Feature request: GBM bidding system should have a cancelation window

Ideas
1

Hello frens,

Given all the things that have happened during the first day of the auction, all the hype and aping into the new amazing items, there is one thing that, in my opinion, can be improved.

Today, three things happened that might have lead to some skewed biddings:

  1. Hype and aping: a lot of people, including me, hyped to get that item we wanted and aped into putting alot more numbers in the box than we should have. Still, this is not a main reason and can be overlooked, as markets are emotional by definition and the bidding system should not prevent it.
  2. Fat finger mistakes. I am sure some of us put one more zero than we should have had. This can be made better by putting a system similar to the bazar item listings, to double confirm if the bid is X% higher than the biggest bid for the item and Y% bigger than the mall price
  3. Misunderstanding of what the item is worth or anything that is not properly understood on the first bid. Today, some frens misunderstood the numbering meaning and aped into bidding for the mug-0 much more than for mug-10.

I propose to have a cancelation window for the bid that were made, which is benefic to the auction (dao+pixelcraft+community) and also the bidders.

For example, in the 3 day scenario, to have 2 windows of one hour each, after 23h and after 47h, during which you can cancel your bid for whatever reason above, or other, if any.

Of course, there should be a cancelation tax, which can be voted on. If you are in any of the 3 scenarios presented above, it is usually the bidder responsibility to DYOR and make sure that the transactions are correct. That’s why I propose at least a 10%, and recommend a 15% cancelation tax.

Let me know what you think.

3 Likes
2

I don’t think retractable bids should be a thing, I think bots would abuse this. I think this auction worked almost flawlessly. Point number 2 is a good idea, but should be limited to a UI popup which can be disabled in the settings for users wanting to put in bids fast.

6 Likes
3

Definitely agree on this. We can implement this feature for sure by the time H2 comes around.

Yep this was an unfortunate UX oversight that no one brought up during testing or designing. We moved to fix it as quickly as we discovered it was happening. This really is only an issue for ERC1155s, as they don’t have unique tokenIDs. It won’t be an issue for H2 or REALM parcels.

We will be discussing the auction results with GBM next week, and this discussion may include a cancellation feature, although the GBM team does not believe it’s necessary. But I will bring up the idea of a cancellation tax on the call.

1 Like
4

thanks for the reply, much appreciated. I think the cancelation might have its dangers of botting and price manipulation, but with a hefty cancelation price it can be viable - 15% minimum - 25% maximum, which remains in the “house”.

3 Likes