auction

[kaassaus]

hey,

does anyone know how this auction works? if the
time periode is over, do you must sell your item
to the highest bid? or can you diside not to..

sorry for my bad englisch.

Daniels

[Meow]

Item is sold for the highest bid at that point -5% trade fee.
Everyone who did not win the auction and the rest of the money which was not bid go back to the people.

As in is someone bids 200k as highest bid but other people only bid to 50001 gold the everyone gets his gold back and the dude who bid 200k gets 149999 back.
You get the 50001 gold - 5%.

[kaassaus]

ok, thanks Meow,

so if 500k is the highst bid on a +3 german great sword, then its
sold for 500k -5 fee?

[AreTreble]

It would be nice if we could set a minimum starting bid for items.

[BD_Baby_Wolf]

It would be nice if we could set a minimum starting bid for items.

That is why i try to run my insurance business

[Meow]

ok, thanks Meow,

so if 500k is the highst bid on a +3 german great sword, then its
sold for 500k -5 fee?

-5% but yeah.

Also agree, minimum bid would be good, not sure if necessary though, let's check how the first auctions go 

[Falka]

As in is someone bids 200k as highest bid but other people only bid to 50001 gold the everyone gets his gold back and the dude who bid 200k gets 149999 back.
You get the 50001 gold - 5%.

Eh? Sorry, but that doesn't make sense to me. First person bid 1 gold. I bid 1 million. No other offers. And what, seller get 1 gold?

[Meow]

Why? It's like ebay.

You set a maximum bid you wanna go to, someone else sets a maximum bid bid lower that that so it ups to his maximum bid + 1.

A bids 5k
B bids 10k

Highest bid is set to 5k+1 as in 5001

C bids 50k, highest bid is upped to 10001 gold as player B is outbid.

Player A rebids 25k, offer is upped to 25001 gold.
Auction ends, C gets the item for 25001 gold, seller gets 23 750 gold.
Everyone else gets his gold back and C gets 24999 gold back since he deposited 50k in the first place.

[BD_Baby_Wolf]

Eh? Sorry, but that doesn't make sense to me.

basically, when you bid, lets say, 5k, you pay this gold to prevent false bids.
when the auction is over you get it back.

[Falka]

I'll say it once more 

First person bid 1 gold. I bid 1 million. No other offers. And what, seller get 1 gold? Am I right?

[Meow]

No seller gets 2 gold.
Might end up as 1 gold not sure how the 5% fee is calculated there.

Dude bids 1 gold, you bid 1mil so the highest bid is upped to 2 gold.

Updated my post above with a more detailed example.

It is exactly how ebay works without the buyout option.

[Ylca]

What stops people from simply putting up ludicrously high bids on items after the first bid? In fact that seems the easiest way to get any item you want on the cheap.

+1 item, first person bids, say 150K next person bids 1 Million, first person gets his money back, no one else bids because to bid higher they'd have to bid 1M and 1 and the clever bidder gets an item on the low end of cheap while the seller gets screwed out of legitimate bidding.

Unless i'm missing something here this system is just begging to be abused.

[BD_Baby_Wolf]

I'll say it once more 

First person bid 1 gold. I bid 1 million. No other offers. And what, seller get 1 gold? Am I right?

the one who bid 1 gold gets it back and the seller gets 1m -5% (950k)

[BD_Baby_Wolf]

What stops people from simply putting up ludicrously high bids on items after the first bid? In fact that seems the easiest way to get any item you want on the cheap.

+1 item, first person bids, say 150K next person bids 1 Million, first person gets his money back, no one else bids because to bid higher they'd have to bid 1M and 1 and the clever bidder gets an item on the low end of cheap while the seller gets screwed out of legitimate bidding.

Unless i'm missing something here this system is just begging to be abused.

as soon as you place the bid it is take from your money to ensure that you wont back off after that.

[Meow]

the one who bid 1 gold gets it back and the seller gets 1m -5% (950k)

no, that would not happen unless someone bids 999999 gold before the auction ends.

Also

What stops people from simply putting up ludicrously high bids on items after the first bid? In fact that seems the easiest way to get any item you want on the cheap.

+1 item, first person bids, say 150K next person bids 1 Million, first person gets his money back, no one else bids because to bid higher they'd have to bid 1M and 1 and the clever bidder gets an item on the low end of cheap while the seller gets screwed out of legitimate bidding.

Unless i'm missing something here this system is just begging to be abused.

You lose the 1mil until the auction is over, same goes for all other bidders.

Also if you bid 1.5 mil for a +1 item and people feel like pushing it they could bid like 500k then 600k and you will still have to pay it since your max bid is higher than theirs.