Hey there @aaronsuncamacho.
The Morphene auction format is slightly different than a traditional online auction such as eBay. This format is more similar to something like QuiBids.
The consigner can create an auction with 0 MORPH if they wish. But as you said, who would bid 1 MORPH to win .9 MORPH?
The user does not select an amount for a bid. The bids are all worth 1 MORPH.
Example:
Consigner makes an auction with a initial fee of 100 MORPH and a duration of 5 minutes. 1000 bids are placed on the auction from various bidders. The auction now has a value of 1100 MORPH.
Consigner receives 10%, 110 MORPH, winning bidder gets 90%, 990 MORPH. Consigner made 10 MORPH profit for just starting an auction.
Example 2:
Consigner makes auction worth 10 MORPH, and a 10 minute duration, it gets 1000 bids, and a value of 1010 MORPH.
Consigner gets a whopping 101 MORPH, winning bidder gets 909 MORPH.
This auction format is often referred to as penny auctions.
We have plans to implement the various other types of auctions such as eBay style, but we want to have a working reputation system for such a thing first. The current auction format requires zero trust, so reputation is useless.
Also, don't tell anyone I told you, but there likely will be some whale creating a lot of large payout auctions in the system with no expectation of return. What a fun token delivery mechanism! ;)
Thanks for the clarification.
It appears that winning this type of auction is primarily a matter of timing. You have to be there last person to bid without anyone else bidding after you.
Bots will be created to scan all auctions and snipe a last bid to win. The bots don't sleep so they will beat humans at this. But, if there are multiple bots that don't sleep it will become a contest to see who runs out of tokens first.
Will you be blocking bots somehow?
If not, will bots ruin the game for humans? Bots seem to only help those who a. Believe in using them, b. Have the knowledge to build them, c. Can afford to pay for them to be built.
I am interested to see how it turns out and eager to start auctioning kilos of kratom on the platform once that is possible.
BTW, I accept STEEM and most crypto for kratom here: https://kratom.rhizohm.co
Onward and Upward!
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