The famous bitcoin magazine "Bitcoin Magazine" has announced to auction its first issue in Dutch auction way, its initial bid has been kept at 10 bitcoin.
Dutch auction deal
This is not a strange offer from the magazine, because everyone knows that neither hodlers nor traders will pay 10 bitcoin for an old magazine. A Dutch auction is a reverse auction, meaning the price keeps decreasing with every bid. 10 BTC is just the starting price, i.e., Bitcoin Magazine understands the price might go down to 1 sat.
Old Ads price are more expensive now
The price of advertisements in this magazine is also fixed in bitcoin; there was a time when bitcoin was cheap and huge amounts of bitcoin were used for its advertisements. Today, 10 BTC will be cheaper than the old advertised price.
Uninterested Public
Due to their lack of knowledge of Dutch auctions, many people thought the starting price of 10 bitcoins was too high, so almost no one showed any interest in bidding; that was their loss.
