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CCO from pixabay

Steembay is a blockchain based auction system to strengthen Steemprice and create circular markets.

We have a platform that is censorship resistant.
We have a currency that is available all over the world.
We have a transfer speed that is amazing (3 sec. which is faster than anything in the world).
We have an amazing community full of creativity.

Why the price of Steem is not yet through the roof?

Well there are quite a number of reasons, most of them are discussed at length but one of the reasons is for sure that there is no incentive for holding Steem/SBD other than hoping for a price increase. You can’t do not much with Steem or SBD other than transfer it to BTC and / or fiat. The markets are scarce.
One of the things that are really needed are these marketplaces they will ensure that you don’t have to pull out your Steem to BTC or fiat money. This move is key to strengthen our currency and the only way to get away from a constant drain on the price.
Additionally markets will give people with no writing / photographing skills the possibility to earn Steem and get influence on this platform.

@ned was talking about these circular markets more than a year ago and unfortunately not much happened since concerning this topic. At a certain point there is no more point in waiting and one has to start fixing things for yourself. That was my initial thought when starting creating steembay…

History

I was thinking about @steembay since before the Steemfest in Amsterdam and I was already in September 2016 talking to a lot of people about the topic. I had a clear plan in mind, but no one was willing to invest neither time, nor money into that. I was sure, if so many people invest in Steem projects, there will surely be someone doing, what I had in mind… seems I was wrong.

Now, more than a year later, I decided to become a little more pushy about the subject and I found a developer able to realize what I had in mind ( @schererf THX ) He additionally found solutions to some of the major problems we faced.

1. 3 seconds between votes, 20 seconds between comments.
2. A quite unstable blockchain at times…
3. Constant changes at reward curves / communities / SMTs etc.

We decided to not give a damn about this all and build a recursive, strictly blockchain reliant bot-system, which is as fast as the blockchain allows and that is scalable until there are no more accounts available on Steem. At the moment we run 5 accounts, which should be able to handle open beta just nicely.

What can Steembay actually do?

• When you use the hash tag #steembay , a botsystem will log the post and start managing your post as an auction. Automatically the ending time for the auction is the payout time of the post.
• The starter of the auction can end the auction at any time with “end auction”, placed bids will stay active.
• The starter of the auction can cancel an auction at any time with “cancel auction”, placed bids will be ignored.
• The auction is manageable through comments.
• Start of the auction with “start 1” (This will start the auction at a starting price of 1.000 SBD)
• The starter of the auction can’t place bids
• Bidders can place bids with a new comment “bid 1.5” or any other amount
• A bid can be revoked with “revoke bid”
• At the end of an auction the winner will get a congratulation comment.
• Bids in the wrong format, out of time or by the wrong people will be rejected

Known issues

• Highest bid will be open to see, no incremental approach like on ebay
• You can overbid yourself
• Sorting is crap on steemit atm. Hopefully this will be better as soon as there are communities or will be fixed with an application.
• Remembering items is not possible at the moment ( => fix in application soon)
• No prevention of “funbidders” and trolls

Plans for the future

• Integration of a encrypted “reserve” price via memo
• Memo bidding, which would allow anonymous bidding as well as incremental approach to the highest bid.
• Integration of an automated escrow service (meanwhile you could use the existing one)
• Application with a better sorting system and “on-system” possibility to remember searches and items, as well as bidder selection (min reputation etc.)

Important

There is no way to ensure legally what happens here and everything is trust based. I am aware that there are a lot of people who want to stay anonymous, but there are also many who do not care about that. Please do use this service at your own risk and be aware that you have to show at least to one person your address details, if you purchase something material.

CC0 from pixabay

Monetization

The Steembay service is free to use and does not cost anything. We will ask for an upvote on our initial comment, which will hopefully ensure that we can keep our servers up. We also plan to post a weekly report on updates and numbers about this service, hoping that we can finance further development with that. As long as there are no communities, we suggest declining payout for your auctions.

What we really need

We need your suggestions, what you’d like to be implemented.
We need financial support to keep up our servers and to continue development.
We need this service to be known all over the platform and beyond.

So please use it, upvote our first comments in your auction, share (resteem) the idea…. THX

TL&DR

We have build kinda “ebay” on the steem blockchain. It works and explains itself if you use the #steembay in the tags and we need your upvote / donation / resteem for this service to stay free of charge and to become known!

Yours

@schererf

And

@pollux.one