Either pure genius or total evil
Upon first glance I thought “oh wow, another auction site trying to compete with Ebay,” but after digging a little deeper, I realized this site is so much more.
Bidding always starts at just $0.15, and you can only bid $0.15 at a time. Each bid will increase the countdown timer by 5-15 seconds.
Here’s the catch, each bid costs you $1. A smart and patient bidder will almost always get a good deal, and even an aggressive bidder will still get somewhat of deal. The real winner here is Swoopo.
A Nintendo Wii sold for $84.75 at closing. That means Swoopo not only made $84.75, but an additional $565 (84.75 / .15) in bidding costs.
That is just the beginning. There is an auction now for a “free $1000 cash, ” meaning that the winning bidder does not actually have to pay the closing price to receive the item ($1000 cash). The auction is currently at $540. Yep, they’ve already made $3600 in bids and there is still 6+ minutes left.
They might as well be printing money.
Good and informative way of explaining at least on how the bidding mechanics work. I do hope more people would come to read posts like this so that before even participating bids on the site they already have the knowledge of what their in for.