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15 products up for grabs tonight plus one bitcoin!
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@mokimarket: When time runs out, the last bidder wins the product and savings are typically higher than 95% off of store retail value...plus No reserves on all auctions!! As a potential seller, why would I offer my stuff for up to a 95% loss? Because you aren't taking into account bidding fees... Lets say you post a bitcoin (approx $3) and charge 10 credits ($0.10), /bid, if final auction price is $0.50 you would receive the $0.50 from the winning bidder, who gets a great deal on a bitcoin, and you receives the $5 in credits from the 50 bids that were place on the item for a total of $5.50. Even though the winner gets huge saving, you come out ahead as well. That's not a guarantee, your bitcoin could sell for only $0.02 in which case the winner gets an even better deal and you would only earn 22 cents; there's a risk on both sides because if you aren't the winning bidder you lose all your credits. There's no clear advantage on either side and it becomes a strategic game. I always recommend new posters, to start out with something small that you don't need (good ebook or old cell phone) to get a feel for how it works. |
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mokimarket,
I am sorry. I am inclined to believe you. I am pretty sure I was wrong and that you are trying to run a stright business. I would edit my post from earlier but I can't, the site lock aution post.
I do however believe that the site is misleading. When it show that you got 80% off of an item, but over double the retail was spent on bids and some people spent money and got nothing. I think the site some be concidered a gambling site not a auction site. I may actully take your advice and try listing something in the future, but the idea that new users could be mislead is worrying to me, I think the true cost of items should be posted somewhere.
In short, I am sorry you are no crook, I was wrong.
I appreciate that, and you do have a good point that we haven't done the best job at correctly marketing the site. I think this is because most of my marketing is to traditional penny auction users that are very familiar with the pros and cons of penny auctions; the way these sites work is not as well known in the bitcoin community. One reason that I created the site like it is was because I think penny auctions are fun but I don't want users leaving the site feeling like they got ripped off. I'm glad you only spent 1 dollar, some people (on other sites) loose 100s or 1000s of dollars and get nothing back. I absolutely do not want my site to function like this. If you have a spare dollar here or there, I thinks it's a fun game. It you don't have any money to spare, just post something to earn credits and play. And as I said, I'd much rather have sellers than bidders. Most of the bidders that I have come from the penny auction communities and they love bidding rather than posting. Finally I would say the penny auctions is more of a skill based game than gambling because there are better bidders than others and strategies you can use to increase your chances of winning. |
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Thanks for the mention. We have a few hundred members and it doesn't have to cost you one bitcoin to use our site. Our goal is to function like a bartering exchange where it's possible to exchange small value items for larger value items. You can create your own penny auctions for free, earn 100% of all bidding credits, and use those credits to bid on other penny auctions. Again this is a totally free service, you can CHOOSE to purchase bidding credits if you'd like, but it is not necessary for using the site. We hope to continue to have more an more items posted which we think will increase the demand for bitcoins as the site accepts bitcoins payment for credit...which again is optional, you do not need to buy anything to play. |
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Well way would I want to send money to get nothing? That is all that you can do on your site. I lost a dollar to learn a lesson, a small price to pay to learn to stay away form these sites.
You don't need to send the site money to use the site...ever. You can just post something to sell for free, (virtual ebook, service, whatever) and earn 100% of all credits. Then you can use those credits to bid on stuff. In fact, I'd much rather have a good posting than your money. My goal is not to build a site to suck money out of people, I want it to become a bartering exchange for bidders and sellers. Of course we appreciate the customers that purchase bitcoins to have fun, but it's absolutely not necessary to spend one dime to use the site. |
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I'm disagreeing with the charge that NOTGONNASTOP is a site bot; it's entirely possible that he has his own built autobidder.
Users can create their own bot's to autobid for them, but they still have to buy credits like everyone else.
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Check out this one: http://www.mokimarket.com/auction_details/308Winner paid $0.07 for a single bitcoin That's the thing about penny auction, it's really random. Sometimes the sellers wins big and sometimes the bidders do. But there are several strategies that professional bidders use; I mention some here: https://bitcointalk.org/index.php?topic=53163.0There are two things that make my site different than any other penny auction site you will see 1) Anyone can create a penny auction for free, so you can be a bidder or seller 2) You don't every need to pay us any money or bitcoins to play, you can post (virtual, new or used) items to earn 100% credits generated from that auction and then use those credits to bid. If it was a given that you could make money posting penny auctions, everyone would be doing (2) |
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I am pretty sure NOTGONNASTOP is a bot and I think your a cheat.  This is a very serious charge which is absolutely not true. You can search any username on our site on allpennyauctions and NOTGONNASTOP is an active penny auction user: http://www.allpennyauctions.com/users/MokiMarket.com/NOTGONNASTOP/Don't take my word for it, go to any penny auction forum pennyauctionwatch or pennyburners and ask about that username and there will be other that will vouch that he is a real user. NOTGONNASTOP is what is known as a powerbidder and powerbidders use some of these well known strategies (I'm copying and pasting this from another thread I posted): 1) Never bid on an auction with more than a minute remaining: Chances are high that you will be outbid so you are wasting bids 2) Chose an intimidating username: most powerbidder have names like "idontquit" or "neverendingbids" as a tactic to scare bidders from bidding on items 3) Earn a reputation: This is a very balsy strategy, but many powerbidders are willing to bid up a $20 gift card to $1000 bucks if they have to just to establish a reputation as a crazy bidder that will never stop bidding on an item they set their sites on. Once they have this reputation, other bidders simply avoid bidding on auctions that these users bid on and they get even better deals on products 4) Bid on new sites: This is also a risky strategy as many new sites are known to not ship items and shill bid on their auctions. However, new and honest penny auction sites will be losing money because they do not yet have a userbase large enough to cover the cost of their items. Many powerbidders will completely take over a new penny auction site, winning everything. This has become such a big problem and many sites have started to limit the number of wins you can have on a site in a month. Again, you can track all my auctions, who is bidding, who is winning, how many bids they are using on allpennyauctions.com. The penny auction community is very picky about shill bidding and they track all these stats. |
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Great Job Mt. Gox  |
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That's creative, I like it =)
Thanks, feel free to create your own. Anyone can post their own contracts and earn all bidding fees from auction...absolutely no cost. We will see how this one goes...  |
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Thought I'd try something different Mt. Gox is about to do something big in the next 24 hrs which could drive up the price of bitcoins substantially. Why not hedge your risk?! This auction is an option that will give you the right (but not obligation) to buy exactly 1 bitcoin for 300 credits anytime between the end of this auction and December 10, 2011. This is regardless of how much the market price of bitcoin is (Even if the price goes up to $500/btc). http://www.mokimarket.com/auction_details/321 |
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lol just looked at ALL THE PRODUCTS on biddingpond in 3 minutes. there seems to be a bit of a problem reaching critical mass.. who will sell in a market that has close to no buyers so the price one gets will suck? something like this is very much needed, though, look at ebay: 9 PERCENT?!? seriously??!? You can get physical items cheaper on mokimarket.com. And you can create your own auctions to earn credits to bid. No need to spend money to get stuff. |
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I watched most of the first season while on a 14 hour international flight. It's a pretty decent show. Nice!
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Be prepared to pay around $300, almost not worth it. I had a brand new massage chair shipped to my house before and it was malfunctioning. Wasn't even worth returning...fortunately I got it to be about 80% functional.
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Hopefully easier withdrawal methods and better skin.
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Our group thought about and in fact started to make a penny auction site for bitcoin long before mokimarket came out, but we ended up shutting it down because we felt it to be:
A) A highly unprofitable business
B) A high risk business that requires much liquidity
C) A business that requires a massive userbase from day 1 in order to break even.
Excusing the moral and economical retardation of running a penny auction site, as a bitcoin business I do in fact wish you luck in your endeavor. We actually have some support for your site from our own group (which I don't quite understand myself but whatever).
This thread though looks like the kind of stupid self promotional scammy threads that Leo Camilo from coinexchanger.com would make to remind you that "HE IS A LEGIT UNREGISTERED ILLEGAL BUSINESS YOU CAN TRUST OH BTW BITCOIN IS FAKE MONOPOLY MONEY".
Probably don't want to post these types of threads anymore.
Not sure who Leo Camilo is or the history behind that, but in hindsight, I guess the title is misleading in my intent. From my first post I was mainly suggesting that there is a strategy to penny auctions; I guess people I can see how people conclude that I'm promoting the penny auction model as a great investment scheme of some sort. I do not consider penny auctions an investment in anyway; it's a fun game that some people like to play and there's a strategy to give users an advantage. I have two customer bases, traditional penny auction users and new bitcoins users. The traditional PA users already use these strategies and I was posting to inform bitcoin users on my site of these techniques. Also note that our site is not anywhere close to being run like a traditional penny auction site. Users can create their own penny auctions plus we cater mainly to low value items. The goal of our site is to become a bartering exchange not for us to be a major powerseller. You should never have to purchase anything from our site to use the site. |
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On the other hand, it helps to have auctions that are 'hot', like look at deal dash. You can only bid within 60 sec of an auction close, then it resets to x sec after a bid is placed, that way it is fun. Not 127:5:23 before the auction closes. Things people want also helps, I know that it costs money to buy them, but honestly.
Sorry, we wont be posting any ipads anytime soon lol. My niche in the industry is posting lower value items and introducing the bartering concept. The problem with posting all high valued products is that you get many powerbidders on your site, also everybody wants the product so you have 50 bidders on one auctions resulting in 49 losers. But with lower value products, you have only a few people interested in the item so it's alot easier to have a larger variety of winners without much cost to the site. Big ticket items is why many sites shut down, they auction off products they can't afford, don't make enough money to cover their losses, then cut and run with everyone's money. I definitely would be cautious of any new sites with big ticket items. While it makes perfect sense, I didn't even say you needed big ticket items. Just things that I can bid on, and win within 10 minutes. I'm fine with bidding on BTC or some of the other little things you have, but not one of the auctions has less than an hour and a half left on it. You even said not to bid with more than 1 minute left. Good point. Well, as we grow we will be posting more auctions at higher frequency and hopefully have more posters as well so you don't have to wait for auctions ending soon. Many sites overpromise and underdeliver with late or non-shipment of wins. I just want to make sure that I can deliver the products I do auction off in a timely fashion to the winners. I still get what you are saying, but as you are a small site (so far), I'd be willing to compromise as a casual user. I play for the fun. On other sites, I bid and usually lose, but I have fun playing the game for a few minutes. After I win, I don't usually care how quickly my item ships. On the other hand (and you should work on this) I don't find it fair how the site capitalizes and makes money on so many fronts, such as: Bids bought bids used, even if the bidder loses the bid war. Forcing the user to buy more bids to use. After bids are bought, and used, the user must pay for the item they were bidding on. Effectively buying it multiple times. By 'saving money' on the front of the end price I pay, I might still be spending more on the bids I used to win, and then pay for the item. Still, I'd work on having more auctions in the near time frame, I'd have more fun. Thanks for the constructive criticism. I do believe there is a misconception about how profitable the penny auctions are, especially for new sites. Originally my goal was to offer free shipping on all items thinking the market would determine the value of shipping in the bids placed on item; however we realized very soon that wasn't the case. Items that may cost $10 to ship may only get 1 bid with or without the shipping cost. And the winner is usually only paying a most a few dollars more, often this money helps to cover shipping with no profit as we do not make much money on the bid fees. Every now an then we will have an auction that makes money, but not if we had free shipping. And I'll will definitely work on having more items ending in the afternoons tomorrow, again thanks for your feedback. Thanks for listening. I feel that you seem to have understood what I've ranted about more than other penny auctions have. I have a better understanding of how your site works, and how (barely) profitable it is for you. I didn't know that your site had bid packs for practically free. I almost want to say you could raise the price and I'd still be happy, especially comparing it to DealDash (bids are like $60 for 100 or something ridiculous). I plan on being an active user on your site, under the username 'idontquit'. I'm told it makes for a good tactic. (hehehe) Well, the cool thing about the site is that you can charge different amount of credits for different auctions. Some are 1 credit a bid and some are 50 credits per bid. And I always hated how sites make you pay a minimum of $30-40 for a bid pack; I think you should let users purchase a small amount to test out your site to see how they like it first; which is why my bid packs start at $1 and even less for bitcoins. And yes in theory, the penny auction business seems like a cash cow, but it's much harder to far less profitable than it seems. Only the big sites with high marketing budgets rack up major bidding fees. Definitely appreciate you trying out myself; remember you can also post items too if you'd like  |
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On the other hand, it helps to have auctions that are 'hot', like look at deal dash. You can only bid within 60 sec of an auction close, then it resets to x sec after a bid is placed, that way it is fun. Not 127:5:23 before the auction closes. Things people want also helps, I know that it costs money to buy them, but honestly.
Sorry, we wont be posting any ipads anytime soon lol. My niche in the industry is posting lower value items and introducing the bartering concept. The problem with posting all high valued products is that you get many powerbidders on your site, also everybody wants the product so you have 50 bidders on one auctions resulting in 49 losers. But with lower value products, you have only a few people interested in the item so it's alot easier to have a larger variety of winners without much cost to the site. Big ticket items is why many sites shut down, they auction off products they can't afford, don't make enough money to cover their losses, then cut and run with everyone's money. I definitely would be cautious of any new sites with big ticket items. While it makes perfect sense, I didn't even say you needed big ticket items. Just things that I can bid on, and win within 10 minutes. I'm fine with bidding on BTC or some of the other little things you have, but not one of the auctions has less than an hour and a half left on it. You even said not to bid with more than 1 minute left. Good point. Well, as we grow we will be posting more auctions at higher frequency and hopefully have more posters as well so you don't have to wait for auctions ending soon. Many sites overpromise and underdeliver with late or non-shipment of wins. I just want to make sure that I can deliver the products I do auction off in a timely fashion to the winners. I still get what you are saying, but as you are a small site (so far), I'd be willing to compromise as a casual user. I play for the fun. On other sites, I bid and usually lose, but I have fun playing the game for a few minutes. After I win, I don't usually care how quickly my item ships. On the other hand (and you should work on this) I don't find it fair how the site capitalizes and makes money on so many fronts, such as: Bids bought bids used, even if the bidder loses the bid war. Forcing the user to buy more bids to use. After bids are bought, and used, the user must pay for the item they were bidding on. Effectively buying it multiple times. By 'saving money' on the front of the end price I pay, I might still be spending more on the bids I used to win, and then pay for the item. Still, I'd work on having more auctions in the near time frame, I'd have more fun. Thanks for the constructive criticism. I do believe there is a misconception about how profitable the penny auctions are, especially for new sites. Originally my goal was to offer free shipping on all items thinking the market would determine the value of shipping in the bids placed on item; however we realized very soon that wasn't the case. Items that may cost $10 to ship may only get 1 bid with or without the shipping cost. And the winner is usually only paying a most a few dollars more, often this money helps to cover shipping with no profit as we do not make much money on the bid fees. Every now an then we will have an auction that makes money, but not if we had free shipping. And I'll will definitely work on having more items ending in the afternoons tomorrow, again thanks for your feedback. |
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On the other hand, it helps to have auctions that are 'hot', like look at deal dash. You can only bid within 60 sec of an auction close, then it resets to x sec after a bid is placed, that way it is fun. Not 127:5:23 before the auction closes. Things people want also helps, I know that it costs money to buy them, but honestly.
Sorry, we wont be posting any ipads anytime soon lol. My niche in the industry is posting lower value items and introducing the bartering concept. The problem with posting all high valued products is that you get many powerbidders on your site, also everybody wants the product so you have 50 bidders on one auctions resulting in 49 losers. But with lower value products, you have only a few people interested in the item so it's alot easier to have a larger variety of winners without much cost to the site. Big ticket items is why many sites shut down, they auction off products they can't afford, don't make enough money to cover their losses, then cut and run with everyone's money. I definitely would be cautious of any new sites with big ticket items. While it makes perfect sense, I didn't even say you needed big ticket items. Just things that I can bid on, and win within 10 minutes. I'm fine with bidding on BTC or some of the other little things you have, but not one of the auctions has less than an hour and a half left on it. You even said not to bid with more than 1 minute left. Good point. Well, as we grow we will be posting more auctions at higher frequency and hopefully have more posters as well so you don't have to wait for auctions ending soon. Many sites overpromise and underdeliver with late or non-shipment of wins. I just want to make sure that I can deliver the products I do auction off in a timely fashion to the winners. |
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