Great idea. But about the "minimum bid," what if a player just spams an auction everyday: They put up a worthless item and make the minimum bid 800k and make the time a couple hours. That would just waste time for other player auctions. Maybe if the minimum bid for the same player isn't reached after they've tried several times they would be banned from player auctions for a week (can't enter the player auction level).
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No. There should be a minimum set already, the player cant change that. Otherwise you'd have someone running around with a BAR when all they sold was a Ice Dagger for 200k min.