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@Kompute
Damn, can we not just do the swap as suggested!
Really though Velocio's suggestion is excellent, though i think you'd be better off doing it as a sealed bid auction.
I personally don't understand how "with bidding remaining open 10 minutes after last bid (no sniping)." would work? Surely that just leaves it open infinitely if people keep bidding within 10 minutes of the last bid, or leaves it just as open to sniping just with the auction ending 10 minutes later.