closed Reverse auction!

[Longjon]

Hi TSF members! 
For a bit of fun, and curiosity on my part, i’m going to try a reverse auction on this much coveted gem of a 1oz silver round. The merry Christmas Taz, bullion condition, comes in a commemorative purple velvet Warner bros box. 
Now the rules are simple, lowest bid wins! That’s right, LOWEST. 
Price starts at £30,

here’s the catch,

all bids must be in decrements of 1p, one bid at a time. so 2nd bid will be £29.99 then £29.98 etc.  
so I could end up giving it away for free!

winner pays postage of own choice and risk, payment by BT only.

Reverse auction starts now and ends tomorrow, Wednesday the 12th April at 9pm. Any bids after 9:01pm won’t count.

Happy bidding. 
 

 

Edited April 11, 2023 by Longjon
Error

[MikeG1978]

So if I am correct £29.99 

[HonestMoneyGoldSilver]

OK I'll start you with £30. Now if we can all just spam the life out of this and put in 3,000 bids 😁

[Bigbug]

29.99

[Fadeingstar]

Think this has gone wrong already

 

Edited April 11, 2023 by Fadeingstar

[Longjon]

Well If it stays at £29.99 Mikeg1978 is the winner. 

[Solachesis]

I understand it and have contemplated such an idea for fun before. If its a highly desirable item, people will likely be swarming to spam little bid increments to bring the price down. However, if its not, they may not bother, especially if the increments are too small, e.g. needs 100 bids to reduce by £1. Then the first few people will likely get the coin at a normal, to high price. Which is of course good for the seller. 

Anyway, GLWS! 

[Longjon]

2 minutes ago, Solachesis said:

I understand it and have contemplated such an idea for fun before. If its a highly desirable item, people will likely be swarming to spam little bid increments to bring the price down. However, if its not, they may not bother, especially if the increments are too small, e.g. needs 100 bids to reduce by £1. Then the first few people will likely get the coin at a normal, to high price. Which is of course good for the seller. 

Anyway, GLWS! 

I am prepared for it to go to zero, just a bit of fun really, see how it goes.  

[Solachesis]

4 minutes ago, Longjon said:

I am prepared for it to go to zero, just a bit of fun really, see how it goes.  

Yeah I didn't mean to imply there was any malicious tactics at work or anything, with such an auction there is the possibility it goes massively under the value. What put me off trying myself was finding the balance between length of auction, increments, and item desirability. As you said it's a bit of fun

Edited April 11, 2023 by Solachesis
.

[Paw]

Btw today is Tuesday. Does it end tomorrow or Thursday? 😄

[Longjon]

6 minutes ago, Paw said:

Btw today is Tuesday. Does it end tomorrow or Thursday? 😄

Sorry, it’s tomorrow. I’ll edit it. 

[margin]

Can the price go negative i.e. you have to send the coin and pay the winner?

[Longjon]

1 minute ago, margin said:

Can the price go negative i.e. you have to send the coin and pay the winner?

😂 no sorry. 

[Paw]

29.98 to keep the motivation xd.

[MikeG1978]

29.97

[Paw]

29.96

[MikeG1978]

29.95

[Paw]

29.94

[James32]

@SlowFrog

[Mrpound]

Will this not be against some sort of forum rules …….. 29.93

[Paw]

Noooo, 29.92

[dmcac]

£29.91

[Paw]

29.90

[dmcac]

29.89

[Mrpound]

29.88