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Anybody heard of or familiar with "penny auctions" ?

Started by Bunky Brian,

15 posts in this topic

Bunky Brian

Bunky Brian

Posted
Posted

Per my IT guy, this is the new cutting edge of auctions. Bidder signs up, on a penny auction site, bids pennies on any item, AGREEING TO GIVE UP HIS BID TO SELLER REGARDLESS IF HE WINS, if enough bidders bid up the (aggregate) sellers reserve, the item than sells to whatever highest penny bidder.

 

So, in a nut shell, seller gets his "reserve" and winning bidder can get item for pennies of the dollar.

 

Anybody play this yet?

 

Bunky

 

 

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Bunky Brian

Bunky Brian

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Ok, however, if you the bidder bid, 3 cents on a item, thats your loss, you set the amount you want to "play" or "gamble" nobody forcing the bidder to bid anything,

 

but if enough bidders, bid "3 cents" a lucky bidder could end up with a winning bid, that's pennies on the dollars,

 

What am I missing?

 

B

 

 

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sckao

sckao

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Ok, however, if you the bidder bid, 3 cents on a item, thats your loss, you set the amount you want to "play" or "gamble" nobody forcing the bidder to bid anything,

 

but if enough bidders, bid "3 cents" a lucky bidder could end up with a winning bid, that's pennies on the dollars,

 

What am I missing?

 

B

 

 

What you're missing is that no one is going to keep playing when they always lose.

 

As opposed to eBay where it costs nothing to bid.

 

 

 

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jamorse99-migration

jamorse99-migration

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So I'm looking into this now. If you are smart you can probably make money as either a buyer or a seller but I'm not sure yet. Google only produces two sites for me really: bidcactus.com and beezid.com Both seem to auction off "bid packs" and give out free bids so this will make things worse for the seller. I don't see any reserve price thing yet. How can a guy sell a $100 amazon gift certificate for 62 cents? What kind of person would keep selling those?

and I certainly can't find any comics!

 

Hmmm, you can't sell things on those sites and bids cost money in addition to the bid itself???

 

http://penny-auction.pissedconsumer.com/

http://whatpennyauction.blogspot.com/

 

Like the lottery and global thermonuclear war, the only way to win is not to play!

Or own the site. Man that seems like a guaranteed moneymaker. Like gambling, people will forget their losses and remember their wins reinforcing their habits.

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jamorse99-migration

jamorse99-migration

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Definitely no comics anywhere. So some smart person should start a site selling comics this way. swoopo is another site. They sold a 8 ounce silver bar for about $2 but it took the winner 62 bids (additional $37) to win it and shipping is $13. So the winner made money. There were at least 4 other bidders who must have lost $30 so the seller (the auction site) made money for sure. It seems like a game of chicken! I see a 1g platinum auction where the winner placed 110 bids costing almost the entire purchase price so the losers lost big on that one. Shipping was $7 for that gram. Of course, you can buy bids at auction too so it probably didn't cost the full amount...

 

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Bunky Brian

Bunky Brian

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Definitely no comics anywhere. So some smart person should start a site selling comics this way. swoopo is another site. They sold a 8 ounce silver bar for about $2 but it took the winner 62 bids (additional $37) to win it and shipping is $13. So the winner made money. There were at least 4 other bidders who must have lost $30 so the seller (the auction site) made money for sure. It seems like a game of chicken! I see a 1g platinum auction where the winner placed 110 bids costing almost the entire purchase price so the losers lost big on that one. Shipping was $7 for that gram. Of course, you can buy bids at auction too so it probably didn't cost the full amount...

 

Here you go, brought to you by "some smart seller" me. Ha!

 

http://pennycomicsbid.com/

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