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TOUCH MY COIN
Be the highest bidder at the auction and you can win another coin for under market value.
- The top bidder wins the auction.
- Depending on the value of final bid, the second highest bidder may also be responsible for payment at auction end.
- Auction spaces are color coded to quickly show the state of your bid.
- Green signifies you are top bidder.
- Red signifies you are second bidder.
- Yellow signifies a past bid that is neither top or second.
- White signifies an auction you have not bid on.
- Users bid on the auction item using the bidding coin identified for each auction.
- Each bid requires the bid amount to be available from the user's coin wallet.
- Each successful bid will reserve that amount from the bidders wallet.
- The auction has pre-defined increments for each successive bid, and will automatically adjust values.
- As soon as a bidder is outbid from first or second highest bid, their reserved coins are freed up for further bidding.
- When the closing auction timer is about over, any additional bid increases the timer by 30 seconds.
- Only the highest bidder wins the auction.
- The second bidder will not win anything but may have to pay. No other bid will be required to pay.
- If the top bid does not cover house margin then the second bid will have an amount deducted to reach this margin.
- The maximum TouchMyCoin may earn is 10% over the cost of the auction item, unless the winner bids more than 110%
A hypothetical example - An auction for a coin valued at 100 satoshi.
The top bid is 80 satoshi and second highest is 70 satoshi.
At the close of the auction the winner pays 80 satoshi for his new coin.
This does not cover house margin so second bidder will also contribute up to a combined maximum of 10% over the cost of the coin. In this case 100 + (100 * .10) = 110 satoshi
110 satoshi maximum payment minus the 80 winning bid already paid = 30 satoshi remaining.
The second highest bidder pays this 30 satoshi.