Topic: Satoshi Auction - Bid on a prize where 98% of each bid is added to the prize. - page 4. (Read 1090 times)

I am afraid some whale could possibly abuse this system, in that case it would not make sense for a person with little money to even participate on this website.

Have you considered to add some random variable to this game, so it can feel more like a gambling experience ?
Perhaps adding some fairly provable multiplier to the bid could help.

Also, it would be helpful if you worked on the web design to make it more user friendly.

I think it may take a lot of efforts to understand this concept too @OP, however I have somehow figured out what it is. Let me share my personal opinion here and correct me where I'm wrong.

The statements I'll be taking are from your website @OP


This means that the bids are final, and nothing will be given back to the bidder in case he loses the auction. Got this point.


Ok, so the starting prize money is 10k satoshis, who pays these 10k sats?
@OP will you pay this for each auction out of your pocket?
What if the total bids are made by just 2-3 members and it doesn't even reach total 10k sats? Won't you lose money?

Let's take this game as an example, there is just one bidder and with just 300 sats, he can win 10k sats.

Why don't you set up a minimum bid column too, so that you can start the auction with a set minimum. And why are the bids transparent? Can't you hide the bids and keep it fair for everyone? If not, why don't you do this as 'lowest and unique bid wins the auction'?
That will give a boost to your game because this maximum bid kinda games were already played in the past and were not so successful.

When we will participate in this game, will the auction starter be allowed to decide the prize amount? Or it stays the same for all the future auctions?


So, aren't we cutting away our own head with an axe by bidding here when someone who wants the prize, comes and manipulates all the previous bids by his biggest bet? Even if the manipulator pushes the bid with just 1 satoshi ahead, he becomes a winner, won't he?


How can there be a tie when the bids are already known?
If not all, you are showing the maximum bid amount, so why would someone place an exact same bid like the maximum one? What's the point here?
And what is this fractional remainder? I mean, what units are counted as fractional remainder here? A few satoshis? uBTC, mBTC, what exactly?

Tbh I'm not so satisfied with the overall concept and I believe that you should make some serious changes before taking these games live as even with an escrow, this can still be manipulated for someone's personal winning agenda and will be unfair to those bidders who made earlier buds but lose due to that last minute bidder who sends a very big bid like (possibly) 0.01, 0.1 or even 1 BTC bid if the winning amount that the auction carries is huge.

The website is totally plain and very simple at its finest. I think I've seen this concept before but I can't remember the exact name of that website that has introduced this game as well.

I suggest that you should show the current and existing block so that potential bidders or betters will have an idea on which it is exactly and everyone will start to rush just to get that exact block as per the rules.

This idea is not new, we had those types of games almost since the beginning of bitcoin.



You can find some trusted escrow services in these thread, they are old but a lot of the listed members still provide such services, just check if they're still active:

https://bitcointalksearch.org/topic/recommended-bitcointalk-escrow-services-2439910
https://bitcointalksearch.org/topic/list-bitcointalks-escrow-providers-ranking-blacklist-avoid-scam-276897

Alternatively you can just start a new topic in the Services section saying that you need an escrow and ask for recommendations.

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I would not recommend anyone to deposit any funds to the OPs game until they use a trusted escrow.

This is your test site and what does it have to do with coinballer.net to your project, or maybe these are two parallel projects since you have created another topic with the same auction scheme here: https://bitcointalksearch.org/topic/coinballer-an-open-source-multi-player-bitcoin-gambling-game-5432506

Thank you for the feedback, I have removed the links to my profile page and removed the profile page from that URL.

I was in discussion with the guy who came up with the idea for the game. We have decided to make an 0.05 BTC escrow with a more trusted member.

If you have any recommendation about which trusted member might be amenable to hold the escrow, please advise.

You definitely don't sound like a native speaker. The "Jack Murray" page looks fake as hell and is unintentionally hilarious. It'll probably work better for you if you just take it off.


If you deposit sufficient funds in an escrow, then I guess all the fake personal info could be forgiven heh

Care to share which trusted member(s) are you in talks with? I don't think there's any reason to keep that a secret.

Thank you so much for your feedback about our red flags.

1 - There is no minimum bid increment. If you can get even a 1 satoshi bid into a block it will be accepted by the website.
2 - We are working on soliciting help from more senior members to gain trust. In the best setting, this will involve a serious escrow with a trusted member of the forum.
3 - Thank you for the feedback. For reference, I am a native English speaker who is 32 years of age. I have updated my personal profile website to remove the immature sounding paragraphs.
4 - I was never a senior developer at Facebook or Google. At Google I was an intern, and at Facebook I was there for 10 months between August 2014 and June 2015. You can call them to check this with them.
5 - I'm glad you could laugh at this. Thank you for the feedback and it has been removed from my personal profile website.

I hope in time we can change your opinion about users depositing their funds with us deserving to lose their funds.


Thank you for the feedback. In particular about this "lucky" factor. It has been noted and we will incorporate this feedback into our future decisions.



Thank you for the feedback, we will consider it. Rounds cannot be cancelled.


Thank you for the feedback, we will take this into consideration when we have more resources for development.

This website is one big red flag:

1 - no clear rules, i.e. regarding min bid increment
2 - no escrow - obviously no serious person would just send their bitcoin to an anonymous person with a newbie account. If you have good intentions - it's no-brainer to use an escrow at least until you build up some reputation on this forum.
3 - AI-generated image and personal description sounding like it was written by an English non-native speaking 10-year-old
4 - extremely basic design and poor wording (see point above) - you'd expect much more from someone claiming to be a former Google/Facebook developer
5 - "I am a proud polydrug user with experience in many classes of drugs. These days I stick to the law to the best of my ability." - LOL

Whoever deposits there - deserves to lose their funds.

the idea itself is something funny and a nice application of betting with blockchain but a whale could easily have a monopole on that game vanishing all players effort to get a result
I think it should be added some "lucky" factor not related only to bigger bets....
24 hours is a long time to place a bet... whales will have time and interest to place a bigger bets even I am not sure most of players will participate since it can be easy get "trapped" with higher and higher amount

I agree with you 144 blocks without bid can be very long, especially if two players don't want to lose the auction(the game) and have a very high bank roll each other. Besides that I don't understand what is the main difference with the other game from OP, the Coinballer https://bitcointalksearch.org/topic/coinballer-an-open-source-multi-player-bitcoin-gambling-game-5432506
And there is no guarantee that the owner or one of his friend won't play and won't simply cancel the round if he's losing.

I just browse your website after reading your OP. The website is lack of clear explanation about the mechanics for this kind of auction game. The minimum bid increments should be determined to know what’s a valid bid or not. Also this additional rule on sniping is very important because this an auction.

I find the extra 144 blocks again as additional block each bid is too long. So an intense battle of bids will take this game forever. Why not set a target block number for the auction date and just set a smart contract that adds few blocks when bid is made 1 to 10 blocks before the deadline.

The bids reset the deadline for the auction to be 144 blocks after the bid is received. Therefore there cannot be any sniping.

I’m not concerned on the minimum bid with this kind of game because this game is an auction which means you just need to bid higher to the current winning bid. The prize pool is not that huge so the OP doesn’t need to be concerned on what will be the outcome.

What I’m concerned on this type game was a whale can monopolize the game by trapping all small time gamblers that making a bet. This is the reason why this kind of game is not that popular anymore. The OP itself can compete to all the bidders while gets 2% commission per bid.

What’s the rule for sniping bids?

Welcome to the forum, and if this is an auction, then I would like to formulate its rules more precisely, to begin with, what is the minimum auction bid and as I understand it, the last one who made a big bid wins judging by the course of the auction #7, which is actually indicated, there is simply no minimum bid.

https://satoshiauction.net/ is a simple auction website where 98% of each bid for the prize is added to the prize.

Each auction ends after 144 blocks have passed without a bid.

In the case of a tie, funds are distributed equally to the winning bidders and any fractional remainder is left with the host.

We hope you will enjoy the auctions.

Kind regards,
Jack Murray