[FoRK] New types of web auctions / scams

Gavin Thomas Nicol gtn at rbii.com
Sun Oct 17 11:37:45 PDT 2010

> This one solves the sniping problem in the appropriate way, ending auctions only when no more bids are being placed for a period of time, but they have an interesting twist: bidding costs money.  Plus, the countdown timer is only 10 seconds.  And you can "use" the funds committed by bidding (at $0.75/bid) for 'buy it now'.

There are a bunch of these sites. Last time I did the math, an iPad that sold, for say $110, generated about $6000 for the auction site. I don't think these 'penny auctions' are immoral per se... they're actually quite brilliant in a way.

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