Monday, March 26, 2012

The Penny Auction?

Ms. Townes is always looking to expand her hustle. So with not much trepidation but a lot of skepticism I'm  tripping over myself trying to understand this thing called the penny auction. I don't want to participate in it, because I'm broke, more like, be able to write about it.

It's something different, and different, has turned on a $17 Laptop and shot me an email. So begins my journey...

Wiki said it was something akin to gambling. From the few sites I've visited I might agree. I can see some excitement being generated while bidding on something you'd normally not be able to afford. I could totally see it. Sort of like winning at a lottery.

Lets pretend the penny auction was a game. I like games. So the object of the game is to be the last person to bid on an item before the time runs out. The thing is, every time you bid the time is extended. So a smart bidder would wait until the time gets down to the last five seconds before the bidding closes, then bid again.

What do you do then, if there is another person using the same strategy? Well you keep bidding. How do you bid? Do you use actual money? Yes and no. Here is where I get confused. Since the item you're attempting to "win" is already dirt cheap you are raising it's price, by like a penny every time. But the bids themselves cost a dollar and some change. So you're really spending the cost of the item plus the cost of the bids.

I think it still comes out pretty cheap, but I'm guessing it is a part of the thrill to "beat" someone out of an item. Kind of like when you haggle a vendor at a flea market. That feeling of accomplishment, the WIN moment, the rush it gives you when you have that item wrapped up and in your hand. I don't know.

I don't know if this is something I can get into, but I know that I've been asked to ghost blog about it. I'm hoping that with some understanding of it I can do that and do it well. Hey it is a paid gig...

1 comment:

  1. Well there is this one penny auction site that is considered to be one of the best, that is Ziinga. You can watch the video on my link for more information.


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