BidsTick.com

So I just stumbled on this http://www.bidstick.com/ website and it seemed kinda interesting so I figured I would try figure it out, and it's actually quite genius!

So on the main page they've got all those items up for auction, the timer starts at something small like 2mins and everytime some one bids, the timer restarts, so essentially you have to bid, and nobody else must bid for 2mins for you to win. Everytime you click the bid button your bid only goes up by 1 cent, so in the item above, $2.43 means 243 people have bid. So you're probably thinking okay...$2.43 for a $199.99 product, where are they making a profit? and this is where it is interesting; Evert bid you make, whether you win or lose, costs $1. So in the item above, they've made $243 dollars, and this is my favourite part, all from different people. So eventually when someone wins, they pay the final bid, so like $2.97 and how ever much they've bid, say 3 times, another $3. All together, they pay $5.97 for a $199.99 product, and the rest is paid by the other people that bid on the product! maybe people will bid once or twice on a product, maybe they'll bid like 50times and lose ($50), but you could just get the final bid and get something for basically nothing. You buy "bid tokens" in bundles so it's not like you get charged $1 after you don't win the auction. Check this one out!

This Kindle2 is only worth $364.99, but with the current bid at $10.70, 1070 and people have bid, meaning they've made an insane profit of like $700 SO FAR! and it's not like the people bidding feel that way, essentially it's going for $350 LESS than retail price, how can you not bid on that?? and it's not even like the winner is getting insanely over charged? they're still getting an awesome deal! If you put in 1 bid and won, you get a kindle for $12 and BidsTick gets $700 and the rest is split between the other bidders! I think it could probably get pretty addictive, in essence it's like gambling really, and like a casino I guess BidsTick even loses occasionally when something sells for way less than it's worth. It's also pretty cool for them, because in most cases they don't even have to have the product or the money for the product before hand, they just put apicture up and tell people to start bidding, people buy bids, spend them on the product and when somebody eventually wins, BidsTick has enough to just order the product from amazon and ship it to the person's house! I think the best thing to do would probably just to wait until bids get high and then just put in 1 bid every now and then, kinda like buying a lotto ticket...if you win that's awesome, if you don't, it's just $1 anyway...