BUILDTEAM Auction | Option to Retract or Reduce Bids

in cryptocurrency •  2 years ago  (edited)

Hey everyone, @bulleth here on behalf of BuildTeam :)

We received an overwhelming amount of bidding interest this round and the interim results are showing a rate of 1 STEEM/BUILDTEAM.

We have taken your feedback from the Discord server on board and understand that a lot of you are disappointed with this result. As such, we are giving all participants the option to retract or reduce your bids. Participants will have until 23:59 UTC on the 6th to advise of any retractions. After this point, the final results will be announced and payouts will be distributed. If everyone who bidded more than 100 tokens reduced their bid to 100 tokens, the final payout would be more than 1.7 STEEM/BUILDTEAM.

All retractions will be final and kept private until tomorrow so the process can not be gamed. Please DM me on Discord if you wish to retract or reduce your bid.

I can't say any more at this stage, but discussions are currently underway to improve the long term value of the token and incentivize holding. As such, reducing or retracting your bids may well be the smartest option. Stay tuned for more on that.

We thank everyone who has invested and participated in the project so far and we are always on the look out for ways we can improve.

Please contact me directly on Discord if you have any questions or would like to retract or reduce your bids. Final auction results will be announced tomorrow :)

Thanks everyone!

How do I buy BUILDTEAM tokens?

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How do I participate in the monthly BUILDTEAM auction?

We recommend reading the following posts to understand BUILDTEAM better and participate in bidding:

What determines the price of BUILDTEAM tokens?

Like all exchange traded assets, buyers and sellers determine the price of BUILDTEAM tokens. Current supply and the size of the monthly profit pot are the primary fundamental drivers.


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Interesting, definitely changes the game. As soon as I saw large bids pouring in early I held out knowing that the likelihood of hitting a ratio above 1.7/1 (which is my personal threshold) would likely not happen and those bidders would end up disappointed having played the game wrong, thus learning from the mistake.

This is pretty much a bailout!

Yep, I matched the highest bidder in an attempt to send a message on how to play the game and halt the bidding, but the bids just kept coming in. I don't think it's a bailout though, that would involve us inflating the pot after the fact and that's not happening ... this is more of a get out of jail free card/escape rope; a second chance to behave in a rational manner, serving your own and the communal best interest :)

Yeah, I smiled when I saw your bid match the other, that was a great move. Unfortunately people still didn't get it. That's why there should be consequence to their actions, that's how people learn.

Just my two cents though. Love what you guys are doing and appreciate it. Looking forward to seeing the other ways you come up with to increase the BT token value.

I think what would be interesting for the next time is adding some dynamic rules like making an outlier calc and everything which is way higher than what the grand majority bet only values at the max of the grand majority.
This way people would have to think more before throwing all in.

  ·  2 years ago (edited)

Yeah I reckon that would be perfect in principle, but we just keep coming back to the multi-account abuse problem. You just set up 5 socks and each one bids at the average.

But would it make sense to send the Steemit to different Steemit accounts?
You could restrict it to people with a reputation > 40, this way it will be hard to set up multiples.

^This seems like a good idea.

Yeah that could work ... but it's actually really easy to get a rep to 40+, plus lots of users already have multiple accounts with high reps.

Thank you for your transparency. Looking forward to your team's other projects!

interesting fact.

I think you guys are doing great!
I think this will be a great learning for the participants ... not every action involves a competition

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