Topic: Satoshi Auction - Bid on a prize where 98% of each bid is added to the prize. (Read 1090 times)

The amount that you wrote, in fact, at the current bitcoin rate, is not at all small.  It's great that you remembered a similar auction.  But apparently, it was probably a very long time ago, back when it seemed to all of us that half a bitcoin or even a whole bitcoin was not that much money.  For some reason, for quite a few years, no one else offered this.  Or I suggest, but we simply were not aware, did not know about it.  It would be nice to study this issue a little and maybe then it will become clear why the initiative did not become widespread and well-known. 

If OP would make such an analysis of the historical data, it would be a good help in further work on the project. 
And then it would be possible to draw a conclusion about the viability of this initiative.

I remembered that there was something similar in the past, too, an auction only limited not by the number of blocks, but by the time of the event, which was reduced as the amount sent by the next auction participant increased, and I even managed to win 0.48 BTC in one of them , but in any case, the idea is worthy of continuation.

https://bitcointalksearch.org/topic/m.11502817

Since OP promises to keep his work on GitHub, open source, this certainly deserves our praise and the approval of the entire user community of our forum. 

I join the general opinion that it may be possible to try to launch, reanimate the project in a slightly more refined form.  And don't drop it completely.  It seems to me that this would be wrong.  Yes, and it's a pity to waste so much of the OP's personal time spent on this work.  Let's hope that we will see a new proposal after some time, taking into account the refinement of the comments and suggestions made by the users of our forum. 
Anyway, well done to OP for opening this thread. 
Thank you!

That's good. So, even though the project may not be actively developed anymore, it will be available for anyone to use, modify, or build upon through its open-source status, which could lead to its continued development in the future by the community. I think it still has value as a reference and starting point for new projects.

Do you have any plans to continue development of the project in the future? Perhaps in a different form?

Hey, thanks for at least trying to bring a new project around here and keeping the source code available for anyone to check. I personally expected to see if it continued to grow.
I understand these projects need to be profitable in the long term, so it is understandable that sometimes things don't work out.

If you ever want to try again with a new project, let us know here or in the service announcement section. Good luck.

Yes, it's open-source and public domain. I'll keep it on GitHub if anybody wants to fork in in the future.

Confidence to the project is one of the way so that they can gain trust so as the project owner they need to show that they are running and offering a good project to the users here. Maybe for now they cannot earn the full trust of all forum users but if they make the operation of this project smooth without issue if there is they can solve it more faster then they can earn that good trust record.

Unless I'm missing something here - the code doesn't matter that much in this case, if at all. You can verify each transaction on blockchain, without the need of having any coding knowledge, and see all the auction bids there. It's more about who controls the auction addresses and whether they'll follow their own rules if the game gets serious and the bids accumulate to a substantial amount.

Too bad the project ended like this, I mean, it was looking nice and had potential, but as you say the trust required is too high, and for that you need a lot of operation time, at least one year up. That's the right way to build trust.

If there could be a way to avoid the risk of the users about the house running away with the money, then people would easily trust the project.

I understand your concerns about building trust, but I believe that with the right approach, your website can be successful. Building trust takes time and effort, but it's not impossible, and the best way is by providing value. Additionally, making your site more appealing by creating a better UI design and other user-friendly features will help improve the user experience and make the site more appealing to potential players. You need to make sure that your game is fun and engaging, and if it's not, then consider making some changes. There are a lot of things you can do to improve the user experience. Have you considered some themes that might make the experience more interesting? For example, Pirate Treasure or Dragons Chest could work well. Or maybe even the Heist of the Century. These are just a few ideas that I came up with, but there are many more.

But at the end, it's your call and your decision will be the best for your project. I hope my suggestions have been at least somewhat helpful to you.

I agree the game itself is risky (like all gambling, which is why I barely gamble), but I'm not bothered too much about the trust. You've invested more in reviews than the total waged amount on your site, and people deposit much larger amounts to their account in brand new online casinos, which adds up to much larger amounts than your site gets for only the running games.

I agree with all this. But I also know I'm one of the few people who doesn't get impressed by a flashy design.

To early to quit you just launch this project here so maybe you need to give a shot to try different strategy and use what other forum members suggest to do so that you can use this to make your project/ business to succeed.

Maybe you are lacking of entertainment value that's why many didn't notice or even participate on things happen on your platform. Reputation can be earn if the owner of the project is honest so do your best to prove that this platform is trustworthy and it provide top quality service.

How will you know if you won't continue? I think it's too early yet to quit this project. Projects like this are kinda rare to see so you shouldn't end this yet. I check the site and I am not bothered about its colour or design. I understand why it looked like that. It is because this was just like a mini-game and there is nothing much the player can do after they sent their bids.

It isn't the same as the online casino so people should expect less. The game is risky but risks are even everywhere. Without risk, we can't gain something. About the trust. You can gain it over time as long as you will operate fairly and players are satisfied about your service.

You have a valid point about the demand for this game is not the high and also I just want emphasize that the main reason why many people don't want this kind of game because this type of game can be dominate by a single wale alone without any chance for a small players to win unless there's an option to limit who will gonna participate on each. Jack point is also true since this game is about escrowing all the players money for the prize pool, We can't deny the fact that this kind of game really needs a high level of trust to become succesful because it doesn't have license to operate and we didn't know anything about the owner. Only the open source code gives us some level of confidence to trust it but normal user will definitely not appreciate it because not all knew how to read and examine code.

@Jack good luck on your future venture on gambling industry.

Sorry to hear that but I dont think it is related to the risk of the game and about too high trust. In my opinion it is more about the attractiveness of the game as your game is quite rare in the industry where not many people understand about the game and unfortunately it is not the current trend in the industry. If you are going to create another project in the future, it is better if you do more researches first to assure that the game you are going to launch is attractive enough.

Exactly. The risks of participating far exceed the potential reward.

On top of that, it lacks the entertainment aspect, that classic games with instant results have. Not only doesn't it stimulate dopamine release, but it's also probably more stressful having to check the results on regular basis for the game that could possibly go forever. Could be fun as a novelty for those who want to test it with small amounts, but not much more.

Better luck next time and try not to put fake info and AI-generated photos, instead of lending you credibility it drives people away. You're better off just staying anonymous.

I'm not sure the site would be a success, even if I did create dark mode, etc.

The game is too risky and the trust required is too high.

So it looks like it's time to end this project.

I will wait for the existing auctions to end and then take the site offline.

Thank you everybody for your feedback.

MY EXPERIENCE/SUGGESTIONS

The site needs a lot more to make it a bit more fun to attract a lot of members, just a few black texts on a plain white board didn't appeal to me, the website still needs a bit of design, I didn't like the overall design. 30/100

A system like this requires a large number of users to function properly. I sent in my bid ($15) yesterday to test the system and was surprised that there was no single counter bid for the entire day, and I received $16 as the pool prize, making me feel like I wasted the entire day. What is a game without competition? I believe the 144 block is too long to make it more competitive; I would have suggested a cut down time for each auction to make it faster and more competitive.

Several documents are missing from the website (no license?) And, since no escrow and I'm sending coins directly to your personal address, what guarantees do I have that if I win the auction, I'll always get my BTC back? I suppose that's why most users only send in a small amount.

There is no online support, no email, no phone number, only a link to a BTT thread? really? If I need to speak with the admin, I must create an account on BTT?

Can we only have 1-2 running auctions with a minimum bid to keep things competitive and fun? e.g

auction 1 ( min bid $50)
auction 2 ( min bid $100)

What exactly are we bidding on? Create something to make it more enjoyable (digital art, avatar, coins, etc.). I can't put money where there isn't happiness.

A dark mode option is required due to the site's design. i almost lost my sight.

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overall; I didn't enjoy my time on the site; it's still far from perfect. good luck

Yes. This is more like a form of all-pay auction, such as the Tullock auction, in which all participants submit a bid and the outcome is determined by the highest bid. However, unlike a traditional auction, in this type of auction both the winning and losing bidders are required to pay the amount of their submitted bids.

Yes.

In a regular auction, you only pay your last bid. Here, you pay every bid. I don't think it really matters, as long as it's clear.