31 May '13, 9pm

BlockRuncom Penny auctions on the blockchain - Bitcoin Forum: It would be interesting if a 1btc pennybitcent a...

Quote from: Jgguy on May 31, 2013, 07:14:28 PM It would be interesting if a 1btc penny (bitcent?) auction was added where each bid was exactly 0.01btc (or other small amount), and each bid reset the 3 block countdown. The last confirmed bid made when the blockrun runs out wins. That way someone couldn't just bid 1btc and ruin it. I could see that going for awhile if there are a few interested parties. #1 problem with that: blockchain spam. even worse than satoshidice #2: Why would any rational person bid on it? Sure, you have a chance of winning, but so does everyone else. It's against a rational actor's interest to enter the auction at early, because the game is all about attrition. Once a person makes his 100th bid, he's making a net loss, and everyone knows that. By entering early, he's putting himself at a disadvantage.

Full article: https://bitcointalk.org/index.php?topic=207725.120

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