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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🏅 Top traders
| # | Name | Total profit |
|---|---|---|
| 1 | Ṁ446 | |
| 2 | Ṁ18 |
@DesTiny 6 people bet yes and only 4 people placed bids, lmao. I only bid M$10, you didn't need to make a big bid to count, guys!
@Adam Yoav didn't even bet yes, so if every one of the yes-bettors had bid something, this would have resolved yes 🤣
500 Vickrey, my bid was 999
760 FPSBA
1337 For English
So 403 mana profit, plus 72 profit done on markets.
1337 for English was overkill, I had 1200 in mind then added 137 for the mème.
I wanted to secure english as the most costly auction. A 1001 english bid could have been surpassed for cheap by one FPSBA bid or two cooperative bids on Vickrey.
I don't think these types of auctions work no one will make any relevant profit out of it. Someone will probably bid 1k and pray that the second highest bid is below that so they actually make any profit or they will overpay. It's a cool event but if the prize is only 1k the outcome will always be the same
@Simon1551 now if it was 10k or higher it would be more interesting because not everyone has that amount at hand
@DesTiny okay maybe 10k is too much but you can agree that 1k is too accessible and there's no room for real profit which was the initial intention right?
Or we maybe it was your plan to progressively work your way up there cause I doubt people would trust you with that amount of money because it's a high price sort of.
@Simon1551 I'd agree with you that it doesn't work very well because of how low it is, but I think the bigger problem is the fact I'm auctioning something that has a strict, exact amount. Like no one is going to pay 1.5k for 1k mana because there is no reason to. But let's say it was some actual item, then I think the auction would work effectively. But I'm not sure what I would sell, and how legal that would be
@DesTiny That's true but I'm sure that we could find a way to restrict the value of the bid or the amount of bids allowed in a way that leaves a possibility to make profit.
I doubt you could get people interested in a certain object so that they would actually bid. Maybe if you convinced one of the devs to implement unique features and put them in auction.
@Simon1551 I agree with ur first bit because I think there is probably some way to make it possible to profit, but I just haven't found it. I still think it would be way more interesting with an actual item being auctioned. I think it might be possible for the devs to do something though I'm not sure they'd care. My first thought was a gift card but I think that would count as redeeming mana for money, and I'm not sure the legality of it. It just has to be something virtual because I don't want people giving me their address lol
@DesTiny I was thinking more about a unique title or a more personalized profile or something like that maybe a personalized badge different from the "trustworthy-ish"