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AUCTION VENDING MACHINES ARE NOW OPERATIONAL

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• adam

  

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  Location: California, USA

  @kylerk Still haven't quite answer my question yet, just trying to understand the process.

  Suppose I wanted to make an auction for kylerKoin. I would have to do the following steps.

  -1. Go on counterwallet.co and create a new User Created Asset called kylerKoin.

  -2. Go to auction.letstalkbitcoin.com/ create the auction.

  -3. I haven't seen this part, but there must be a step where I send kylerKoin from my counterwallet.co into the auction as a sort of escrow? It isn't apparent on the "Create Auction" page.

  -4. The auction happens and the kylerKoins get auto sent to the winner, and their payment gets auto sent to me.

  Any steps I am missing?

  Thanks

  Thats it. Now, why would someone buy Kylerkoins? The other parts are as easy as you described but giving people a good reason to acquire them might be more difficult

  For step 3, once you create your auction you are prompted to send the required tokens to start the auction.

  Posted on August 15, 2014 at 7:40 AM
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• Rob

  

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  Posts: 604
  Location: California

  @deweller @adam

  After communicating with Brian Cohen and Paul Boyer, I really think the auction interface needs a little update ASAP, to avoiding bidding confusion. Paul confirmed that he believed his second bid was independent, he did not realize it would be added to his previous bid. And that error is the reason his bid was so high.

  I think such an error can be reasonably attributed to the wording on the auction: "Send a total of at least XXX [full amount of a winning bid) LTBCOIN to [ADDRESS] to outbid the leader." So even someone who has already bid is simply following the instructions when they send the full amount of a new higher bid (rather than the incremental amount). I strongly recommend adding text something like the following to the How To Bid section, to make make it more clear for people who aren't combing this thread:

  If you have already bid on this auction and want to raise your bid, please just send the incremental amount to raise your bid, rather than the full amount of a new, higher bid. Make sure to send LTBc from the same address used before. Each amount you send to this Auctioneer address will be added to forms your total bid.

  Posted on August 15, 2014 at 4:09 PM
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• Rob

  

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  Location: California

  @kylerk

  Let me know if a rundown of my listing experience helps:

  http://letstalkbitcoin.com/forum/post/auction-vending-machines-are-now-operational?page=4#post-17017

  Posted on August 15, 2014 at 4:12 PM
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• deweller

  

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  Location: Nashville, TN

  I clarified the bidding instructions to (hopefully) make it clear that bids are cumulative.

  I also added a FAQ page and linked to it from the bidding instructions. Let me know if you think there are other items to add to the FAQ.

  Posted on August 16, 2014 at 5:46 AM
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• loon3

  

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  Posts: 243
  Location: Rhode Island, USA

  @deweller

  Do the auction vending machines only work with Counterparty assets or do they work with bitcoin too?

  Posted on August 16, 2014 at 6:48 PM
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• deweller

  

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  Location: Nashville, TN

  Only Counterparty assets (e.g. LTBCOIN) may be received as a bid.

  It would be nice to accept BTC as a bid token, though, huh? Or even LTBCOIN and/or BTC. But I'm not quite sure how would that work.

  Posted on August 16, 2014 at 7:03 PM
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• bcohen

  

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  Posts: 260

  would be nice to just scan this page http://auction.letstalkbitcoin.com/ and see which auctions have bids and what the bids are rather than clicking into individual auctions.

  Posted on August 18, 2014 at 4:58 PM
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• deweller

  

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  Location: Nashville, TN

  Agreed, @bcohen.

  I added some more details on the front page list.

  Note that the front page does not automatically update like the auction pages do. You'll have to reload the front page to see any changes.

  Posted on August 18, 2014 at 7:05 PM
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• Rob

  

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  Posts: 604
  Location: California

  @deweller It is very nice to see the bidding levels on the main page, thanks for that update! Is there a way to see old auctions that are no longer displayed on the main auction page?

  Posted on August 21, 2014 at 8:46 AM
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• Rob

  

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  Location: California

  Sorry to pile on, @Deweller...

  A really nice thing to add, a TIME LEFT countdown timer for each auction (so a bidder can confirm the time zone calculation is correct), or just know at a glance (w/o doing any time zone math) how long until the auction ends.

  Perhaps a line about bidding time being affected by the randomness of block time should be included, or a "SEE FAQ" mention, or something. I wouldn't want to add a new confusion for bidders thinking the countdown means they have until the last second.

  Posted on August 21, 2014 at 12:16 PM
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