Malcolm
@wyllie
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We're running a brypto experiment...
There's $10k in a vault as a prize for the winner of the game. The game starts by allowing anyone to bid $100 for the $10k prize.
After a $100 bid (first come, first serve), anyone can place a $200 bid for the $10k prize. If an hour passes without a $200 bid, the previous bidder gets the vault for $100. If someone does bid $200, the $100 is returned to the original bidder.
This continues, increasing the next bid in increments of $100 until an hour passes without a bid, and the vault is purchased. This game should continue until someone bids $9900 for the $10k and wins it, because the next bid wouldn’t be profitable.
Now, say a 1% fee is taken with each bid, which is added to the prize pool. So, the first bidder pays $101 and only receives $100 back if they do not win. The second bidder is now bidding $202 for the $10,001 prize pool... When does the game end?
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