Bidstead rule book

All amounts are denominated in BST, a simulated balance unit. No real money is processed in v1. Wallet credits and debits are recorded in an append-only ledger. Manual adjustments may be performed by an administrator and are always logged with a stated reason.

• The highest valid bid at the scheduled close wins the lot.
• Each lot specifies a minimum bid increment.
• Anti-snipe: any accepted bid placed in the final 60 seconds extends the close by 60 seconds. There is no cap on extensions.
• Funds equal to the bid amount are debited from the wallet on bid. If outbid, the original bidder is fully refunded immediately.
• If the lot has a reserve and the highest bid does not meet it, the seller may trigger a final-offer flow.

• Each lot is run with a fixed contribution unit (typically 1, 2, or 5 BST).
• A participant may contribute repeatedly. Each contribution adds one unit to that participant's total.
• All contributions are charged. Only the participant with the highest effective contribution at close wins the lot.
• Effective contribution = total units contributed × (1 + recovery edge applied to the first contribution in this auction).
• Every accepted contribution resets the close timer (default 30 seconds).
• If the minimum outcome is not met, the seller may trigger a final-offer flow.

If you participate in a contribution auction and do not win, you are issued one recovery edge worth +5%. The edge is consumed automatically on your first contribution in your next contribution auction and applies a multiplier to that auction's effective value. Edges are visible in your account at all times. They cannot be transferred, traded, or resold.

• Available only when an auction has ended without meeting the lot's reserve or minimum outcome.
• The seller sets a single take-it-or-leave-it price.
• Participants are notified in order of effective contribution (or final bid). The first to accept wins; others are released.
• The offer expires automatically after 24 hours.

Fulfillment is operated through ACS courier with a fixed state machine:

awaiting_shipment → shipped_to_acs → ready_for_pickup → picked_up → completed

Each transition writes an audit event with actor and timestamp. The seller must record an ACS tracking number to advance past awaiting_shipment. The winner's fulfillment view always shows the latest state, the time of the last update, and the ACS pickup location once available.

Seller access is not open by default. Any account can submit a seller application from /seller/apply with legal name, address, and a government-issued identification document. Applications are reviewed manually by an administrator. Approval grants the seller role. Rejection includes a stated reason. The seller role can be revoked at any time for repeated policy violations.

Any winner or seller may open a dispute referencing an auction. Disputes are resolved by an administrator. While a dispute is open, the related fulfillment state cannot advance to completed.

• No random-chance mechanics, lotteries, or surprise drops.
• No hidden fees. The platform charges nothing on top of the auction outcome in v1.
• No automated identity verification provider — all KYC is reviewed by a person.
• No fake testimonials or social proof. The verified winners ledger is the only social signal.