xat has introduced an auctioning system where you can bid for limited powers.
PLEASE NOTE the powers auction system is in beta and there may be issues.
The auction page is here: http://xat.com/web_gear/chat/Auction4.php
Each bidder in the auction bids the maximum price and the quantity they wish to acquire. At the end of the auction everyone will pay the lowest price, the same as the last successful bidder to win.
- You must have the amount of xats to the amount you are bidding, if you do not have that amount when the minimum rises, your bid will not be processed.
- You can bid for a maximum of 80 powers.
- You can increase your bid, but you cannot reduce the quantity of powers that you previously bid for.
The auction works as followed below
- The bid field is the price, you will be bidding to pay for EACH power.
- If you bid 100 xats and you are bidding for 80 powers, you will need 8000 xats total to cover your bid.
- Current Maximum: This is the highest bid so far.
- Current Average: This is the current average price for the power out of all bids above the minimum bid.
- Current Minimum: This is the minimum price that you need to bid to get a power. It is also the price that everybody will pay when the auction ends.
If you want more technical information on how this auction works, visit http://en.wikipedia.org/wiki/Uniform_price_auction
- You will be bidding for the power in auction.
- If the auction ends with less than 8000 bids, everybody that bid will pay 10 xats per power for the quantity they originally bidded for.
- If the aucton starts to go over 8000 bids, the minimum price will start to change and people will pay the minimum price when the auction ends.
HOW TO GET YOUR WINNING POWERS
- You will automatically receive your powers soon after the auction ends. Login if you do not.
If the auction is for 8000 powers and at the end of the auction the minimum bid is 200 xats then everyone who bid 200 xats or more gets the powers they bid for but for 200 xats each. Everyone who bid less than 200 xats gets nothing, but they also do not lose any xats.
How should I bid?
It depends what you want to achieve. If there are 500 CLEAR powers for auction:
- If you want a bargain you could bid low (eg 500 xats) but there is a good chance you will get nothing
- If you want to get the power but not pay too much you could bid 2000 xats, there is a good chance you will get it for less.
- If you are very keen you could bid 4000 xats. You could probably get it on trade for less so you should get it in the auction and hopefully for less than the 4000 you bid.