Penny Auctions – How to sell a $180 tablet for $7,264
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Penny Auctions – How to sell a $180 tablet for $7,264
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Re: Penny Auctions – How to sell a $180 tablet for $7,264
#2"Shockingly nearly half of those bids came from just one person who lost approximately lost $3,500 in just two hours"
Is such an irrational amount of money to lose, i'd wager a guess it wasn't a real user. I'd bet its an automated system owned by the "house" that keeps the auction from ending prematurely.
Re: Penny Auctions – How to sell a $180 tablet for $7,264
#3"Shockingly nearly half of those bids came from just one person who lost approximately lost $3,500 in just two hours" Is such an irrational amount of money to lose, i'd wager a guess it wasn't a real user. I'd bet its an automated system owned by the "house" that keeps the auction from ending prematurely.
Bingo - this is exactly what I was thinking.
Re: Penny Auctions – How to sell a $180 tablet for $7,264
#4"Shockingly nearly half of those bids came from just one person who lost approximately lost $3,500 in just two hours" Is such an irrational amount of money to lose, i'd wager a guess it wasn't a real user. I'd bet its an automated system owned by the "house" that keeps the auction from ending prematurely.
Article assumes a fixed bid price. It was probably a lot less.
Re: Penny Auctions – How to sell a $180 tablet for $7,264
#5"Shockingly nearly half of those bids came from just one person who lost approximately lost $3,500 in just two hours" Is such an irrational amount of money to lose, i'd wager a guess it wasn't a real user. I'd bet its an automated system owned by the "house" that keeps the auction from ending prematurely.
Is that even legal?
Re: Penny Auctions – How to sell a $180 tablet for $7,264
#6"Shockingly nearly half of those bids came from just one person who lost approximately lost $3,500 in just two hours" Is such an irrational amount of money to lose, i'd wager a guess it wasn't a real user. I'd bet its an automated system owned by the "house" that keeps the auction from ending prematurely.
I'd wager the 'person' who won at the end with 2 bids was most likely the house.
Re: Penny Auctions – How to sell a $180 tablet for $7,264
#7There's a phenomenon that plays out now and then where people will spend more than $1 to win $1 because they can't abandon their sunk costs. Good money after bad.