Re: ## 1320 ASICMINER DIRECT SHARES @0.29[btc] - 7 DAYS AUCTION

Quote from: User705 on December 01, 2013, 12:07:14 AM

Quote from: SebastianJu on November 30, 2013, 11:57:04 PM

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Quote from: User705 on November 30, 2013, 11:30:12 PM

Quick question that was raised before by me. There are some overbids here and in general auction rules they simply get filled at lowest available price. Original description doesn't mention that. OP can you clarify how you see it please.

Im not quite sure if i know what you mean but there are 34 bidders that lost their shares completely and didnt bid back in. One guy lost 2 of his 3 shares. I still have this list of dropped out shares.

If you mean something different please explain more detailed.

There are a few bidders myself included who have a bid that's above the .32 needed to win this auction. I personally bid higher in order to not have to keep checking and also to be the 1st bidder at that level if it would have gotten that high. In general auctions it's called an absentee bid. And generally if a bidder wins an absentee bid they don't pay the max price they bid but pay the minimum price it takes to win.

What you describe sounds more like a second item auction. (http://en.wikipedia.org/wiki/Dutch_auction#A_second_item_auction)

In a second item auction, the seller offers more than one identical item for sale, so that there may be more than one winning bidder. Each bidder can bid for all the items or only some of them, and publicly indicates the price that he/she is willing to pay for each item. However, all winning bidders need to pay only the lowest qualifying (successful) bid. If there are more successful bids than items available, priority goes to the bidders who submitted their bids first.

In order to beat a competing bidder, one must bid a higher price per item than that competitor, regardless of the number of items that are being bid for.