Recently the network has been flooded with the so-called penny auctions where you can buy rather expensive things for a pittance. According to the rules of this type of auction, the total time of bargaining is indefinite, but the lot goes to the one who made the last bet, lasted some quantity of seconds / minutes. The main thing is that bidders must pay each time for the right to raise the rate, and the fee for this right is much higher than the rate, and therefore creates an illusion of cheapness. Surely, some good finds its owner, but there is one winner in each lot, but lost people are a lot and it is obviously intervention of programs-robots in the course of trading, this business can be called a fraud.
Naturally, the penny online auction is widespread all over the world. For example, in Germany in 2005 the site Swoopo appeared; it has successfully spread to the UK, U.S., Spain and Austria. All regional offices of Swoopo work on one engine and one database; therefore the same auctions are hold in all countries. Each regional office is only for citizens and will not send goods abroad, so the auction is entirely in the area of the local law.
As a rule, the starting price of any commodity of penny auctions is about 1 dollar. With each bid the price goes up by only 25 cents.
Each bid increases the duration of the auction at a fixed time specified on the specific auction page. It is charged a token amount for the opportunity to make a bet, it allows making penny auction so much fun and selling new products at prices that are lower in ten times than the market.
A token amount is equal to 6 dollars, i.e. every time betting, you reduce your account by 6 dollars that is in 24 times more than the amount bet.
Since the goods to the auction are provided by the organizer, and the auction takes place online, there it could easily be a scam. The administration has the opportunity to wind rate, interrupting the action of the real players with dummies or robots. There is a lack of transparency in penny auctions: the user has no possibility to verify whether each bet is made by a real participant. Even if there is a possibility to write a message to a particular character, to call on the phone the winner of the lot, there is no any guarantee that a particular telephone number does not belong to the owners of the site. Even if we succeed to make sure that the goods eventually went back to a winning man, it is impossible to verify whether all bets are made by real independent participants.
Are you a fan of auction sites? Then you for sure need to visit Moloyo site. This Moloyo site is one of the latest auction sites in the online auction industry. Thus all the lovers of penny auctions are recommended to review this Moloyo site.
And keep in mind that we live in the world of high online technologies. It wouldn’t be smart not to avail oneself of the web network to search for anything to get it on the best terms available on the market. Search engines, social networks, blogs and forums – all this will assist you to solve many issues.