6 ms·
Penny Auctions – How to sell a $180 tablet for $7,264
- swalsh 11y ago"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.
- austinhulak 11y agoBingo - this is exactly what I was thinking.
- devopsproject 11y agoArticle assumes a fixed bid price. It was probably a lot less.
- vijayr 11y agoIs that even legal?
- cmdrfred 11y agoI'd wager the 'person' who won at the end with 2 bids was most likely the house.
- astrodust 11y agoThere'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.