I was very excited when I saw paisa( penny) auction website
There was one other website viaziz.com which always display newest tempting electronics.
I will explain how it works
Let say you also purchase some bid package.
What are bid package?
As these are penny auction website each penny cost some rs i.e around 25 rs.( avg) so when u say i.e 100.20 as current auction price, then simply divide 100.20 inti 0.20 parts each 100.20/0.20 its around 500 points then multiply it by 25rs on an avg. it will give you current auction price.
Now whenever you enter in to bid by clicking bid button, 1 bid point or 25 rs get deducted from your account and then timer starts mostly for 10 sec.
Now here comes transparency issue.
When you enter in to bid say at last 2 sec then timer starts again.Tthis is the catch. In this time period, there are lots of chances for manipulation as the login info & bid i.e buy out by people is known.
Ultimately there are lots of chances for end up in loosing money for big items like ipod, ipads, etc.
This is against the auction at ebay
It is transparent at list from time line. Main difference is of fix time limit . It means if you enter the price at last moment you have a chance to win but in penny auction you wont have any chance
- Thank You! We appreciate your effort.
