Scandinavian Auction – Is Attraction Of Unprecedented Generosity.
Penny auction is a fairly recent phenomenon on the Internet. In fact, the idea that underlies this auction is not an attraction, and is not even a scam, unless of course it’s a real auction, not only its visibility. It is a quite neat play on human greed and stupidity.
Penny auction – is a type of auction in which the product or service is exposed for sale at minimal price. Participants of trades are betting with a fixed step. For every bet it will be charged a fee from the bidder. Lasting of trades is given at the beginning, but it is enhanced by a certain amount after each bet. The winner is the person whose bet was the last. I.e. it works like this: for Sale it is put up something which market price is $ 500 for, say, for $ 100. And it is set the term end of the auction- for example, a day. As a result, merchandise is awarded to the bidder who made the last bet. In this case, bets are available on a fee basis – if you want to bid – pay. Bets can be fixed only by raising prices at a time, for example, at $ 0, 5. In this case, the system charges a fee, for example $ 0.75, for one bet. And this money at the end of the auction will not be returned.
Thus, if we assume that our product as a result of the auction will go to the final price of $ 300, it will mean that users have made a total of (300-100) / 0.5 = 400 bets at $ 0.75, i.e. during the bidding process they had paid 400 * 0.75 = $ 300. And another $ 300 will be paid by a lucky winner of the auction directly for the goods. Total – $ 600.
But that’s not everything. So that it will be more fun to bargain for the users, each bet increases the duration of the auction, for example, 10 seconds. But if our hypothetical product is valued at $ 300 for 5 seconds before the end of the auction , then if someone decides to throw another $ 0.5, then until the end of the auction soon it will be 15 seconds instead of 5. And so on.
I.e. until the goods is substantially undervalued relative to its market value, it will be willing to throw a half of the bucks, as well as everyone else did back off.
It is understandable that greed and passion wakes up here, because if you have already made 10-15 bets of $ 0.75, but the goods before our eyes float to the opponent, you do another bet not to lose your money.
The scheme is simple and elegant. But I want to warn that participating in penny auction is a lottery, casino. If you like gambling – this is for you. Otherwise – it is not necessary.
Do you like auction sites? Then you certainly need to visit Moloyo site. This Moloyo site actually is one of the latest auction sites in the online auction industry. Thus all the lovers of penny auctions are recommended to review this Moloyo site.
And remember that our world is the world of modern Internet technologies. It would be intelligent to make use of the online network to search for anything to get it at the best prices available on the market. Search engines, social networks, blogs and forums – all this will assist you to make a decision on many issues.
