Reserve Auctions

[snareklutz]

Hi,

I think I've just found a way to allow people to have reserves on their auctions here without having to moderate it.

Imagine I had a reserve price. I would hash the reserve price with a hash function such as SHA1 or MD5. During the auction, I will post only the hash, e.g.:

SHA1: 966da0b734f5deccbb2156b69279dba4dbd3a31d

After the auction, I will disclose the original reserve price, of '$15.21' and people can test to see if it matches with the provided hash. Of course, a short 5-character string can be brute-forced and cracked. To solve this: a 'salt' should be added to the original string, or type it up like this 'fifteen dollars and twenty one cents'.

What do you think? (Sorry if I didn't explain it too well)

 

[deleted984054565403]

Hmm... I've given it some thought and that's a very creative, innovative approach. Using your method, a "hidden" reserve price would be available, and it couldn't be changed. It would no longer be necessary to start the auction at what the reserve price would be.

If an encrypting field could be added to the new post submission window in that forum, it could happen.

(In other words) Previously, a buyer could set an undisclosed reserve price, have an auction, be unsatisfied with the bids, and decide that it doesn't meet the reserve price. Now (from what I understand), the auction starts at where the reserve price would be, and no reserve prices are allowed. With this approach, the reserve couldn't be changed, but there would still be a real reserve.

Very interesting... nice thinking! :gl:

 

[snareklutz]

Implementing this shouldn't be too hard... PHP has its own SHA1 hashing function. It's just a matter of adding an extra field (textbox?) which upon submmision of a new thread, hashes the contents and adds it the the end of the post. Simple.

 

[champ_rock]

in fact i think it would be better if the hash is generated based on the username+the bid amount. that will make it more secure and prevent brute forcing ..

i think a centralised system within vB can do this job easily

 

[ApeXX]

Maybe I'm missing the boat here... But wouldn't it be easier just to create a script that asks the seller for the reserve price ahead of time, keeps it hidden, and displays it once the seller confirms it has been reached?

 

[champ_rock]

Maybe I'm missing the boat here... But wouldn't it be easier just to create a script that asks the seller for the reserve price ahead of time, keeps it hidden, and displays it once the seller confirms it has been reached?

lol.. ya that is one great idea too.

but i feel that there is no point of reserve auction . why not continue to do what we are doing, start from the reserve itself.

 

[deleted984054565403]

lol.. ya that is one great idea too.

but i feel that there is no point of reserve auction . why not continue to do what we are doing, start from the reserve itself.

That's how I've always felt.

Snareklutz, I tried this MD5 hash method of "hiding" a number in a Contest at NamePros. It is probably a good idea to add extra characters before and after the number you're hiding, so people can't try and "brute force" their way to guessing the actual reserve price (for example, converting "1000" to MD5, then "2000", "3000", until they get it).

EDIT: Never mind -- you seem to have that covered in your original post. I missed that part. :lol:

 

[dhscott]

Am I the only one thinking that there is no point in reserves at all?

 

[ChrisChris]

I think reserves are a good idea because when you use them you are able to start the auction lower which helps gain interest

Great thinking SnareKlutz :tu: (and Apexx :p )

 

[Daniel]

I'm all for "Reserve:" box... That's hidden until the author marks the thread as resolved, then it appears at the bottom. Uneditable except by Moderatiors+