Penny Auctions

**CivilWars** · 12-22-10, 11:11 AM

Still going. Over $132 now.

132 x .6 = 7920$$$$$$

**badprimer1** · 12-22-10, 11:14 AM

At what increments is the amount changing? Some have only been going up in 1c increments for each bid.

**CivilWars** · 12-22-10, 12:50 PM

Each time someone bids the price goes up by 1 cent. Each bid costs the bidder roughly 60 cents paid to the auction house.

**ElFuriosoGato** · 12-22-10, 12:57 PM

I will not be surprised if these sites have laws written against them, at least at the state level. Or the courts claim they fall under online gambling laws.

**Red_Lizard2** · 12-22-10, 02:22 PM

I find it funny watching some of the same people constantly bidding on it, apparently they haven't done the math and figured out they've probably spent more on bids then the cost of the damn thing to begin with.

**flame** · 12-22-10, 02:50 PM

Was watching just to see what the hell yall were talking about. So every bid costs .60 and raises the price by .01 and adds time to the timer? It says it resets to 40 seconds with each bid but I saw it jump to 2 minutes a couple time. Its a ripoff, .60 to bid and yeah very unlikely you will win.

**Kanati** · 12-22-10, 02:54 PM

I've seen the timer jump to 30 minutes before... I think it's a "cool off" period allowing people to go take a shit and get food.

I've also seen the "recently sold for $xxx.xx" message on that one auction change 4 times without it being sold... At least I think it didn't sell. Maybe it sells and they keep the auction at that price... Dunno.

**CivilWars** · 12-22-10, 02:55 PM

In a nutshell yes, but some of those variables change based on the site and the item. It adds 40 seconds, or whatever interval is set by the site, for each bid, so if 5 people bid in succession it will add 200 seconds, or over 3 minutes. Also, it is a good deal for the lucky winner, but for the other tens/hundreds/thousands of bidders you paid 60 cents per bid for nothing.