Auctioning buds at more than 22 keys (I'm not, explaining a silly way how)

[MC22]

Get a large group of fairly rich people. Auction a pair of buds, but leave a catch: the highest bidder gets the buds, at least two people have to bid for it to be auctioned off, and thesecond highest bidder has to pay as well. Set the minimum bid to 11 keys and set the minimum bid ante to 1 key. Hopefully some guy sees an opportunity to gain profit and bids 11, and another guy wants the buds too, so he bids 12. The first guy wants the buds, and not just relinquish his keys so he'll bid 13, and the other trader will bid 14, and so on and so forth until one guy gives up. One will probably get a lot more than a bud's worth, possibly 3 or 4 or more.

[Synister]

Chance of it actually working: 3%

[MC22]

Chance of it actually working: 3%

All you need is 2 people to bid and all people need to be trusted.

[lukecandy]

I don't get it

[Scott Bakula]

Who would pay half a bud for a chance of a bud?

[Synister]

Who would pay half a bud for a chance of a bud?

Exactly.

[Woifi The Viking]

Well I thought about raffling the bud and to enter the raffle you have to pay 1 key.

[Baloo]

Get a large group of fairly rich people. Auction a pair of buds, but leave a catch: the highest bidder gets the buds, at least two people have to bid for it to be auctioned off, and thesecond highest bidder has to pay as well. Set the minimum bid to 11 keys and set the minimum bid ante to 1 key. Hopefully some guy sees an opportunity to gain profit and bids 11, and another guy wants the buds too, so he bids 12. The first guy wants the buds, and not just relinquish his keys so he'll bid 13, and the other trader will bid 14, and so on and so forth until one guy gives up. One will probably get a lot more than a bud's worth, possibly 3 or 4 or more.

 

Or they realize they can work together, so the first one stops at 18 keys and gets the buds then sells it to the other guy for 20 keys and both make an easy 2 key profit.

[AwesomeMcCoolName]

Who would pay half a bud for a chance of a bud?

Except its not a chance at a bud. You will get the bud for a fact, just bid up. Odds are the other person (profit trader) will stop at 19-20 anyway, so worse case scenario you pay slightly less than full price.

 

The only problem is, whos to say the other person actually wants the bud, and isn't just doing it to push the price up?

[Shy Ronnie FYPM Vintage]

Well I thought about raffling the bud and to enter the raffle you have to pay 1 key.

 

Wolfi's got it right. 30 people pay 1 key for a chance to win a bud. Raffle it, then submit proof that buds are selling for 30 keys.

[MC22]

Wolfi's got it right. 30 people pay 1 key for a chance to win a bud. Raffle it, then submit proof that buds are selling for 30 keys.

Not a "chance". If you are highest bidder, you get the bud. If you are second highest bidder, bid up to become the first bidder. Not a raffle, there is no "chance".

Or they realize they can work together, so the first one stops at 18 keys and gets the buds then sells it to the other guy for 20 keys and both make an easy 2 key profit.

They both have to pay. First one stops at 18? He has to pay as well. 18+19=37 keys=profit for auctioner only

[Synister]

Not a "chance". If you are highest bidder, you get the bud. If you are second highest bidder, bid up to become the first bidder. Not a raffle, there is no "chance".

They both have to pay. First one stops at 18? He has to pay as well. 18+19=37 keys=profit for auctioner only

 

I have a feeling that anyone that would be trusted enough to go through with this wouldn't actually do it.  If there needs to be 2 people, then there has to be a bidding war.  Chances are you're either going to be second highest bidder and lose a ton of keys, or pay above market price yourself and still lose a chunk of keys.  It's a cool idea for those who like to gamble or something, but I can't see it being applied very well to work out properly for anyone.

 

Scenario 1: Bidder 1 overpays for bud

Scenario 2: Bidder 2 loses bud, still pays 1/2 it's price

Scenario 3: Bidding stops at 18 keys, Bidder 2 never pays and OP just undersold their bud