Bitcoin Forum

Last night winner paid $0.12 cents for .52 bitcoins
http://www.mokimarket.com/auction_details/929


Each auction is progressive, meaning the bitcoin payout increases with each bid. Payout= .5 + .01*(# of bids) Bitcoins

Check out tonight's auction here:
http://www.mokimarket.com/auction_details/930

MokiMarket is a bitcoin friendly online flea market of great deals. We've been around of 6 months with a solid reputation for delivery of products and customer satisfaction. No money is required to use any feature on the site. Barter,sell, or place bids on products.

I really dislike this kind of "auction" where the sale prize has little connection to the real value of the offering. It's the bidding fees that pay for the goods. >:(

To top it off, this auction (http://www.mokimarket.com/auction_details/929) was falsely advertised.
0.5 BTC was advertised as having a "retail value" of 5$.

Keep in mind that you don't need to pay anything to play, you can just as easily post items for free and earn credits to bid on other items. It's a bartering site first, and penny auction site second because that added twist makes the auctions fun. But you don't need to give me a dime to use any feature on the site.

Regarding the "retail value" it's sort of hard to put a real value on progressive auctions because the payout could be .5 or 4.5 bitcoins. But they way the site is designed you have to put a number there.