A bidding module that enables auctions without the need for a trusted third party #1919
Replies: 13 comments
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A few suggestions/ideas that come up in my mind:
A reserve price can potentially be undisclosed. Give the option to enter a reserve price but hash it and display only the hash publicly and disclose the unhashed version automatically once timer ends for transparency.
A non-custodial deposit system might be tricky.
In some auctions, buyer doesn't know the reserve price, so limiting them to only bid above in the UI can give that info away.
I don't see this as a reliable way of identification.
Make this an option. Some auctions can be double blinded, no publicly visible bids.
Suggestion: Make this a customisable feature.
DLC/Smart Contract could be time-locked and release funds after XYYZ days/blocks/chicken have had eggs. All in all, to make the dev's hair turn grey, you could also ask for different auction types implemented directly:
I love the idea, impatient to see other's inputs :) |
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This idea sounds very interesting ✨ |
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Thanks for all the great suggestions. I was thinking a more bare bones version would have a higher likelihood of getting made :)
I imagined this being custodial and varying depending on what the seller deems large enough to thwart bid spammers, but small enough to overcome trust barriers.
Yes, in case the winner does not follow through with the purchase, I thought the contact info would be needed to then contact the next highest bidder. This is my first time using Github so please excuse any formatting mishaps and thanks for looking! |
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I thought this idea was really interesting, so I spent an hour mocking out a rough wireframe with all of the ideas presented above. Big questions definitely around:
Obviously quite a lot still to do, but I thought this would get us started to have some more concrete discussions :) Happy to hear thoughts.
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Beautiful... 😍 now take my money 💰 |
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That issue will likely have to be handled by the auction creator on a case by case.
This issue could become a use-case of Hodl-invoices (https://lightningwiki.net/index.php/HODL_Invoice + https://wiki.ion.radar.tech/tech/research/hodl-invoice ).
I really like the UI/UX you presented here ! <3 Also, food for though: Some auctions can go very quickly, especially in the last minutes/secondes => Make the app increment bids at the time the |
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I don't see anyway of doing that without trusted third party. The oracle would define a DLC with two outcome "Entirely funded" or "Not funded". But even this, is not without flaws: A malicious Funded party could fake backing by engaging a DLC to himself, so the oracle get tricked into thinking it is entirely funded. |
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If we could solve this third party problem !! Every artist would have a real tool under their belt... plus sites like https://www.artsy.net and others would take notice of the bitcoin network 😍 |
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Agreed, some level of trust between buyer and seller would be needed and I think that would be okay in many scenarios. |
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I would personally trust the independent artist all day long.. they have work hard for what they achieved... and should be fully rewarded. Achieving this with BTCPAY software is the end goal 🥅 and would be a dream 😍 come true for most. |
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This looks really cool!! Thanks for doing it |
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Thanks - no problem. Even if we might not be in a place to implement this / the third-party trust considerations might inhibit things right now, the work is on our Figma, and can be referenced or refined when the time comes! |
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Just posted a bounty from @nvk and I. Hopefully that inspires :) https://chat.btcpayserver.org/btcpayserver/pl/oa1n4bp3qpddmn5b5exbirhzeo |
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Problem: Art and collectables are difficult to value. Current options for auctions using BTC/LN involve trusting a third party.
Solution: A bidding module that utilizes a deposit to enable auctions without the need for a trusted third party.
Sellers of an item submit the following:
Bidders of an item submit the following:
Bids are publicly displayed from highest amount to lowest amount. Contact info is only viewable by the seller.
A countdown timer tracks the auction end time.
Bids made within 10 minutes of auction close automatically extend the auction an additional 10 minutes.
Upon auction close, the seller contacts the winner and verifies they have won by having them provide the aforementioned BTC address or LN invoice submitted with their bids.
The winner pays the balance (bid amount less deposit) to the bitcoin address or requests repayment via LN invoice.
Should the winner not contact the seller by a pre-determined amount of time, the seller contacts the next highest bidder until a sale is finalized.
After a sale is finalized, the seller contacts the losers of the auction to refund their bid amount via the BTC address or LN address provided.
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