Bullion Connection - A new auction platform for only 5000 stackers

Just seems an overly complicated way of buying silver.

I appreciate the effort you have put into providing this service and I hope enough people feel that it was a service they needed in the first place. At the moment I am not convinced but maybe once the explanational videos are up and running it might make more sense.

 

Is this the company (ACN 600 421 396):

 

The lack of answers says it all .There was lots of specific questions asked & the answer is wait for the video/launch .

Im not sure the questions asked have been too difficult that we have to wait 4 months for answers .

I think this thread is an example of how not to launch a product .

Dodging answers looks dodgy

 

Hi Jislizard, thanks for your comments we hope it becomes clearer for you at launch.


Hi Renovator,

I've done my best to answer your questions. The launch and video will give you the information you need, which you can peruse at your leisure.

We wanted to start a discussion regarding this business and answer the comments as best as we could. The concerns that have been raised will be addressed, which is why we are here; to determine what people want and don't want out of this service. Obviously, the process is a little more complicated than buying through regular channels.

Currently, we have only a handful of ways to buy gold and silver, we are trying to add another option for people. It's an option. People will have to decide if it's right for them.

We wanted to start this post because we have always found the stacker community to be open-minded, approachable and welcoming of newcomers so being called 'scammers', 'spammers', 'rigged' and 'dodgy' was not the intention of adding this post. Keep in mind, this was NOT the launch of our product, it's a pre registration for anyone interested in finding out more, that is all.

 

Actually, I can see this system failing for BC. Having thought this over during lunch.

Imagine the same scenario 1000 bids at 80cents per bid for $800 spot price or market price KG silver bar.

Imagine theres 2 bidders myself and my mate.

I bid 999 times at 80 cents, my mate bids once at 80 cents.

I buy the remaining bar at 80 cents, since I have already paid $799.20.

So BC has sold 2 kg silver bars at 80 cents + $800. Tell me how they are going to make money, other than originally making the bar $1600.

Slam

 

I misunderstood this

 

Hi suppose to answer your question Slam, BC could only make money on this hypothetical if there were more than 1000 'bids' available? And by 'bids' I mean 'raffle tickets'.

 

Are there only human bidders, or does the system have scripts/bots to place dummy bids?

 

Can I bring my rangertell with me to the auction so I can check if it's legit shiny?

 

nvm...

I just figured out all I need to do is set it to long range detection!!!!

 

This makes sense from the company running the system. However it probably looks like a money "in", no money "out" scheme to start with. The one that starts with "P" ends in an "I".

From the earlier comments , quotes. I recall reading that the last person bidding can be lucky and walk away with a single minimal bid for winning the auction. If they needed to pay the full amount and have it locked up as credit. Then theres really no point, as your never really gauranteed a piece while your funds are always locked it.

Its like playing diablo 3, in a true RNG system. Some players will never see their loot despite slaying billions of mobs, since its items are randomly rolled against a massive pool of items.

Slam

 

^^ I think I get it now thanks to Slam. Bullion Connection rolls a d20 then each bidder rolls a d20 and those with higher results move to the next round where everyone squares off again rolling 1d20. Each score +or- BC's score is credited to your xp and you level up if you win the final round...
All speculation of course as BC may have +5 modifiers that we don't know about.

 

I like how he still side stepped the issue of bids vs raffle tickets.

And yes ofcourse I will check it out when it's up and running. I'm just approaching this with eyes wide open.

 

The losing bidders have not spen't 799.20. The bid is always .80$ if you bid 10 times and then say screw it I give up then you only lost 8$. If you still decide you want the Item you put that 8$ towards the purchase price if it resonable and assuming they have enough in stock for everyone...

Yes there is the chance that you bid 500 times and then some other person comes in bids twice and wins it. Thats the idea behind it basically hoping you are the lucky one. If its something you wanted to buy anyways you have lost nothing and were given a shot at winning it cheaper if you buy it after.

If you see a 10oz coin up there for a day you can feel safe to assume people have bid on it already. Keep bidding until you win it and you will probably save a little money. Strategy! Everybid someone else makes means you will get it cheaper if you win. If you don't win just buy it outright and you lost nothing(unless the price is higher than dealers).

I have no idea the legality of it and can't even participate because I'm in the states but I get the Idea and personally like the platform more then many of the other auction sites of this style.

 

No we do not have automatic bids, bots or fake bidders.

 

Hi bull_bear and Slam.

I'll try and clear up some misconceptions of how this site operates (please note I am using these numbers as an example).

Members purchase bids from Bullion Connection for $0.80 each. Bid packs are available and attract discounts.

We auction a coin with a 40 bid limit and a retail value of $30 (these are clearly visible throughout the auction).

The auction ends as soon at the 40th bid has been met. The auction won't allow any more bids to be made and the auction locks. This bid limit allows us to make a small profit on each coin auction and is why we don't use countdown timers that add time with automatic bids and bots like penny auctions do.

In order to prevent aggressive playing strategies the bid limit of 40 will not change, so no one knows what the current bid is up to. It could have 12 bids or 39 bids. It also does not show how many bidders are involved which prevents collusion between members. You can view your own bid history, the auctions you have been involved in and what date the auction started. We want a fair playing field for all members. We do not use any time components in our auctions to stimulate more bids.

If 4 bidders are involved, they make random entries trying to be the 40th bidder.

Bidder 1 makes 8 bids.

Bidder 2 makes 12 bids.

Bidder 3 makes 15 bids.

Bidder 4 makes 5 bids.

These bids total the 40 bid limit required. The auction is then closed.

Out of the 4 bidders,

Bidder 4 was the 40th person to bid so he is the Winner. As he made 5 bids at $0.80 he won the auction for $4 plus postage.

Bidder 1 spent $6.40 in bids and can choose to deduct that from the retail price of $30, paying $23.60 + postage and get the coin delivered, or they can choose to forfeit the $6.40 and try again.

Bidder 2 spent $9.60 in bids and can choose to deduct that from the retail price of $30, paying $20.40 + postage and get the coin delivered, or they can choose to forfeit the $9.60 and try again.

Bidder 3 spent $12 in bids and can choose to deduct that from the retail price of $30, paying $18 + postage and get the coin delivered, or they can choose to forfeit the $12 and try again.

If a member wins multiple auctions they can combine them for one postage charge.

We hope this can clear up how the site will operate.

 

Hi Daniel M,

I'm glad you're approaching it that way.

Just to clarify, this is not a raffle as we allow all bidders who lose the auction to purchase the item minus 100% whatever they spent.

I have never been involved in a raffle or lottery where they had 25 meat trays or 1st divisions available to all those who bought tickets minus the cost they had spent. That's why this is a unique concept.

We feel the term auction best describes this website. If you disagree, then feel free to email us your suggestions. We are happy to hear them.

 

Thanks for clearing this up B.C.
Understand how it works now, but what about Slams scenario in post #47?

Even in your above example, you sell 3 pieces for retail $30 and one for $4 = $94
Assuming retail is say spot + $5. Spot price for these coins is $25 x 4 = $100. So wont you lose money?

 

I'm curious about this aswell. Either the Coins will need to be sold at a higher than average price to curb this or they are just banking on the hopes that people who lose will forfeit thier bids and not wish to purchase a coin.

Not saying BC will be the same but all of the other penny style auction platforms similar to this that you bought bid packs, and placed bids hoping to only have to pay 2$ for an 800$ TV all had option to use your bids that you lost towards the buying the product. Problem was that TV was overpriced by 200$ more then you could get it in stores so it was cheaper to just forfeit the bids instead of buy the TV.

 

Hi guys,

As stated at the top of our last post these numbers are just example figures.