Topic: Giving away more free bitcoins!! (Read 2552 times)

You do raise very valid points, hopefully I can address them...

Penny auctions are not gambling, it's a strategy game; there are many hardcore PA bidders that are very good at getting deals on PA sites. And there are often huge savings off retail value; take a look at my ended auctions to get a feel for how much is usually spent on bids, and how much winners paid in total for products: http://www.mokimarket.com/ended_auctions.html

And you are correct, many sites come coded with so-called "shill bidders", which are basically robots that bid up prices. Those sites never last long because noone ever wins anything, and in the end if you dont have winners, your customers dry up. I have plenty of different winners all the time, some are respected members on this site. Check out this independent site that tracks stats on all PA sites: http://www.allpennyauctions.com/site/MokiMarket.com/

The industry reality is that most new and honest PA sites, like mine, lose money on items we post because we don't have many users and you have to build up a reputation for no shill bidding and shipment of items. So it's sorta like bitcoin; early adopters gets ridiculous bargains as the reward for trying out a new site. I've sold bitcoins and $25 gift cards on my site for a few pennies.

Also, unlike other penny auction sites, my site also allows users to create their own penny auctions for free. My ultimate goal is to create a bartering community where you can post items, earn credits from auctions you post and use those credits to bid on other items or sell your credits to other users in the community.

It doesn't cost anything at all to simply test out so you have nothing to lose. Really, you really don't need any money at all, ever to use the site, you can easily post something to sell for free as a penny auctions and earn credits to bid on other items.

I really don't get this site.
It's a gambling site more than a market/auction?  A mixture of the two?
Basically a consumer could run around clicking attempting to get stuff, and if they're not lucky - their account dwindles for no return?

Couldn't this site be gamed by some fancy scripts which click at the last instant?

I suppose I could take advantage of the free offer to try it out, which might help me understand it..
Just browsing - I get a strong impression of ponzi-schemes and gambling :/

If there are as the site says 'often huge savings off retail value'  - yet the merchant gets money even from non-winning bidders - then this money is in effect being siphoned off users who aren't 'good at' or 'lucky' using the site??

Received thanks!

Coins sent!

Username: LightRider

Address in sig.

Thanks!

I think this is exciting enough,  that it should have its own thread.

https://bitcointalksearch.org/topic/worlds-best-bitcoin-exchange-and-auction-site-all-in-one-52545

Lets see what others think.

Hmmm...well that's a great offer that is cause for serious consideration as you are right, credits can essentially be viewed as an online wallet of some sort. Would definitely like to hear others opinions as well.

I think you could potentially have a HUGE hit on your hands if you set it up so all the credits are actually Bitcents.


People could use your site as an online wallet as well as a auction site.

Anytime someone bids on an auction,  it would transfer one bitcent from the bidder's account into the auction poster's account.

People could deposit or withdraw their bitcoins at any time.

If you set it up like this,  I suspect people would flood into your site to sell their stuff, and bid on stuff for sale.

If you get something this good all setup,  I would be willing to do some radio advertising for you as well.  (on more than 100 radio stations across the USA with www.freetalklive.com)

Any thoughts?

Yes but we were getting complaints from the penny auction community of bidders, because usually in last seconds you have bid wars and you would have 2 people bid up the auction back to 20-30 minutes. Then they would have to wait for timer to go back down again.

Since most action, and fun, occurs in final minute, there's really no point in adding second with more than a minute left.

The bitcents is something I will have to look into. I have to be careful how I words things so I do no get my site shut down

Thanks for trying out my site!

I thought the whole point of penny auctions is that the time keeps extending every time there is a bid.

I really like your site and think you could be onto something here.

Someone just needs to set up an automated / easy way to convert credits to and from Bitcoins.

Would it be illegal to just use Bitcents for everything instead of credits?

I just posted some nice 16GB USB flash drives for sale on your site.
www.mokimarket.com

Good luck with it!

Coins sent!

We stopped adding time for longer than minute because it was taking forever for auctions to finish. Congrats on your win! Since everybody thinks it's a scam they don't even try so that the few people that do actually win quite easily

Will ship your item on Wednesday w/tracking number.

Good site, 3 steps done.

Username: viboracecata

1Pt7fwsz9Bz2aQFidvirpx8c14aT3XuxeL

thanks

and when more than 1 min remain ?


Wow this is fun, I won a 500gb HDD for ~15$ shipped

Coins sent!

15 seconds when less than a minute remaining.

How many seconds are added to the timer per bid?

We used to have a cash out feature that allowed users to exchange credits with 20% withdraw fee, but technically that wasn't legal so we got rid of it.

Our solution was to allow members the ability to freely transfer credits to one another, that way two agreeing parties could exchange Credits for bitcoins, cash, in whatever currency they want without incurring a site transaction cost and on their own agreed upon terms. This also keeps the system honest, as we can't give away to many free credits without devaluing our credit system.

As we grow users, sellers should be able to easily sell excess credits to other users in our Marketplace forum: http://www.mokimarket.com/forum/viewforum.php?f=8&sid=045dea70ce02837f472eacbdaa50bfe7

Keep in mind that while our site definitely has inherent capibilities that will eventually make it easier for sellers to make profits, we market it more as a bartering exchange. Post good you dont want or services you have to offer, earn credits, and then use those credits to win other items.

**Unofficially since we are still quite new we still buy back credits from sellers , so if you want to talk terms let me know!

I just read a bit more about how your site works.

I suspect you would get WAAAAY more users if you offered a way to redeem credits back into Bitcoins.

If you can offer something like that, I will post a whole bunch more brand new popular electronics gear.

I'll send your bitcoins by the end of the day.