I am running an auction. To the winner, I will send a manalink for Ṁ1000. This market resolves based on the number of valid bids. The rules are as follows:

This market is one in a series of different types of auction. This auction will be structured as a second-price sealed-bid auction or a “Vickrey auction.” If you would like to participate all you have to do is send me a manalink equal to the amount you would like to bid (the minimum is just Ṁ10, but you can only place 1 bid). You can do this on Discord (DesTiny#9607). Once I claim your manalink, your bid is confirmed.

After closing I will go through each bid amount and find the highest and second highest bid. After this I will pay the winnings to the person with the highest bid. The difference is that the winner will only have to pay the same amount as the second highest bid. When I do all this I will publicize the bid and give out the winnings. In this auction no bid will be public until the end unless done so by that bidder themself.

An example auction, Alice sends me a manalink for Ṁ100. Alice has the highest bid. Bob then sends me a manalink for Ṁ200, and Bob has the highest bid. Even if Alice learns that her bid has been overtaken she may not rebid her opponent. Steven decides to put in a 350 bid. If no one outbids Bob by market close, I will send him Ṁ500, and I’ll send back the difference of his bid to the second highest bid (Ṁ150) making his actual paid amount Ṁ200. This gave him an overall profit of Ṁ800 even though his bid was Ṁ350.

To be clear, your bet will not be public until the end of the auction, so the goal of the auction is to bet as low as possible while still having the highest bet. All unsuccessful bids (anyone’s bids that didn’t win the auction) will be returned. If you have any questions please ask.

Thanks to @yaboi69 for coming to me with the idea for these markets!

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