TOPIC: $8k Super Condensed Auction - CANCELLED

Dragon6483 wrote: The point being, in a no reserve ebay style, that’s how it mechanically works. If you meet your funding goal and something sells for lower than market, that’s how it is,

Of course that's how it is. I never disputed that in the case that the auction is funded that they go for whatever the winning bid is. My point is rather that the reserve price of the auction itself is sufficient reserve without the additional assumption that unbid tokens have a reserve of $0. And to back up this point, I have evidence that bidders truly didn't believe that reserves were $0, because one person bid on a PYP and expected the price to increment by $5, even though they were the first bid.

They knew that the market would not bear a price below $100. If they thought otherwise, they would have expected the increment to be $0.25 or even $1. This is why I trusted the community to set price floors.

no idea what you mean by the reserve price of the auction itself...since there were not reserves unless I missed something. Point being, no one comes in and bids 1.25 max on mystic silk as the first bid and expects that to be used as a starting point, which is what I'm understanding is one of the points of contention. I would expect it to be 25 cents and then when a second bidder comes in, the hierarchy begins. Again, people are just pointing out that the rules state that and that is the general assumption of the public as a result.

big snip from a very long post:

Matthew Hayward wrote:
I get the sense that some bidders have been trying to take advantage of me as a new player running an auction, because the bidders who are complaining are clearly in the minority, and everyone else seemed to understand that no reserve does not mean a reserve of $0.

snip

1st of all welcome to the forums Noah, not sure if that's honestly been said or not.

That said I'm sorry but i do have to point out one sentence in the above quote that did bother me as a fairly long term formite, auction bidder (but not in this one).

For me the reason i didn't bid was while i'm always glad to welcome new players it take a while before i trust them (and you by extension) with upfront cash. Nothing person but until i get to know you i won't bid. I saw your post and moved on. I'll gladly take a bet that I wasn't the only one. Honestly would've helped a bit i suspect if your long term TD playing friend had did a immediate hey by the way i'm vouching for Noah and feel free to bid when your auction post went up in or even as a hey folks pay attention to my friend who's new to the forums getting ready to run auction. Would've put some folks at ease i suspect.

I'm glad you were enthusiastic enough to dive deep into tokens. That's absolutely awesome. However right or wrong i don't blame folks for being annoyed that you haven't followed what's become common auction practices with bids (ie the initial bid is bid increment to start with and then up from there).

I gladly respect and agree that you've got the right to run your auction anyway you want but please if it differs from the common 'template' at this point please note it right up front from the get go. That applies to you and others who run an auction.

I wish you good luck and have fun in the dungeon.

Matt wrote: Honestly would've helped a bit i suspect if your long term TD playing friend had did a immediate hey by the way i'm vouching for Noah and feel free to bid when your auction post went up in or even as a hey folks pay attention to my friend who's new to the forums getting ready to run auction. Would've put some folks at ease i suspect.

You didn't see post #2? I'm not an old timer with tons of cred, but I've been here since '17, and a bidder in a number of auctions.

Anyway, I agree that the problems seems to be from not being 100% percise on the original auction rules. I missed it as well, chock it up to a first time auction. I support him in cancelling the auction, maybe he'll try again later. -- I hope people won't judge Noah (or I) too harshly for this snafu.

oopses do happen. several folks have had to cancel auctions. we all learn from them.

This definitely was a matter of confusion over a) how other auctions are run and b) how this one was meant to be run.

I'm sure everyone here is pretty frustrated but I don't think anyone meant any harm.

I was Alpha, I bid $110 max on a single PYP, and exchanged PMs with the auctioneer over confusion on the auction rules.

And this all reminds me of one of the most important internet rules when joining a new community: Make sure you take some time to learn the rules that community runs by.

I can see where Noah thought their rules were clear, but the important part he is missing is that this community has multiple years of auction being run in a different manner (and that he used a copy/paste of those rules with a less than complete understanding of how they are interpreted by the community).

We (most often) use an Ebay model here. If an item is listed with no starting value, the starting price is, indeed, assumed to be one bid increment (typically 25 cents). If someone bids $9 on aragonite as the first bid, until a second bid comes in, that item is listed at $0.25. Once a second bid comes in, the value jumps to (lowest of the first two bids plus one bid increment). So if the second bid is $5, then the price goes to $5.25. If it's $15, then the price is $9.25. If the second bid is exactly $9, then the price is set to $9, with the first bidder winning (here's where the idea of rewarding early bids enters into play).

The 'danger' of an item selling for way below market is mitigated by having the overall reserve of ~$7,500. PYPs are never going to go for 25 cents because there is no way that they won't get bid up to the $100 range in the process of getting the overall auction up to it's $7,500 base.

Welcome to the forums, Noah. Sorry that this one didn't work out for you.

I'll look out for your auctions should you choose to run one again. Good luck with your future TD endeavors.

I look at every auction because obviously we can always use more tokens but I always turn away from an auction that has more than one bid increment away for winning bids. In this case when I saw the 12$ for one bidder for 1k bars and another getting them for 5.25 I immediately stop following the auction and I’m not the only one if previously failed auctions that do this are any indication

Miathan wrote: I look at every auction because obviously we can always use more tokens but I always turn away from an auction that has more than one bid increment away for winning bids. In this case when I saw the 12$ for one bidder for 1k bars and another getting them for 5.25 I immediately stop following the auction and I’m not the only one if previously failed auctions that do this are any indication

There is a very significant counter argument for this though. Let’s say I have the winning bid on 40x 1k bars at $14 and it’s currently at $10. Now someone comes in and bids $15 on 2 1k bars. You’re screwing me pretty hard (to the tune of $152) if you bump the bid to $14 on my bids on the other 38 bars that the new bidder has no intention of purchasing.

My reaction in that situation is generally to PM the auctioneer and ask questions.

NightGod wrote: And this all reminds me of one of the most important internet rules when joining a new community: Make sure you take some time to learn the rules that community runs by.

I can see where Noah thought their rules were clear, but the important part he is missing is that this community has multiple years of auction being run in a different manner (and that he used a copy/paste of those rules with a less than complete understanding of how they are interpreted by the community).

We (most often) use an Ebay model here. If an item is listed with no starting value, the starting price is, indeed, assumed to be one bid increment (typically 25 cents). If someone bids $9 on aragonite as the first bid, until a second bid comes in, that item is listed at $0.25. Once a second bid comes in, the value jumps to (lowest of the first two bids plus one bid increment). So if the second bid is $5, then the price goes to $5.25. If it's $15, then the price is $9.25. If the second bid is exactly $9, then the price is set to $9, with the first bidder winning (here's where the idea of rewarding early bids enters into play).

The 'danger' of an item selling for way below market is mitigated by having the overall reserve of ~$7,500. PYPs are never going to go for 25 cents because there is no way that they won't get bid up to the $100 range in the process of getting the overall auction up to it's $7,500 base.

100%...anyone can run any type of auction methodology they want, it just needs to be clear and included in the rules. I think the intent of the seasoned auctioneers trying to help can be easily misinterpreted by someone who has not experienced how supportive this community actually is. It always seems crazy in the beginning to see those low values, but it levels out.