BuildTeam would like to announce that we are now taking bids for the November pot ... We would also like to remind everyone that this will be our last auction ever!

As per our last announcement, from the 1st of December, we will be moving away from the current auction system and transitioning to a Proof of Stake (POS) system. The monthly profit pot will continue to be announced and distributed each month, but you will no longer forfeit ownership of your tokens by participating.

We believe the new POS model will shift the focus away from short-term monthly gains and incentivise long term investors to hold and stake the BUILDTEAM token in exchange for regular monthly returns.

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The October 2017 BuildTeam General Fund is :

8000 STEEM!!!

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Bidding commenced at 00:00 UTC November 3rd, 2017 and will close at 23:59 UTC on November 5th, 2017. Though this pot is extremely large, it is important to remember that if you use all your tokens in the bidding process, you won't have any tokens left to stake ... Let's all work together towards a great result for the final auction!

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To participate in the bidding process, you will need to get your hands on some BUILDTEAM tokens. If you haven't got some yet check out this handy video tutorial from @velimir and @techblogger:

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How is the pot distributed?

The pot is distributed proportionately among the bidders according to how many tokens each participant has bid. There is no minimum or maximum bid. Assuming two participants, if you bid 1 token and the other participant bids 9, you will get 10% of the pot.

What's the best bidding strategy?

The more tokens each person bids, the less STEEM there is to pay out per token. The bidding "game" is designed to be co-operative, rather than competitive. If you start trying to "win" by outbidding other participants, you won't just be damaging the group, you will be damaging your own interests too!

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Bidding Process

Step One

If you already have a Bitshares wallet and BUILDTEAM tokens, you can skip straight to Step 4, otherwise you should create a Bitshares wallet here: https://bitshares.openledger.info/?r=buildteam

Also, consider downloading the Bitshares desktop wallet for a more secure way to transact. The wallet can be downloaded here: https://bitshares.org/download/

Step Two

Fund your Bitshares DEX account with some Bitshares tokens. You can buy Bitshares at Bittrex, or use STEEM or SBD to buy Bitshares at blocktrades.us

Step Three

Click on the following link to go directly to the BuildTeam exchange on Bitshares DEX:

https://openledger.io/market/BUILDTEAM_BTS

Use the 'Buy' panel to purchase the desired quantity of BuildTeam tokens.

Step Four

After the bidding process has begun, make your bid by clicking on the 'Send' tab in the top right corner of the exchange window.

It will take you to the screen below:

Send the quantity of BUILDTEAM tokens you would like to bid and place your Steemit account name in the 'MEMO' field. Remember to keep some BTS tokens in your account and select them for the transfer fee option as this is a much cheaper way to transact.

Additional bids can be made following these same instructions up until the deadline period.

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Tracking Bids

BuildTeam is proud to present you with this opportunity to share in our success. We want this process to be as transparent as possible. You can see the current bids on the November 2017 tab in this google sheet, but be aware that we fill this in manually. In addition you can see the latest transfers on cryptofresh, at OpenLedger or, if you are using the desktop client, simply click the gear icon -> explore -> accounts, enter buildteam and click the account name to view the latest transactions.

Make sure you keep track of the number of bids made and the quantity of STEEM offered in the monthly pot before making your bids.

If you have any questions head over to the MinnowBooster discord channel and contact either @bulleth or @locke.

Good luck!

UPDATE: bidding is now officially open!

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Visit our flashy new website! https://buildteam.io

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