Post
Topic
Board Announcements (Altcoins)
Re: [DVC]DevCoin - Official Thread - Moderated
by
sidhujag
on 27/05/2014, 04:53:39 UTC
I am really confused about the auctions site?

When do the auctions end? The timer keeps resetting, but you said I was about to win the first auction a couple of days ago and I have no idea how this would happen since the auction has not reached your reserve (which is unknown so could be $10 for all I know) and the whole thing just starts for another 69 hours again when it gets to 0.

Instead of being transparent and simple this is complex, confusing and it is very unclear how funds are actually handled/applied to these auctions.

I am sorry if that sounds blunt or causes offence but I have done a bit to support this project, I dont care about winning the auction or not, this is about the confusion and obfuscation that is frustrating for me and so, potentially frustrating for others.

 I never reset the timer for the gift card you were winning. The other auctions for example the miner I reset it because we are running campaigns and instead of ending them I simply started them again for another week. If I let them end then we wouldn't have any auctions on an auction site! These ones are nowhere near reserve so I thought I would extend.. but I'm thinking of letting some of them expire and refunding the bids for them if they don't reach reserve this time. Sorry if this caused some confusion... I hope you see why I did this.

You were winning the gift card one and the reserve was 0.14 which you must have seen when you bid on it and it turned green instead of red. It's not in reserve status anymore. There is no choice but to relist the item if it doesn't reach the reserve. The other option is to let the auction expire and sell the miner for $0.22.. that's not happening.

The whole point of a silent reserve is so that users won't know what it is and keep bidding until its reached. It's like the ebay reserve. But it is something like 1% of the retail price on average so def not enough to say its way too high and stop people from bidding on the thing they want.

Now with the buy it now, really if you were a regular user you can essentially either win things for cheap or buy them at cost if you were going to go out and buy it anyway.

Hopefully the confusion will go away as time goes by as more people join and start bidding. I will get more items especially when devcoin funds some items... I even plan on having non-reserve auctions once in a while to draw interest, but only after we reach a milestone like 500 active bidders or something.

I will keep improving the interface, add email notifications to the watchlist/bid list, send out regular emails as part of these campaigns so on so on, so you're not left out of the loop.