Swoopo.com is an online auction site where you can buy things like laptops and digital cameras ridiculously cheap. Well, that’s how they bill themselves, anyway. In reality, Swoopo auctions are a bit different from those on, say, Ebay in two key ways. First, if a bid is placed in the last 20 seconds of an auction, an additional 20 seconds is placed on the clock, giving rival bidders another shot at the prize. Secondly, although a new bids only increment the price by 1 or 2 cents, it costs bidders 60 cents for each new bid. Even though auctions are won at ridiculously low prices — $35.83 for a new MacBook, anyone? — it’s clear (although not obvious, since it takes a little math) that Swoopo takes much more in bidding fees than the sold items are worth.
Swoopo.com is an online auction site where you can buy things like laptops and digital cameras ridiculously cheap. Well, that’s how they bill themselves, anyway. In reality, Swoopo auctions are a bit different from those on, say, Ebay in two key ways. First, if a bid is placed in the last 20 seconds of an auction, an additional 20 seconds is placed on the clock, giving rival bidders another shot at the prize. Secondly, although a new bids only increment the price by 1 or 2 cents, it costs bidders 60 cents for each new bid. Even though auctions are won at ridiculously low prices — $35.83 for a new MacBook, anyone? — it’s clear (although not obvious, since it takes a little math) that Swoopo takes much more in bidding fees than the sold items are worth.
