Penny Auction site for the reef

Pennyonthereef

Pennyonthereef

RS Sponsor
3 weeks or so the doors will be "open", no items will be listed at this time. 1 week from the day the site is "open" is when i will begin listing items. This is just for the chance for people to register, buy their packs and recieve the free bids and get things competative.
 
BigAl07

BigAl07

Administrator
RS STAFF
Penny Auctions have become VERY popular over the last few months. If you know what you're doing you can indeed "potentially" get some great stuff at a VERY reduced rate.
 
Val

Val

Member
BigAl07 said:
Penny Auctions have become VERY popular over the last few months. If you know what you're doing you can indeed "potentially" get some great stuff at a VERY reduced rate.
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This does seem like a form of gambling and the term "auction" and "bidding" doesn't imply that. In order for this to work for the business owner or owners there has to be many losers and only one winner for each item.

Each "bidder" needs to bid, knowing they will pay even if they do not win the item. Once a sea cent is bid it is gone from their account. If I am understanding this correctly.

I think it is very important to understand this before you bid.
 
Pennyonthereef

Pennyonthereef

RS Sponsor
You are correct. But like i said. Check out beezid.com or swoopo.com They will give you a good idea of how the system works.

If someone was going to ask you, hey would you pay 2 - 5 dollars and have a competative chance to recieve a 500 dollar item... would you do it?
 
Val

Val

Member
Pennyonthereef said:
You are correct. But like i said. Check out beezid.com or swoopo.com They will give you a good idea of how the system works.

If someone was going to ask you, hey would you pay 2 - 5 dollars and have a competative chance to recieve a 500 dollar item... would you do it?
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That would depend on the person selling the chances to win the item. I have been known to buy raffle tickets from charity and the occasional lottery ticket. I knew exactly what my money was getting. All I'm saying is some terms used could be confused with what is actually going to happen. I understand other businesses started with these terms.

I do appreciate your honesty with the questions asked. Good luck with your business.
 
Pennyonthereef

Pennyonthereef

RS Sponsor
I had talked about giving a portion of my profit to a charity... i can't decide which one is my problem...
The Nature Conservancy:

this is the one i am leaning to...
Im wanting to put 10% of all earnings towards them

Nothing set in stone but i feel it would be appropriate.
 
Eric

Eric

Google Warrior
PREMIUM
Ok got it :D at .47 per bid roughly it would cost you $47.00 to rasie the asking price $1.00 so if the item sold for 10.00 that would be 1000 bids if started a 0 you brought in $470.00 then minus the cost of the prioduct being sold.

So what happens if the item only goes for a dollar does this all come out of pocket?
 
Eric

Eric

Google Warrior
PREMIUM
Cool :D I like the idea but not my thing, I am sure you will draw alot of interest I really don't see how this idea can fail if you can keep several auctions going at once.
 
QuentinB

QuentinB

Member
LOL, I am sooo lost...
Don't mind me, I can't even figure out ebay, or how to get money into paypal. Pretty pathetic for a twenty year old...
I do appreciate what you're doing, though, and it sounds like quite a deal. I'll be sure to check it out when you're up and running!

Edit: Just to clarify, with a $0.47(roughly) "Sea Cent", you can raise the bid by one actual U.S. cent, correct? So basically the game is for multiple people to fight up the total bid, over the reserve, where someone can win the auction? At which time the winner pays the price of the winning bid and gets the product. And, if by some chance, the bids make it to the "max bid", whoever spent the most "Sea Cents" wins the auction? You know, this could work, with enough people interested... Keep on promoting!
 
M

mikev15101

New Member
I just did the math...If one person "bids" 1 cent and the next "bids" 2 cents and the next "bids" 3 cents.. you would have just made 6 cents in only 3 "bids"...you will make some serious cash if the "bids" are final...there will be no issue about making the price of the product. its almost like the "in person blind auctions" you do but just think every time you right down that number you are giving them cash...but someone will just follow up behind who has been watching the whole time and just bid one cent higher and rob ya...but you would have or could have just bought a ton of supplies or corals for the 130.45 bid you just put in that someone else just stole for 130.46.....but thats the way it is...its a gamble with NO established odds...I understand the business model behind it and love it...but i would not do it...i would feel cheated
PS not bashing just like stated earlier people will understand what they are getting into....
 
V

varden

Member
Pennyonthereef said:
Im not going to consider this bashing... but its pretty close.

If i start it at the minimum, lets say $1, that means i am out 100 bids.... that is how things get paid for. If i could truely just give 450 equip for 10 dollars heck yea i would... but that isn't how this system works.... After you buy your bids they are yours, they have no expiration. The bid price for us is roughly 47 cent on average between the 3 different bid packs. Yes you pay per bid, and if you don't win... then thats it. This is a gamble of sorts. Play with very small amounts of money with the potential to win high dollar products.

On a side note... if you arn't interested then don't participate.
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I'm sorry you thought I was bashing. I was asking for clarification. I've never used a penny auction site, but you mentioned swoopo so I went there and read up on how it works. It does sound a lot like gambling.
 
Pennyonthereef

Pennyonthereef

RS Sponsor
mikev15101 said:
I just did the math...If one person "bids" 1 cent and the next "bids" 2 cents and the next "bids" 3 cents.. you would have just made 6 cents in only 3 "bids"...you will make some serious cash if the "bids" are final...there will be no issue about making the price of the product. its almost like the "in person blind auctions" you do but just think every time you right down that number you are giving them cash...but someone will just follow up behind who has been watching the whole time and just bid one cent higher and rob ya...but you would have or could have just bought a ton of supplies or corals for the 130.45 bid you just put in that someone else just stole for 130.46.....but thats the way it is...its a gamble with NO established odds...I understand the business model behind it and love it...but i would not do it...i would feel cheated
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I think you misunderstand the system... you pay your 46cent average bid... and thats all you pay. If you win--thats when things change... this is the only time you ever pay what the auction is up to. So it doesn't go 1 2 3 and you get 6. It goes 1 2 3 and then its at 3 cent and that is just the price on it...

varden said:
I'm sorry you thought I was bashing. I was asking for clarification. I've never used a penny auction site, but you mentioned swoopo so I went there and read up on how it works. It does sound a lot like gambling.
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Not a problem man... i misread things... can't tell the inflection over text. In the sense that you front money yes... but with gamlbing its more like roulette you just wait and see after you place your bid... however, with this you have the option to continually make sure you are on top of the "list"
 
Pennyonthereef

Pennyonthereef

RS Sponsor
On a side note, we are now on twitter, and on facebook. This will be ways we can show what we plan on making availiable next to eveyone. IE : Upcoming items or events like free bid days and such.

With the addition of this, the first 15 people who "follow us" on twitter and the first 15 people who "friend us" on face book will recieve a special surprise on the first day we start hosting items

For twitter its pennyonthereef, and for facebook its pennyonthereef auctions
 
Val

Val

Member
Pennyonthereef said:
I think you misunderstand the system... you pay your 46cent average bid... and thats all you pay. If you win--thats when things change... this is the only time you ever pay what the auction is up to. So it doesn't go 1 2 3 and you get 6. It goes 1 2 3 and then its at 3 cent and that is just the price on it...



Not a problem man... i misread things... can't tell the inflection over text. In the sense that you front money yes... but with gamlbing its more like roulette you just wait and see after you place your bid... however, with this you have the option to continually make sure you are on top of the "list"
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So this isn't like a raffle, in a raffle I would have a chance to win. This isn't a gamble really either... it's an endurance contest... the bidder whom has the most money they don't mind giving away will win the item.
 
Pennyonthereef

Pennyonthereef

RS Sponsor
you have people who do feel that way... and yeah i see what your saying... but like i said before it doesn't need to go that way. The max bid type is more of the "endurance" than the standard. The standard is your quick heavy hitter type of auction.
 
V

varden

Member
Okay, I can kind of see how this works. More like a game of Stratego than gambling. Do you have to buy your bids in blocks of a certain quantity?
 
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