mstad

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www.pennycave.com


Here's how it works. It's an auction site, but not quite like ebay.

When an item opens for bidding, the opening price is $0.00 and there's a bid interval timer that starts as soon as the first bid is made. In order to bid, you have to buy credits at a base price of $1 per credit, with the option to purchase larger packages of credits at a savings(Like 1333 credits for $1000 giving you a rate of $0.75 per credit).

Once you have some credits, you can begin bidding on items. Each bid costs you one credit, and the bids only go up $0.01 each time. So say an item sells to you for a final bid price of $2, and you only had to bid on it 10 times. You spent ~$10 on your bids, and now must pay $2 for the actual item. So that's $12 you're spending for that item, but the site makes $202 on it.

And the timer on an item resets at each bid. I've only seen timers at 2 or 3 minutes. If you make a bid and the timer runs all the way to 0 without any more bids, you win the auction.


It's a genius idea that I wish I'd thought of.

mstad

Sweet, I just got Halo 3 for $0.69, and I think I used about 12 bids on it. XBOX 360 game for under $13, not too bad.

canu

Thanks for the share mstad

mstad

I love this site. Today I got the game and a brand new 360, and it cost me about $55.

adrenaline

um.. can you like get me a ps3 and ill pay you the shipping!(and for the ps3) and maybe some beer! a 55 dollar ps3 wouldn't get me killed.. I hope! not sure i'd have the patience for the site.

adrenaline

lmao.. its showing the "last auctions" on the right had side.. And it shows the 2 items you won. cool beans





.. I am serious about the PS3.. i could paypal you the $.

adrenaline

seriously.. if you could get it for under 100 bucks(or so).. There would def be a sixer in it for you.

mstad

Sorry man, but if I were to bid on that PS3 it would be for me. I spent 3 and a half hours watching that 360 yesterday, and got quite aggravated at many times in the process.




But, if you do join and bid, make sure you use the same name you have on here so I can curse you if you outbid me on something.

adrenaline

lol. I dont think i would have the patience to do the auctions.

adrenaline

ah! I see.. So you could spend money on this site.. but not actually get anything.. I registered and used my 2 free credits.. I didn't win anything. bummer

mstad

Yes, you can spend money and not get anything. You have to buy credits to bid, and you can spend all your credits and not get anything to show for it. If you spend $45 on 50 credits anduse all those credits without getting the last bid on anything, then you're out $45.


It's like gambling. Hell, it is gambling.

adrenaline

yep.. but smart "bidders" could get a lot without using a lot of credits. Very cool idea.. The winner gets a hella deal and the site comes out ahead too.. win win there. Some cool items in the past. The ps3 is still going. I gotta go to work now. bummer. Maybe somtime this weekend..


what times are best to bid.

mstad

The best time to bid? I'd say when nobody else is bidding is the best time to bid.


Honestly, there is no best time. It's a crap shoot any way you go.

BackdoorJesus

so if I understand this correctly, there is that PS3 on there that is up to like 21.50 or something...

so that means that if the bids are about a buck per penny, the website has already made over 2,100 for this item alone? And it hasn't even sold yet?

Cripes man that is a hell of a racket, you're right mstad - wish I'd have thought of it.

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