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Right now, the bounties can be set after 48 hour elapsed time. But, there are occasions when people have a peculiar problem and the solution is needed fast.

In such situations, the bounty feature lags a bit. So, my idea or request for such scenarios is that a user should be allowed a maximum of 3 immediate bounty options per month, so as to make full use of it and yet not enough to abuse it.

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Can you link to examples where this was needed? It doesn't look like you've offered any bounties for at least a month, and certainly not 2 in quick succession. – Awesome Poodles Jan 14 '12 at 6:55
it's an enhancement feature and I am not talking in just my sense. As a general feel, this feature can really turn out good...Infact, many a times I needed the bounty but because there's a 48 hour cap, I resorted to some temporary fix which has now become permanent... – Pankaj Upadhyay Jan 14 '12 at 7:02

I really don't like any (extra) feature that will encourage people to think of Stack Exchange as a place where they can get rapid answers. Most of the questions I happen upon that appear to somehow be in urgent need of an answer are at the far end of the quality spectrum, because OP is on fire and doesn't really have the time to write a good question.

I feel that what you're proposing might encourage answerers to give even quicker answers, that may be extremely beneficial to the OP ("Hey, here's a link that solves your problem") but not so much to the community.

And when you come upon a question with an immediate bounty, are you going to spent any time trying to improve it? Or are you going to start answering immediately? Well you might actually go for improving it, as you've done with quite a few posts on Programmers, but I don't think most of us will.

In most cases, when a bounty is set, there are already answers, so in order to get it you have to provide a better one. We don't want to encourage a culture of quick answers, we strive for expert answers. And those can only be quick in very specific scenarios (trivial questions).

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you are right !!. There can be the downsides to it though :-) – Pankaj Upadhyay Jan 14 '12 at 7:09
@PankajUpadhyay Actually I don't know if I'm right :) I'm not really active on StackOverflow, my perspective is from the other sites I'm active on... I can't really say if immediate bounties would be beneficial to SO, but they do nothing on the sites I lurk... Oh, and since I referenced your activity on Programmers, and I now have a new username, it's me, Yannis Rizos... – Yannis Jan 14 '12 at 7:10
Ya, i recognized you from your pic itself....You had this pic earlier on Programmers...though i can't understand why the different user name here :-P – Pankaj Upadhyay Jan 14 '12 at 10:25
@PankajUpadhyay It's different all across the network, not just here, I just changed it on a whim, in reference to an offline discussion, and will probably revert back to using my actual name (or is it?!) at some point... – Yannis Jan 14 '12 at 10:29

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