SAP FAQ, rules and how-to (no 1 cent shares)
PTP Staking is happy to announce an extension of the BAP system that will now allow you sell your shares in a BAP to other members automatically. Even better, the system is auctioned-based, so you get the most value for your shares.
This document describes the details and how-to for the trading system.
Overview:
The trading system works like this: Player A, who owns shares in a BAP, posts a thread in the BAP Trades forum. Other members reply to that thread with the amount they're willing to pay for shares. Player A selects the bid they prefer, and then both members go through a quick back-and-forth process very similar to the staking process. Once that's complete, the shares are automatically transferred from Player A to the winning bidder.
Conditions:
You cannot offer shares for trade if you are in the process of selling your shares in that BAP.
Trades are absolutely binding. Once the trade process has been initiated (a bidder has been selected by a seller), there is no backing out of the transaction. Failure to complete will result in gear or banning.
CAVEAT TO ABOVE: if a share sale is driven by 'current action' (i.e., a player is currently deep in a tournament), then bids are only binding as long as that player is still 'in action' (if they bust before a bid is selected, all bids are moot).
Trades carry a 2.5% processing fee, cap of $5. The fee is paid by the seller. This fee must be paid or the trade will not complete. Site credit can be used to cover trading fees.
BAPS change in value all of the time. Be aware that when you place a bid, the value of the BAP may increase or decrease before the seller chooses a bid. You assume a certain risk when you bid on shares. To help protect bidders, share sales only last 2 hours, and then your bid (and obligation) expires.
Cake: Full cake transfers with share sale. Whatever cake the original shareholder earned with the share purchase transfers IN FULL to the new shareholder.
How-to:
1) SELLER: Go to your My BAP area and click 'Trade' next to the BAP you'd like to trade shares in. This will bring you to a new thread screen. (You can also start a new thread in the BAP trades forum manually if you prefer). The thread creation screen has a few fields at the bottom:
--BAP ID: The ID# of the BAP you'd like to sell shares from.
--Shares: Enter the amount of shares you'd like to offer for sale
--Starting Bid: Enter the minimum bid (TOTAL) for all the shares you're selling - not a per share price, but a total.
--Accept payment on: Click what rooms you're willing to accept payment on.
IF THE SHARES YOU ARE SELLING ARE FROM A BAP THAT...
-- Is run by a DNSed or Banned member, or a member under investigation
-- Is a stakeback returned BAP
You MUST disclose that fact in the thread.
This will create a thread with all of the relevant information. People will bid on these shares by replying with an offer in the thread.
NOTE: If you do not select a bidder within 2 hours of creating the thread, the thread will automatically lock and you will have to create a new one.
2) BUYER: Members reply to the thread with how much they would like to bid for the block of shares being offered. Again, bid a TOTAL amount, not a per-share price. Important notes:
--Your reply should consist ONLY of the amount of your bid. Just a number. Nothing else.
--When you make a bid, it is binding. If you make a bid and then try to back out, you are subject to gear or banning
--If you reply using quick reply, that doesn't refresh the thread. Your bid will be entered, but it won't reflect in the "Top Bid" information until you actually reload the page.
--Sellers can choose WHATEVER bid they like. The highest bid does not automatically win.
3) SELLER: When you're ready to select a buyer, click the 'Select a Buyer' link in the first post of your thread or the 'Select a Buyer' link next to the trade in your My Trades area (under My Baps). This brings you to a screen with a drop-down menu that lists all current bids. Pick the bid you prefer and click 'select buyer.' You'll be taken back to the trade thread.
4) BUYER: When you're selected, you'll see a new Trade Alert (to the left of your PM info at the top of the screen). Clicking on that will take you to your My Trades area (also available under BAPs >> My Trades in the main nav menu). There will be a status message next to the trade that says 'You've placed the winning bid. Click for payment information'. This will take you to a screen with information about where to transfer funds to the seller. Select the site you're shipping funds on and hit 'submit'
5) SELLER: Once the buyer has confirmed shipping funds, you'll get a new Trade Alert. Go to your My Trades area and click on the status link next to the trade that reads 'Confirm that you received payment.' This will take you to a screen that details where the buyer shipped the funds. Check to confirm that you received the funds.
NOTE: Trades are processed at a fee of 2.5% of sale, cap of $5. To complete the trade, you will need to either send funds to PTP Staking or have enough credit in your account to cover the 2.5% fee. If you don't have sufficient funds, the trade will not complete.
Hit confirm. This completes the trade and the shares are now assigned to the buyer.
Last edited by DMoney78; October 1st, 2009 at 06:48 AM..
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