Alternate pirate mechanics

Could I suggest two alternative auction mechanics for the pirates?  I'm not a fan of the system as currently implemented.

- A "dutch auction" system.  Replace the countdown timer with a credits figure that gradually declines.  A couple of advantages in that you'd probably not have to sit around waiting to snipe.  You wouldn't tie up all your money as an unsuccessful bider either- if you lose then at least you've got the credits to spend on defending yourself. 

- A sealed bid system, perhaps with a randomly determined minimum acceptable bid. 

Any thoughts?

Xfire: coffeespoons