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• Replies: 239
• Topics: 21
• Likes Received: 142

• Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

  @deweller "key component of proxy bidding is secrecy. Because all blockchain transactions are public, that secrecy is lost when bidding Counterparty tokens."

  yikes. I wonder if there is some way of mixing/scrambling and or splitting the bids so that the bid can't be figured out?

  Here is idea for starters:

  X Number of LTBc is locked in Escrow before an auction. I could lock say 300,000 But this is not the same as bidding 300,000 .. This is just the pool of LTBc that I can draw from auction.... Escrow is encouraged to be substantially more than your high bid to obfuscate your high bid

  Proxy bidding occurs Off-Blockchain Winning bid releases that number from escrow.

  Easier said than done. Just thinking out loud... I'm not a programmer ;)

  Posted on August 13, 2014 at 4:27 PM
  Currently Live Auctions

• Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

  @rob

  " then I thought a bit more about it. What if they buyer wanted to tip someone with a Bitcoin keychain? Now they could just send the token to anyone's address on the forum, to send a neat gift. The recipient could claim it and get a physical keychain, or they could send it to someone else."

  Awesome, I like your thinking.

  Posted on August 13, 2014 at 3:50 PM
  Currently Live Auctions

• Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

  REFER TO: http://letstalkbitcoin.com/forum/post/auction-vending-machines-are-now-operational?page=5#post-17581 Before Reading

  @rob,

  This is my (non-dev) understanding.

  Proxy Bidding is not being used. I believe it should. Proxy bidding would automatically/automagically adjust a bidder's bid while the bidder in theory would need only place one bid and the highest bid that they are willing to bid on an auction. So as new bidders enter play and so long as your bid is higher than any of the bidders, the bid would be adjusted automatically until the high bid is breached and a new bidder has their high bid registered (rinse and repeat). This is how eBay works.

  • Let's Say the minimum bid is 10,000

  • Bidder Brian Bids 100,000 (this number is secret)

  • Current Bid is now at 10,000 with Brian @ Top Bid of 10,000

  • Bidder Rob Bids 25,000

  • Current Bid is now at 25,250 with Brian @ Top Bid of 25,250

  Notice that although Brian bid 100,000 that Brian could possibly win the auction with a bid of 25,250!

  THE CURRENT SYSTEM

  The current system registers the bidder's high bid without "stepping" up.

  • Let's Say the minimum bid is 10,000

  • If Bidder Brian Bids 50,000

  • Current Bid is now 50,000

  • Bidder Rob Bids 75,000

  • Current Bid is now 75,000

  • Bidder Brian Bids 100,000

  • Current Bid is now 100,000

  The current system encourages multiple bidding rather than placing a single bid. And I believe to answer your (and @jamesmm ) question (and I could be wrong in this regards) that in the second scenario ....that my 100,000 bid is essentially competing with my first bid and therefore am Bidding 100,000 on top of the 50,000 of my first bid. If i'm the winning bidder at 100,000 then the 50,000 would be released from escrow (i'm not sure if i'm using this term properly here). Basically I sent 150,000 and 50,000 would be returned to me at the end of the auction. I would have 150,000 wrapped up in counterparty to enable the 100,000 winning bid

  HOWEVER, in theory I could get outbid in a proxy auction ... decide to place a new high bid and the scenario would be somewhat similar to the second scenario---

  I think Proxy bidding is the most fair and convenient way to conduct these auctions. Convenient because under the present setup a smart bidder will strategically place a number of bids and likely stick around to snipe at the end of the auction---lots of time and effort.

  With proxy bidding.. the bidder has the option to just bid as high as they are willing to bid and let the Robots take care of business.

  @rob @deweller
  @jamesmm asked an extremely important question, that I'll reword based on my own lack of understanding how this works (after placing several bids and starting my own auction):

  Let's say I bid 10,000, and I am later outbid, and my next bid needs to be 12,000 to regain the lead, do I send 2,000 more to bid 12,000, or do I have to send 12,000 (which I may not have, since I just sent 10K to lock in my initial bid)? I didn't think about how important Jamesmm's question was, until I started getting hands-on with this. I'm hoping the answer is I'd need to send 2K more to up my bid to 12K, as it makes the most sense to me. Problem is, I don't think it's intuitive, and needs to be explained in detail to bidders. And I'd volunteer to write up instructions for bidders and sellers, if I feel I'm totally understand what's going on.

  I also can't help but wonder if the extremely high bids on the most recent LTB show ad auction were due to the bidders bidding 10,000, then 12,000 as a higher bid, not understanding they needed to bid just 2K on the second bid. @bcohen, is this what you meant, or is this a different theory than yours (on why the bids got so high)?

  REFER TO: http://letstalkbitcoin.com/forum/post/auction-vending-machines-are-now-operational?page=5#post-17581 Before Reading

  Posted on August 13, 2014 at 3:11 PM
  Currently Live Auctions

• Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

  @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
  Currently Live Auctions

• Re: [CLOSED] 100K LTBc Design Logo for my Website

  @hunterxhunter

  you are not late ...but I may be closing the offer to folks who haven't already indicated their interest in the next couple of days and wait until later this weekend to make a decision. :)

  Posted on August 12, 2014 at 4:38 PM
  Offering LTBCOIN For...

• Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

  @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
  Currently Live Auctions

• Re: Jeffrey Tucker on Episode 134

  I think Peter Schiff would be interested in the latest asset listed in Melotic. I could see him issuing his own on Counterparty

  Posted on August 11, 2014 at 8:02 PM
  Listener Lounge

• Re: [CLOSED] 100K LTBc Design Logo for my Website

  In case anyone was wondering what my photoshop skillz are... I altered the box of cigarettes in this article ..original in flickr link on bottom http://letstalkbitcoin.com/blog/post/banks-issue-bitcoin-report-bitcoin-community-absent

  I'm good at altering images...not so good at creating new ones...

  Posted on August 11, 2014 at 6:01 PM
  Offering LTBCOIN For...

• Re: LTBn value per user

  @loon3 these metrics are great thanks

  Posted on August 11, 2014 at 4:33 PM
  Project Development

• Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

  I'm a-o.k. with the current bids. :)

  sent you email.

  Cheers, BC

  Posted on August 11, 2014 at 3:45 PM
  Currently Live Auctions