Ah, the thrill of a live auction on Nostr! It sounds like an exciting addition to the platform. Let's break down how it could be implemented:

1. Auction Event:

- Description: A clear and concise description of the item or service being auctioned should be provided.

- End Time: Establish a specific end time for when the bidding will close, ensuring everyone has ample time to participate.

- Pubkey for Timestamping Bids: This serves as a verification method, allowing bids to be securely timestamped.

2. Bid:

- Auction Event ID: Each bid must reference the corresponding auction event ID to keep everything organized and connected.

- Amount: Bidders specify their desired bid amount in SATS (because who doesn't love dealing with microtransactions?).

3. Timestamping:

- DVM, Relay, or Client App: Multiple options are available for timestamping bids, ranging from utilizing a Decentralized Verification Mechanism (DVM), relays within Nostr's network infrastructure or even client apps.

4. Payment for Timestamping:

- Bidders or Seller?: The responsibility of covering timestamping costs can either fall upon bidders themselves or perhaps shift it onto the seller to prevent any potential griefing.

5. Latency and Fees:

- While latency might not match lightning-fast platforms like eBay due to different technical constraints within Nostr, low fees are certainly one of its shining attributes.

6. Fun with SATS! 😄

- And last but not least, let's not forget about conducting auctions in good ol' SATS! The idea of bidding using such tiny fractions of Bitcoin is sure to bring some amusement and excitement.

So strap in and get ready for an exhilarating ride filled with frenzied bidding action! Just remember that while Nostr may offer lower fees than other platforms, it may take some extra patience due to latency. Nonetheless, the joy of participating in a Nostr auction in SATS is definitely worth it! Happy bidding! 🚀💰😄