TWTIA.com - The Winner Takes It All! - Bitcoin Auction Game - page 2.

TWTIA.com

newbie

Activity: 18

Merit: 0

Quote from: Stedsm on July 02, 2016, 02:56:07 PM

I want to ask that what's that multiple bids that get added to the jackpot?

All the bids form all participants increase the jackpot. Multiple bids means that if your bid is no more the highest bid at some point in time, you can bid again if you want.

Quote from: Stedsm on July 02, 2016, 02:56:07 PM

How can people compete when they will be able to see the current highest bid?

The highest bid is displayed to let participant know which amount they need to outbid in order to win.

Stedsm

legendary

Activity: 3052

Merit: 1273

Good game, but still need to learn before investing.
I want to ask that what's that multiple bids that get added to the jackpot?
How can people compete when they will be able to see the current highest bid?

TWTIA.com

newbie

Activity: 18

Merit: 0

Quote from: DarkStar_ on July 02, 2016, 12:57:45 PM

What an unconfirmed transaction with the highest bid count as a valid bid, or does it have to confirm before it counts? Would be good to have clear rules on that.

Yes, unconfirmed transactions count as bids as soon as they are broadcasted: the time considered for the auction is the "Received time" you can see on blockchain explorers. Just as an example, this specific transaction would be counted as a bid placed on: 2016-06-21 20:37:39

https://blockchain.info/tx/ef330638e69f08504f04709e8237bab69eac5c554228b8ad86925af5b7a119e6

Then the prize is paid to the winner as soon as all the bids included in the jackpot have 3 confirmations.

DarkStar_

legendary

Activity: 2772

Merit: 3284

Quote from: TWTIA.com on July 02, 2016, 12:54:07 PM

About 24 hours to first auction closing, 0.2 BTC are still there up for grabs Wink

Does an unconfirmed transaction with the highest bid count as a valid bid, or does it have to confirm before it counts? Would be good to have clear rules on that.

Edit: Dammit, forgot about sniping the pot. Congrats to the person who win the 0.2 BTC with a small bid!

TWTIA.com

newbie

Activity: 18

Merit: 0

About 24 hours to first auction closing, 0.2 BTC are still there up for grabs Wink

TWTIA.com

newbie

Activity: 18

Merit: 0

Quote from: HostFat on June 27, 2016, 01:05:53 PM

What do you think about making other "auctions" that reset them self at every bid?
https://bitcointalksearch.org/topic/thebutton-gambling-idea-1439839

Thanks for sharing, HostFat! Wink

It seems an interesting game, let me analyze it and I'll give you some feedback.

Quote from: Daffadile on June 28, 2016, 12:40:56 AM

Your site appears to be down.
So this is like bidding on items on ebay ?
That is the general idea right ? Sounds good. Perhaps you should let people buy tokens and bid with those ?

Sorry for the inconvenience, the site is up as of now. Hopefully it was a random network outage only.

Basically you bid for a jackpot of money instead of items (like eBay), and the jackpot grows at any bid. All the losing bids add to the jackpot itself, and at the end the higher bid wins.

Quote from: minime0105 on June 28, 2016, 02:13:26 AM

The site seems down, and i really dont know if this is a good idea, how can we know if you will give back the btc's auctioned?
Can you please give more details with this..haha

I understand you concern, however the same concern applies to basically every bitcoin game, service and exchange

Let's put it in these terms: it doesn't make economic sense to develop a game, build the web site, backend scripts, etc... just to steal 100/200$ (maybe) at the first auction, since if you steal and don't honor the rules of the game of course nobody will want to have any business with you.

minime0105

hero member

Activity: 1246

Merit: 534

The site seems down, and i really dont know if this is a good idea, how can we know if you will give back the btc's auctioned?
Can you please give more details with this..haha

Daffadile

hero member

Activity: 1162

Merit: 500

CryptoTalk.Org - Get Paid for every Post!

Your site appears to be down.
So this is like bidding on items on ebay ?
That is the general idea right ? Sounds good. Perhaps you should let people buy tokens and bid with those ?

HostFat

staff

Activity: 4270

Merit: 1209

I support freedom of choice

What do you think about making other "auctions" that reset them self at every bid?

https://bitcointalksearch.org/topic/thebutton-gambling-idea-1439839

TWTIA.com

newbie

Activity: 18

Merit: 0

Introducing "The Winner Takes It All!", a bitcoin auction game:
http://twtia.com/

How it works:

Dynamic Auctions: auction duration starts at 6 hours, there's no minimum bid and multiple bids are allowed. All bids add up to the jackpot and extend closing time: first bid extends closing time by 15 minutes, second bid by 5 minutes, then all subsequent bids by 60 seconds.

The Winner Takes It All: at auction end, the highest bid wins the entire jackpot. The winning bid is paid back 100%, and 90% of all losing bids are won (5% goes into the next auction, 5% is the house margin).

Fair and Safe: in case of multiple highest bids (same amount) the earlier bid wins. Late bids (transactions arriving after auction end) are not lost, they are automatically considered for the next auction.

Transparent: all bitcoin transactions are in the blockchain, and they can be independently audited and monitored. Amounts < 0.001 BTC are not paid (they go into the next auction).

(IMPORTANT: jackpot is paid out to the address placing the winning bid. Use only wallets that allow you to receive coins from the same address you bid from.)

For any question, clarification, suggestion or feedback please let us know. Good luck!

http://twtia.com/

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