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Sounds like a "Dutch auction" (or variant) https://en.wikipedia.org/wiki/Dutch_auction https://en.wikipedia.org/wiki/Dutch_auction

• dydrm 4y ago
  Correct! Tom Scott recently made a great video about it: https://youtu.be/uAdmzyKagvE https://youtu.be/uAdmzyKagvE
• inetsee 4y ago
  That's exactly what I was thinking about, but I didn't know it by that name.