failure to do so will
> damage your reputation as a buyer. Only bid a bitcoin amount you currently own
> and that you are willing to give in order to get the item.

http://www.biddingpond.com/item.php?id=514

I'll add more pictures on this thread, because I'm not too happy with the pics I've used on the site.

Happy bidding!