A German company that holds auctions at EXTREMELY low prices. If you go to their site, you would think that it's a scam. Well, this is the genius part about their site: It cost $1 to bid once. So for each time you bid, you lose one dollar. For each bid, the time increases by 15 seconds and the price increases by $0.20. So there would often be iPods or Wii's that are selling for under $20 with less than 20 seconds to go. People will keep bidding to increase the time, and the price will keep going up and people will keep losing money. If you lose the auction, then you basically lost all the bidding money, so people will go out of their way to try to win the auction, even if that means paying more than retail. Like I said, this site is genius! They're even selling bids, and people are paying A LOT to bid on it! |
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- iceui2
- Senior Member - 99k
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- tlaxson
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- Stoned
- Senior Member
Sounds like an illegal (in US) lottery. That's why it is not in the US. |
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- Hypersion
- Senior Member - 1K
If you lose the auction, then you basically lost all the bidding money, so people will go out of their way to try to win the auction, even if that means paying more than retail. So I guess people don't understand the concept of sunk costs. |
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- dfwrealtor
- Senior Member
in my opinion i believe this concept is like gambling.......each bid you make will costs you $1 in real money that you won't get back if you lose....you can bid on an item 100 times and still not able to win the auction, so you are out $100! |
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