Friday, April 23, 2010

All-Pay Auction

Swoopo is an all-pay auction site where you buy bids at $0.60 per bid and use them to bid up the price on items by one penny. If you win, you pay the price when it ends. The other cost is the cost of your bids. It's close to gambling and there are many sites that talk about these auctions.

Here is a hilarious example of a recent winner. The bidder won a voucher of 300 bids for $10.79. The funny part is that he used 403 bids to do it.


That is like buying $180 for $252.59.

Go figure out that logic....

Ok, someone did....Brilliant....

Martin Shubik Dollar Auction