Show HN: BlockRun - Bitcoin auctions on the blockchain

We've just launched http://www.blockrun.com , a play on penny auctions built on top on the blockchain.

- Each auction has its own bid address

- Auctions last for a certain number of blocks - When blocks reach 0, each new bid extends the auction by 3 blocks

- There needs to be 3 empty blocks for a winner to be declared (no bids for 3 consecutive blocks released by the Bitcoin network)

- The highest bid wins (we send winning, and losing transactions when you have been outbid)

- Winner creates a signed message to confirm they own the winning Bitcoin address

How it works: http://www.blockrun.com/how_it_works

FAQ: http://www.blockrun.com/faq

Auction for 5 coins: http://www.blockrun.com/auctions/5-bitcoins

We're always looking to improve, so if anyone has any feedback (e.g. "WTF is this, how does it work??), or thoughts are much appreciated :-)

First is auction about to end!

5 Bitcoins currently going for 0.09: http://www.blockrun.com/auctions/5-bitcoins