The September BUILDTEAM auction kicked off yesterday morning with a pot of 3700 STEEM. Last month's pot was only 2100 and bidders still got paid out more than 1.7 STEEM per token. I think this one is going to be very rewarding indeed ... if we receive the same amount of bids, each bidder will be paid out close to 3 STEEM per token!

So why have I only bid 100 tokens then? After all, I do have close to 900 tokens from working my arse off @buildteam!

Game Theory

As I've mused in previous posts, the whole auction process is very interesting from an economics perspective. All the STEEM is paid out, regardless of how many BUILDTEAM tokens are bid. This means if only a single person bid a single token, they would take home the entire 3700 STEEM pot. If two people bid one token each, they would split the pot down the middle. Conversely, if 370 people all bid 10 tokens, the portion each person received would be dramatically smaller.

This is what makes the process so interesting: if everyone co-operates and only places modest bids, then everyone will be paid out quite nicely. On the other hand, if a few participants try to outbid the rest of the participants, not only do they devalue their own token, they devalue everyone's tokens. All for one and one for all.

By only bidding 100 tokens, when I could have bidded close to 900, not only have I acted in my own best interest, but also in the communal interests of all participants. By placing a modest bid early on in the peace, I attempted to guide other participants, hoping that people would follow my lead and match my bid, but not exceed it. So far, my action seems to have the desired effect:

As you can see, we have had quite a few bids already, but no one has outbid me yet. Everyone who is placing decent sized bids seems content to match my bid of 100. It is still early days though, someone could come in and bid a large amount near the end and people still have the opportunity to increase their bids. Approximately 715 tokens have been bid so far and if the auction were to end right now, each participant would receive 5 STEEM per token.

Auction mechanics aren't the only reason I'm only bidding 100 tokens though ...

Big things happening @buildteam

Now I can't say much on this at the moment, but let's just say there are quite few big things in the works over @buildteam. We have a solid executive team, savvy managers, genius devs and some amazing creative types and we all grinding hard to build the company and the token. Though I can't divulge most of what we're up to, I can tell you that we'll be launching a pretty amazing website over the next couple of weeks and we're working towards getting BUILDTEAM listed on another exchange or two. Bear in mind our token has only been promoted on the Steem network so far and is already trading at over $2 USD ...

That's all I can say at the moment, I have a lot more up my sleeve which I haven't even alluded too, but my lips are sealed. Long story short, from an investment perspective, I see significant growth ahead for the business and the token and It'd be crazy to dump them all this early in the piece!

That's me for this one folks, if you still haven't got your hands on any tokens yet, check out this video from @velimir and @techblogger which guides you through signing up for Bitshares and exchanging some SBD for BTS and buying some BUILDTEAM on the dex: