Re: [DNS] Auction Details ""

Re: [DNS] Auction Details ""

From: Patrick Corliss <patrick§>
Date: Wed, 26 Jun 2002 03:31:47 +1000
Hi Gary

> > The 10 minutes period of grace is just to make sure
> > otherwise one party could put in a bid a few seconds
> > before closing time and the other person wouldn't
> > have time to respond.
> This wasn't adhered to anyway, as the bidding history for one domain we
> watched had 31 minutes lapse between accepted bids. Which defeated the
> purpose of reading through the instructions we received.

I've participated in a couple of auctions and have not found this system to be
anything other than fair.  I am not sure what you are saying but, from my
experience, a person can bid as soon immediately the auction opens.

To take an example, say the auction opens at 9:00 am on Tuesday and closes and
11:00 am on Wednesday.  There must be two or more participants.

The first bid, which must be a minimum of $100, can be at any time after 9:00
am Tuesday.  Let's say the first bid is for $100 at 9:05 am.  The other
bidders can then sit tight and do nothing.

Let's say that a second bidder comes in with $200 at 9:05 am on Wednesday.
Then 24 hours have elapsed between two bids.  The first bidder immediately
responds with $300 at 9:10 am.  Then a bidding war starts with several bids in
rapid succession.

Finally, trying to shake off the opposition, the first bidder comes up with
$10,000 at 10:45am.  If no other bid happens by 11:00, the auction will close
on time.

Similarly if the second bidder comes up with $11,000 at 10:48 am.  The closing
time will remain at 11:00 am.

But if that bid comes through at 10:52 am, the auction will note that the bid
was made during the last ten minutes.  The closing time will then be
automatically extended to 11:10 am.

Of course, any more bids between 10:52 am and 11:00 am will not extend this
11:10 am closing time.  But get a bid at 11:05 am and the closing time will
extend to 11:20 am.

Get it?   There must be a clear ten minute block (counting in ten minute
blocks).  Closing times will be on the hour, ten past, twenty past, half past,

Naturally, it's up to each bidder to work out their own strategy.  But I'd
suggest that you refresh the webpage to see the current state of play.  And
allow a few minutes for a possibly slow response.

You should also be very careful of the exact time shown on the auction site.
Their clock may not be the same as yours !!!

Disclaimer:  The information I have provided is as an auction participant and
not as a Board member.  Whilst every care has been taken, I take absolutely
no responsibility for any person who suffers loss in reliance on this

For an official response you should follow the instructions on the Stuff
website or ask Chris Disspain at <ceo&#167;>

Best regards
Patrick Corliss
I'm on the Board of auDA (the .au country code).  Anything I write is my
personal opinion and does not necessarily reflect the views of any body
with which I am associated.  Please also note IANAL (I Am Not A Lawyer).
Received on Fri Oct 03 2003 - 00:00:00 UTC

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