Thu 22 Apr, 2010 10:14 am
This is a great idea...except that every time someone bids, it adds another minutes onto the auction. So, in theory, the auction could go on for days. I don't know about you but something about spending 4 days actively bidding on something doesn't make me want to do it.
Not to mention, you have to BUY your bids. So really, you have a limited number of times you can bid, unless you are willing to pay more to bid, which potentially negates the savings.
Anyone try this kind of auction? What was your experience? I'm curious to hear about how one can win off of something like this.
Seems a little...hokey to me.
I was always pissed at how, by superfast computer technology and software, an Ebay auction could be swiped away from real bidders and just held to a single final price. I was always a fan of an auction that had two copting bids in a certan time shouldnt close just because some clock says so. However, seeing that this could go on indefinately does create some problems in hammering down any item. Maybe they should get a better mix of the two concepts.
I was really interested in this concept until I watched some auctions. Going up one penny at a time, over and over and over and over and over and over at 1 minute 30 seconds left in the auction is just...irritating. LOL
Oh that and think about this:
Let's say you're bidding on something worth $100.
You have 30 bids. It cost you $1 for each bid.
The item sells for $55.95 and lets say you win using all your 30 bids. You can say you won it for $55.95 (44% off retail) but really you spent $85.95 (your winning bid plus the amount in bids you bought in order to win), which is only 14% off retail). That's a BIG difference, even if getting it 15% off is still a good deal.
HOWEVER, if the item sold for $55.95, that means that there were 5,595 bids (each bid taking the amount up one cent). Do the math kids....that's $5,595 in bids for Beezid to sell you a $100 item.
Something about this is very very wrong.
in live and phone auctions they charge buyers premiums, which is how I thought that you meant it for this one. SO you are saying that even underbiddesr must pay ? Pshaw, you wouldnt catch me at that auction unless there were some really big time antiques beingmarketed or a fancy boat
Yeah, you pay for EVERY bid, even if you lose!