AUCTION VENDING MACHINES ARE NOW OPERATIONAL

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• ney

  

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  cheers

  Posted on August 12, 2014 at 12:10 AM
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• sbatz72

  

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  Okay, so I read the notification about the auction. I was a little late this week and have been outbid my budget on both. I do not think I fully understand. We are no longer participating in the LTBc forum to earn points? We just bu the sponsor add and this is where I get a little confused. I do not have a website, or anything. I have no reason to sponsor the LTBc podcast at this moment.

  Posted on August 12, 2014 at 3:28 AM
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• bcohen

  

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  @adam

  the bid bounty was returned to me. I wasn't expecting all my LTBcoin to be returned to me.. I thought it would subtract out the bid bounty. It appears my entire bids were returned to me after the auction (I lost both auctions). Is that right? (maybe it is!)

  Posted on August 12, 2014 at 4:35 PM
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• sbatz72

  

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  @kerneloops

  @sbatz72 Okay, so I read the notification about the auction. I was a little late this week and have been outbid my budget on both. I do not think I fully understand. We are no longer participating in the LTBc forum to earn points? We just bu the sponsor add and this is where I get a little confused. I do not have a website, or anything. I have no reason to sponsor the LTBc podcast at this moment.

  The LTBc rewards for participation and content creation are still the way to earn LTBc. The automated auctioning takes over the previously manually handled auctions. So keep on participating and creating content as planned, and should you find a need to advertise something, or want to have an hour-long chat with Adam, use the LTB Auctioneer.

  Thank you so much for clearing this up. At present I am swamped with end of the term homework, though. I do not think I will be doing much participating this week.

  Posted on August 12, 2014 at 6:08 PM
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• Rob

  

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  @bcohen the bid bounty was returned to me. I wasn't expecting all my LTBcoin to be returned to me.. I thought it would subtract out the bid bounty. It appears my entire bids were returned to me after the auction (I lost both auctions). Is that right? (maybe it is!)

  I think it actually makes sense, as you paid a bid bounty when you bid higher than the previous bidder, but then you received the same bounty (since it's a fixed number) when you were outbid. Which makes me wonder what the bid bounty is supposed to do -- I would almost except it to be percentage based, and each looser actually gets a tiny bit more bid bounty than they put in (if the goal is to encourage bids). Can @adam or @dweller explain the purpose/goal of the bid bounty? Is it functioning correctly when it's a net zero prospect for people who don't win?

  BTW, why do you think this auction was so high? I think it was a lot higher than previous, if my recollection is correct. Could the automated auction be the sole reason? Or just a coincidence? An interesting difference with these auctions is they don't tell us all who is bidding/winning, which makes it a bit more opaque (though research may or may not answer that question, if the bidding address is publicly connected to someone).

  Posted on August 12, 2014 at 6:11 PM
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• bcohen

  

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  @rob "BTW, why do you think this auction was so high?"

  because it wasn't a proxy auction (like eBay).

  Discussed Here

  http://letstalkbitcoin.com/forum/post/auction-vending-machines-are-now-operational?page=2#post-16287

  I hope it will be a proxy auction in the future.

  Posted on August 12, 2014 at 6:19 PM
  Last Edited: August 12, 2014 at 6:20 PM
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• Rob

  

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  I just set up my first auction

  and here are some thoughts…

  http://auction.letstalkbitcoin.com/auction/bitcoin-keychain-by-bkeychain-com-shipped-in-usa
  (starts in about 35 minutes, though I already see a pre-bid, which I wonder if it really differs from a bid during the stated duration?)

  1) it's really quick and easy to set up an auction, and fund it using Counterwallet.
  2) you fill out the form, and THEN you worry about funding it (change your mind? don't fund!)
  3) there doesn't appear to be a way to add a photo, or edit once the text is submitted (feature requests)
  4) I had to pay a .005 BTC fee (currently worth about $2.86, or 3846 LTBc), plus I had to pay 1,000 LTBc (the starting bid -- I guess it's correlated, though perhaps not). I guess the BTC is to cover transaction costs? I'd love to understand what will happen to the LTBc, and why it needed to be collected. Also, that .005 BTC could be a deal killer for an inexpensive item, such as the item I'm selling (I still went through with the auction, just to be hands on). Might be important to work out a minimum bid strategy, knowing that there's a real fixed cost (assuming the BTC doesn't get returned).

  Posted on August 12, 2014 at 6:25 PM
  Last Edited: August 12, 2014 at 6:27 PM
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• jamesmm

  

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  Location: Texas, Block #301130

  I placed a bid, to see how things work. And maybe I'll win a keychain!

  A question I have is, if I get out bid, and I bid again, does it add to my previous bid or is it a whole new bid?

  Posted on August 12, 2014 at 6:41 PM
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• davidareallen

  

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  Location: Canada

  Thanks for the idea @jamesmm

  I am running a test auction (although everyone that bids will be a winner of something):

  http://auction.letstalkbitcoin.com/auction/2-hours-of-time-with-david-r-allen-master-of-the-uni

  And currently I have the top bid, but I also have now been out bid on @Rob's keychain auction so I can test there by over bidding and see what happens.

  When Adam talked about this ecosystem being experimental, he was not kidding!

  Posted on August 12, 2014 at 7:13 PM
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• swindledarrel

  

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  It awesome, great idea

  Posted on August 13, 2014 at 5:31 AM
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