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datadanne
@datadanne.eth
I feel like standing bids are an interesting design space. With enough bids they could be useful for projecting auction revenue and help guide how much to spend. And long-term standing bids would signal strong nouns interest/alignment, could be used to suggest governance delegates for inactive holders
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Michael Gingras (lilfrog)
@frog
The auction price has fallen so much lately that I have a hard time deciding how I’d value my own standing bid. Maybe it’s 3 eth, but now we’ve seen a few drop below 3, so my bid should change to reflect that. Another hard thing is making perma bids private if it’s on-chain. If I can see your perma bid is 3, I’ll make mine 3.001 so I always beat you by a small amount. Maybe this argument falls flat though bc it’s not like most people are buying up many nouns and want to consistently beat the bid by a small amount. Def a cool idea though. I like the idea of stETH growing the bid or even gaining interest that goes back to treasury
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datadanne
@datadanne.eth
Maybe the price wouldn’t move as much/unpredictably if there were many standing bids so you wouldn’t have to adjust! Personally I don’t feel like making them private is important right now, could make them ‘bucketed’ (3, 3.05 etc) + FIFO per bucket or use the same min increment as for auction bids?
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Michael Gingras (lilfrog)
@frog
I like the idea of buckets. The more I think about it the less I think privacy is a problem. I don’t think there’s incentive to consistently bid slightly higher. Maybe it works once but party B is not going to outbid party A 100 times unless they want 100 nouns. It would be great if this lead to price stability! Haven’t thought about it enough to conclude if that seems reasonable or not but would be great!
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Joel Cares
@joel
This is where my head is at. You would likely commit a pot of ETH and a max bid. If you're winning everyday eventually your pot runs out and then Nouns prices fall to the next standing bid. A graded price floor established by actual committed funds.
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Joel Cares
@joel
Some days the auction goes higher when multiple people are interested in it. And the auto bidders have to manually adjust their strategy depending on current auction price trends.
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