We just launched a site called EOSTime. We host provably fair auctions where you can bid small amounts of EOS to win a larger amount of EOS in a real-time auction. They work like penny auctions whereby any bid placed in the final seconds of an auction resets the timer to give others a chance to bid while eliminating network latency as an issue (i.e. everyone can get a bid in if they want). When the timer runs out, the last bidder wins. I will be editing this topic and adding much more information, but I wanted to post now because we have an auction scheduled to end in about 5 hours and 15 minutes (about 14:10 UTC 1/31) where you can win more than 40 EOS. Check it out here:
https://eostime.ioI like this idea but what about all the bidders who don't win? Do they get their invested EOS back so they can bid again or is it like a lottery system?
It works like this: Part of each person't bid goes into the prize pool (we vary the % based on how much EOS we put into the initial prize pool - we are still experimenting) and the remaining portion of the bid goes to a dividend account. Each time you bid, win, or for each second in the lead, you receive TIME tokens. The bulk of the dividend account is paid back to TIME token holders proportional to their ownership at the end of the day. Only 1 person wins each auction, but EOS flows back to all players via this TIME token mechanism.