What is Cryptosale?The Saleer Team
This is such an auction, the main rule of which is based on the putting to sale a cryptocurrency (a lot) at a price tending to an absolute minimum. Participants in an auction make bets whose size has a fixed value (no more than 10% of the lot value), and each next bid increases the price of a lot by the specified step (no more than 5% of lot value). The time of each auction is also limited, but with every new bid, this time limit increases by the same value. At the end of an auction, lot is bought by the participant who made the last bet.
Let's take a look at a specific example how it works:
Our lot is 0.10 BTC with a market price of $250. The starting price is 0.00 BTC. At a payment for every bid of 0.0001 BTC ($0.25) the auction step is equal to 0.00001 ($0.025). During the auction, only 500 bids were submitted to the lot, of which 10 belonged to the participant under the nickname M. The tenth bid from M. was last one. At that time, the price of the lot was $12.5 (500*$0.025). Respectively, M. will receive this lot at a price of $15, since he made 10 bids for 0.0001 BTC each. It's quite easy to calculate the savings at this auction. M. earned $225.
INVITE AS MANY PEOPLE AS YOU CAN to participate in your auction! On this depends the number of bets and, accordingly, your earning. For more information about the scheme of distribution of funds between participants click "here".