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Penny Cave


JetsMania
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Whoever thought of this is a genius.

 

Basically its an electronics auction site. You have to pay a dollar per bid, but each time you bid the price of the product only goes up 1 cent.

So the starting price is always 0.00 with a 3 minute timer. Every time someone places a bid the clock restarts.

 

My cousin just won a playstation 3 for $30.00. The reason its genius is because to make a product cost #30 there have to be $3,000 in bids that the site gets to keep. More importantly, the winning bidder can get a product for a fraction of the cost. You just have to make sure you don't spend hundreds in bids.

 

 

www.pennycave.com

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Whoever thought of this is a genius.

 

Basically its an electronics auction site. You have to pay a dollar per bid, but each time you bid the price of the product only goes up 1 cent.

So the starting price is always 0.00 with a 3 minute timer. Every time someone places a bid the clock restarts.

 

My cousin just won a playstation 3 for $30.00. The reason its genius is because to make a product cost #30 there have to be $3,000 in bids that the site gets to keep. More importantly, the winning bidder can get a product for a fraction of the cost. You just have to make sure you don't spend hundreds in bids.

 

 

www.pennycave.com

 

It's a cool concept. There's alot of sniping going though which makes it frustrating. I bet they'll make alot of money.

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Ok, so I went to the site and understand it better now, my only concern with it would be: what's to prevent people from developing software that bids on the products at exactly one second left? Also, why would anybody bid before 30 seconds are left in the auction?

 

Really cool concept though, and I'm going to sign up tonight.

 

edit: ohhhh the 3 minutes resets when someone bids...hmm...really cool site, thanks jets.

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Ok, so I went to the site and understand it better now, my only concern with it would be: what's to prevent people from developing software that bids on the products at exactly one second left? Also, why would anybody bid before 30 seconds are left in the auction?

 

Really cool concept though, and I'm going to sign up tonight.

 

edit: ohhhh the 3 minutes resets when someone bids...hmm...really cool site, thanks jets.

 

That's what sniping is and that software already exists. Just watch the bids for a while and notice how most of them go up right at one second remaing. That tells you someone is already sniping.

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Ok, so I went to the site and understand it better now, my only concern with it would be: what's to prevent people from developing software that bids on the products at exactly one second left? Also, why would anybody bid before 30 seconds are left in the auction?

 

Really cool concept though, and I'm going to sign up tonight.

 

edit: ohhhh the 3 minutes resets when someone bids...hmm...really cool site, thanks jets.

 

That's what sniping is and that software already exists. Just watch the bids for a while and notice how most of them go up right at one second remaing. That tells you someone is already sniping.

 

But you have to pay a dollar for each bid so you dont always want to snipe. Also if you snipe, it just resets the clock.

 

 

The website sells the products themselves, they arent the middle man like ebay is.

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Ok, so I went to the site and understand it better now, my only concern with it would be: what's to prevent people from developing software that bids on the products at exactly one second left? Also, why would anybody bid before 30 seconds are left in the auction?

 

Really cool concept though, and I'm going to sign up tonight.

 

edit: ohhhh the 3 minutes resets when someone bids...hmm...really cool site, thanks jets.

 

That's what sniping is and that software already exists. Just watch the bids for a while and notice how most of them go up right at one second remaing. That tells you someone is already sniping.

 

But you have to pay a dollar for each bid so you dont always want to snipe. Also if you snipe, it just resets the clock.

 

 

The website sells the products themselves, they arent the middle man like ebay is.

 

Exactly, sniping doesnt really have the same effect here as it does on eBay.

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Anybody make an account? I did, I'm trying it and damnit...this is hard as hell. Frustrating, I don't see how anyone could win without spending hundreds in bids. I'm trying to be patient...but man it's tough. I'm gonna try again tonight when I bet it's slower.

 

I made an account. Its frustrating not knowing when the final bid is made. I just saw a home theater system go for 7 cents. I made a bid on the 2 free credits they give you and was immediately ousted. The Sony 32" went for $3.66. It just sucks knowing that you keep bidding and dont know when everyone else is gonna stop.

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Anybody make an account? I did, I'm trying it and damnit...this is hard as hell. Frustrating, I don't see how anyone could win without spending hundreds in bids. I'm trying to be patient...but man it's tough. I'm gonna try again tonight when I bet it's slower.

 

I made an account. Its frustrating not knowing when the final bid is made. I just saw a home theater system go for 7 cents. I made a bid on the 2 free credits they give you and was immediately ousted. The Sony 32" went for $3.66. It just sucks knowing that you keep bidding and dont know when everyone else is gonna stop.

 

I put like 40 bucks in the account, gone in one day. I shall not be back to that site. :lol

 

I made a strong play for the laptop computer, kept getting outbid but would immediately bid again, finally I just decided to let somebody else do the bidding, and decided to wait till the next clock, and on the 2:00 countdown I stopped bidding....the dude won. I was pissed.

 

I also wonder what would stop them from having bots that bid on and ultimately win the products so that they don't have to actually sell the product to anyone, just keep the cash. If they are an offshore company, not much anyone could do about that...

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Anybody make an account? I did, I'm trying it and damnit...this is hard as hell. Frustrating, I don't see how anyone could win without spending hundreds in bids. I'm trying to be patient...but man it's tough. I'm gonna try again tonight when I bet it's slower.

 

I made an account. Its frustrating not knowing when the final bid is made. I just saw a home theater system go for 7 cents. I made a bid on the 2 free credits they give you and was immediately ousted. The Sony 32" went for $3.66. It just sucks knowing that you keep bidding and dont know when everyone else is gonna stop.

 

I put like 40 bucks in the account, gone in one day. I shall not be back to that site. :lol

 

I made a strong play for the laptop computer, kept getting outbid but would immediately bid again, finally I just decided to let somebody else do the bidding, and decided to wait till the next clock, and on the 2:00 countdown I stopped bidding....the dude won. I was pissed.

 

I also wonder what would stop them from having bots that bid on and ultimately win the products so that they don't have to actually sell the product to anyone, just keep the cash. If they are an offshore company, not much anyone could do about that...

 

I was actually gonna drop like 20 bucks in the account with the intention of testing the site. I just dont get how an XBOX 360 can sell for $6.95 and an XBOX 360 Elite for $1.11. I guess you just kind of have to be on at the right time and bid on something that people dont really want.

 

I can see how you think they have bots making automatic bids to keep upping the price or to not sell at all.

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