[geeks] swoopo

[Shannon Hendrix]

On Jan 23, 2009, at 01:37 , Geoffrey S. Mendelson wrote:

> Read it carefuly. Each bid cost $.75, while the "price" goes up $.15  
> per
> bid.
>
> The auctions count down to 10 seconds and then the second counter  
> resets
> to 10 seconds.
> Think about it. Let say an item sells for $15. From what I  
> understand, each time you place a bid, you've raised the price 15  
> cents, but spent
> 75 cents to do it. I'm not sure here, but it looks to me that the 75  
> cents
> was spent on the bid, and is not a real bid (only the winner pays).

Actually, even the losers pay.

That's what makes it gambling.

> As for the "price", for each $1.50 in price, they have collected  
> $7.50.

I read a few sites, including a couple of "swoopo is a scam" sites  
that have already popped up, where they analyzed bids and found them  
making thousands on items costing less than $1000.

It seems like Swoopo is a great deal for Swoopo.

I guess if you really think you can win, your chances are better than  
blackjack, but your losses might be worse... :)


-- 
Shannon Hendrix
shannon at widomaker.com