Scarce City

How Scarce City Auctions Work

  1. Deposit a small percentage of bitcoin with your bid as collateral

    Bid deposits can be made through Lightning Network as well as on-chain Bitcoin transactions. On-chain Bitcoin transactions must confirm within the standard auction countdown to be valid.

    Login to access unlimited bidding for the auction and all auctions in the sales event. Logged in bidders benefit from cumulative collateral requirements i.e. instead of depositing a fixed collateral percentage with every bid, they are only required to maintain the collateral percentage on their highest bid.

  2. The winning bidder has a stated amount of time to broadcast the full balance of their bid. They may contact chris@scarce.city to request more time. If they don't, they lose their collateral and the second place bidder has a chance to pay their high bid.

    If the second place bidder placed a lower bid above the third place bidder i.e. they engaged in a head-to-head bidding war with the non-paying high bidder, they have the option to extend the auction countdown by 24 hours with their lowest bid above the third place bidder as the starting bid.

  3. Winning bidders will be given 4 hours to pay for the auction they've won. Scarce City has discretion to allow more time in extraordinary circumstances.
  4. Once all items in the sales event are paid for, collateral is refunded to all participants within 24 hours of sales event end (except in the case of a high bidder not paying their bid).

🔥 HOT ZONE RULES 🔥

  • Bids placed in the final 10 minutes of the auction reset the countdown to 10 minutes.
  • Auctions can't end with a pending bid. The bidder has until the bid deposit invoice expires to confirm their bid.
  • Onchain bid deposits are no longer accepted. Bids must be made through Lightning Network deposits or previously unlocked unlimited bids.

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