Lowest Unique Bid auctions


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mohgui

Senior Member
Jan 31, 2005
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La La Land
#2
only the lowest unique bid will get it. if everyone bid for $1 and you are the only one who bid for $2, then you'll get it. in other words, it doesn't mean low bid will win. in the end, if a person really wants something, he'll try to outbid everyone. so, it's just like normal bidding.
 

mohgui

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Jan 31, 2005
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La La Land
#4
Are you sure they are audited to ensure they really honour a Unique lowest?
not sure lah... but i think they have to lor. the bids must be transparent to public mah.

the other thing is... there will be a charge of $5 (excl GST) for every bid submitted. so if you bid twice... you pay $10 (excl GST). what more... for every invalid bid submitted, a fee of $1 (excl GST) will be levied. damn bloodsuckers :angry:

i wonder how long will this concept lasts.
 

Andy Ang

Senior Member
Jan 10, 2006
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Dreamy Nikon Land
#5
Not Blood suckers lah, you like buy lottery also what. Think of it that way lah.

The Service charge is according to the amount of the item one.
 

Oct 25, 2006
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#7
Given bidding information, very easy to get "Friends and Families" to place a unique bid for all the items that you don't want to let go.

If it was me, I'd probably do that until momentum is gained.
 

Feb 26, 2003
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Visit site
#8
Given bidding information, very easy to get "Friends and Families" to place a unique bid for all the items that you don't want to let go.

If it was me, I'd probably do that until momentum is gained.
Hah either way the company wins right, because they win from each bid. They don't care what the final bid is.
 

viewwing

Senior Member
Nov 6, 2006
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#9
anyone noticed that you have to pay to bid? even if you don't win anything you'll pay too.

hmm... sounds like a ploy... better stick to the usual auction sites i'm used too... else just go to the shop and buy...
 

mohgui

Senior Member
Jan 31, 2005
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La La Land
#10
anyone noticed that you have to pay to bid? even if you don't win anything you'll pay too.

hmm... sounds like a ploy... better stick to the usual auction sites i'm used too... else just go to the shop and buy...
that's what i said... bloodsuckers!
 

zac08

Senior Member
Feb 21, 2005
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East
#12
No point lah... service charge alone, they will make a BIG killing liao.

Think about it, 100 bidders and each have to pay $1.07 on admin fees alone... that's $107 for them liao. Dun even need to care if the fella who won the bid at $1 or not...
 

night86mare

Deregistered
Aug 25, 2006
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www.pbase.com
#13
interesting..

somewhat like the concept of this shop mentioned in the novel that my school's making us read for economics - the fatal equilibrium
basically in that shop prices start very high, but there is a timer on every "price tag" which goes downwards
so yes, you can try to get your lowest price but there is the risk that people will come by and kope it (once you buy it the price you pay is the price stated on the countdown timer) and you will not get it.

but this one seems much more greedy.. got what service charge.. sick
 

#16
that's how reverse auctions work. it's a well-known auction mechanism.

would you pay $5 to bid $15 for a PDA phone? if you get it, its $20 only. otherwise, it's $5 out of pocket. a little like buying lottery.

just like toto. 1 million people spend 5 or 6 million (probly even more) to try and win 2.2 million
 

Feb 26, 2003
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Visit site
#17
Tried my luck on a spa package and the Wii. The Merz is a bit too much for my blood. ($38 to bid).
 

V

vince123123

Guest
#18
Who knows if the bidding is really true and accurate and not rigged?
 

zcf

Senior Member
Apr 10, 2005
6,741
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270 degree of Singapore
#19
not sure lah... but i think they have to lor. the bids must be transparent to public mah.

the other thing is... there will be a charge of $5 (excl GST) for every bid submitted. so if you bid twice... you pay $10 (excl GST). what more... for every invalid bid submitted, a fee of $1 (excl GST) will be levied. damn bloodsuckers :angry:

i wonder how long will this concept lasts.
this sound more like gamble to me.
 

mohgui

Senior Member
Jan 31, 2005
1,294
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La La Land
#20
ah but the ploy is that you get to 'win' the item for much lower than the original price...
that is if you win lah... i think it's kinda hard to win. i'm sure there are some suay-khuan people out there.

it's like this, if i can't get the item for the low price, i make sure you don't get it too. i'll bid at whatever low price you bid (hence making your bid not unique anymore). you lose your $5.

if you bid another time, it's another $5 and the whole cycle starts over.

i just hope all bidders out there will play fair.
 

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