I would consider tracking all the completed auctions for a given item, and then bidding only when the price reaches, say, the 90th percentile of the ranges of previous final prices. (That is, the most expensve 10% of all auctions.)
This sounds counterintuitive, but in fact you want to bid only after everyone else has dropped out. This strategy should also maximize the value of your time, as you're greatly reducing the number of potential auctions you're participating in, and making fewer bids once you jump in.
are frauds. They use bidding bots that appear to be
real customers and they constantly change. They
sell maybe 10% of what they look like they're selling
and make ton of money doing it.
How do you know there is not someone else who is following the exact same strategy only he has chosen 91 percent so will come in to the bidding war at the end just after you have bid?
I don't. But I do know that human nature is such that there are fewer people with a threshold at the 90th percentile than at the 89th percentile, which is less than there are at the 88th percentile, and so on.
I won't click the link however there may be some value in penny auctions if you're buying an item anyway. You're bid money is supposed to go towards the item if you choose to buy it. I'm not sure if the stuff is marked way up or not.Quote: eyeotthetiger
is this <link removed> a scam to, its somekind of prefunded system that i dont really understand..?
Recently there was an item in the news where someone detected a wireless network named FBI Surveillance Van #3 then looked out his window and saw two men in a van staring at his own window.
Something similar may happen when the PennyAuction site shows that fifty dollar gift card was won by a bidder named
many of the penny action scripts have shill bidding bots built in. I've seen the admin panel for one script. It can be turned on/off by the owner. If it's on it will randomly use some pre-made user names and bid an item up if it's not at a certain point with a certain amount of time left.
I have never and never will use a penny auction site. They are complete ripoffs in most cases.