There will be no round of open bidding. You can add to your "sealed bid" at any time before Christmas Eve but we can't have an auction for several practical reasons:
Correct me if I'm getting this wrong:
you "collect" all Founder-IDs in a "secret" list only you can see - until Xmas.
The list is not public because you don't want others to steal clever name ideas.
If someone wants to be sure he gets his clever name after Christmas Eve, he should add to his "sealed bid" an unknown amount of PTS.
Looking at the "open" aspect of the whole thing: who guarantees that you don't steal the clever names yourself as you have everything you need for it (the name and the highest bid). I don't want to allege that you do - but you (and nobody else) would be able to.
Wouldn't something like first come - first served be better?
Keyhotee itself has an incorruptible block chain process built in which will autonomously issue names for free on a first-come first-served basis, just as you wish.
But until Keyhotee goes live, we have to do it manually, corruptible humans though we are.
Auctions are a common way to get the best price for an item and are generally perceived as a fair, free market way to distribute limited resources to those who value them the most.
Open ascending price auctions might be optimum but they could not protect a person's novel name idea from being seized by someone with more resources.
First-price sealed bid auctions are how many competitive contracts are awarded where the legitimate intellectual property of the bidders must be protected.
From wikipedia:
Sealed first-price auction, also known as a first-price sealed-bid auction (FPSB). In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted.[3][16] This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly.[16] This kind of bid produces the same outcome as Dutch auction.[18] What are effectively sealed first-price auctions are commonly called tendering for procurement by companies and organisations, particularly for government contracts and auctions for mining leases.[16]
We decided that crypto-wallet technology allowed us to implement a
sealed-bid best-and-final-offer auction where people could continue to add to their secret bid while mining remained (theoretically) lucrative and while their assessment of the value of the product continued to grow.
It also kept our pre-Keyhotee manual workload within the realm of practical feasibility.
In the end it must be remembered that this auction is layered upon a simple
donation for a good cause process as a special thank-you. The IDs are not being sold. The credit toward your bid is a perk.
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, however I think for a minimum investment it is worth it.