Auction Prize: 100.0 HIVE valued at ~100.0 Hive.
Current Final Price: 0.49 Hive.
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Woohoo, nice!
That was the final bid I was going to do and I hoped people would forget about it, lol.
Very happy I won :) Thanks!
Congrats! You will go down in history as the First Winner of hiveauctions! :)
I was in it, but you were the one to win it. Way to go 😃👍
Yes, or wait for another auction to give it a try. It's up to you how aggressive you want to be.
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To support your work, I also upvoted your post!
Hard to say, it depends on how many bids and their timing. I accidently put the auction up under my test conditions so it was initially setup really short, but as long as people keep bidding, it will get extended.
i noticed it keeps postponing every time someone bids lol
it will take forever to close
It gets extended 1 hr, if there are more bids it gets extended less. I may tweak the times but it is difficult in Hive to fully mimic Penny Auctions due to the small user base. This is an experiment and I will adjust depending on how it plays out. I also plan on running multiple auctions at once if it is popular enough. As well as far larger auctions for like 1,000 Hive and larger prizes.
the fun part of an auction is at the end when users have to race to get their bids in... maybe make some conditions that engage this part of the auction idk :)
As the bids go up, the amount the auction extends goes down. I might cut all the times in half, but I just don't think there are enough users here to sustain very low times. Penny auctions worked off 10 second auctions with 10 second extensions, but that would be impossible here.
I'm not sure how long it will last, it is an experiment. I would prefer to shorten the time increments a lot, but it wouldn't be sustainable as there isn't enough users to keep it active long enough to cover the prize.
wold be great if you have a web page like
https://curation.zuun.net/rewards
showing the position of each bidder
It was just a quick test to see if it would be viable on Hive, it obviously isn't.
Was wondering if you're going to do it once again or not?
I wouldn't say it's not viable, just not with the conditions you tried with imo.
If a ticket costed 2hive, it would have been viable or if the prize would have been 50hive or...
Anyway, it will always be some kind of 'chanche' and I would understand if you don't want to risk it finetuning the concept.
I wanted to keep it cheap so anyone can do it. It's just not a large enough user base to keep an auction going long enough to break even. The time extensions have to be much shorter, but then it will be even worse for how much it loses.
I might run another, but I just really don't feel it is a fit for here.
You're definitely true that it's not that easy and I get it that you don't want to throw more wealth into the bottomless well to find the perfect 'rules'.
Maybe when the bullrun (for hive) is in full force, it would work better ;)
Anyways, I liked to follow it and will keep an eye on it ^^
The original idea is based on 10 second auctions with 10 second extensions when someone bids. I tried to make it more viable for blockchain and Hive in general giving it more time. I had 1 hour extensions but as more bids get in, it would reduce to 30 minutes, 15 minutes, and 7 minutes, but enough bids never got in. If we didn't throw a couple bids in there, it would been over with a 90% loss.
I am tempted to try again starting with 30 minute extensions, to see if that is better, but I don't think the result would be much better. It just isn't the same thing when the auction takes so long to complete, it really needs to be 5-10 minute extensions at most, but it would probably run out with 80-90% loss which just isn't sustainable.
Yea, I agree that such time spans wouldn't work. We're way too small in terms of activity for that. I still think it was a great experiment!
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