MokiMarket is a bartering marketplace in which users can auction off new or used goods and services as penny auctions for free. Seller's earn 100% of all bidding fees in credits which can then be used to bid on other items or sold in the open market (I'll discuss how this works later). Bidders can also leave feedback for sellers to help weed out legit sellers on the site.
Our site charges a credit fee, the size of this fee is determined by the seller, to place a bid, which raises the price by a penny and adds seconds to the timer. The last bidder when time runs out wins the auction; because the seller is earning credits from bidding fees, the final auction price is usually for pennies or a few dollars on items that may sell typically for $100s of dollars.
Now back to cashing in credits...we allow our users to transfer credits to other users. This is a free service and it solves several issues at once:
1. For legal reasons in the US, the site cannot legally redeem credits for cash; however, sellers can cash out of their credits by selling them to others users, on their negotiated terms, without the site having to get involved. We have just open a marketplace forum which we hope will be used to facilitate this process.
2. It allows our credit valuation to float on the open market thus adding integrity to the system so that the site cannot just create a ridiculous amount of credits in the system out of thin air without raising alarms. We make our money by selling credits at a standard rate of $0.01=1 credit; obviously if we start giving away to many credits (we do issue a small amount of coupon codes for free credits), the value of our credits will drop substantially which is against our interest.
We have just implementing a bitcoin payment processing sytem which allows users to purchase credits using bitcoins by following our simple two-step payment process shown when you go to purchase credits:
1. Enter the bitcoin address you will be sending coins from and press submit
2. Send bitcoin payment to the bitcoin address shown in your user profile
And that's it! Payment will be process after 6 confirmations and within 24 hours (In many cases, less than 1 hour). Coins will be converted to credits based on the MtGox bid price. At the time of processing.
Example: One bitcoin payment is submited at 1:00pm when MtGox is trading at $3, worth 300 credits. If payment is processed at 1:30pm and MtGox is trading at $3.20, your account will receive 320 credits; if payment is processed at 2:30pm and MtGox is trading at $2.90 your account will receive 290 credits.”
We believe our site will add value to bitcoins as we are introducing a marketplace that accepts bitcoins as payment for a variety of tangible products. As the market of products offered on our site grows, the demand for credits will grow, and the demand for bitcoins to purchase credits will grow.
We really would appreciate the bitcoin community trying out our system, there is absolutely not cost to test it out, use coupon code: 'bitcoin' for 50 free credits just to try it out. Thanks!