World's best Bitcoin exchange and auction site all in one!

[MemoryDealers]

Earlier today I discovered www.mokimarket.com

Some ideas came to mind on how to make this a HUGE TOOL TO EXPAND THE USE OF BITCOIN!

Mokimarket is a penny auction site using credits that can be bought with Paypal, CC, or Bitcoin.
Each "credit"  basically represents $0.01 of value.

Bidders spend a credit to place each bid on an auction.
The seller keeps all of the "credits" used for placing the bids,  plus the money for the actual sale.

For example, the final bid might be $75,  but in reality hundreds of dollars were collected by the seller durring the auction process.

If MokiMarket were to use BitCents instead of credits,  it would be an amazing way for people to buy sell whatever they want using bitcoins, and for new people to get Bitcoins without using a traditional exchange!

Every user would have their own online wallet with MokiMarket.
Each time a user bids on an auction, MokiMarket will transfer one Bitcent from the bidders wallet to the sellers wallet.

Just add an Ebay style feedback system, and a section for "buy it now" items, and it would allow MokiMarket to function as a giant web-of-trust for people who want to buy and sell Bitcoins for government currencies as well.

I think this could be hugely popular.

Please share your thoughts.

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[adamstgBit]

i don't like the idea of an online wallet with MokiMarket.  its the fact that this site could be hacked and everyone's coins stolen.

I love the idea of easily selling your goods in order to get bitcoin . simply make the MokiMarket credit redeemable in bitcoin.

but bitcoin needs to get more consumers for this to really take off.

[MemoryDealers]

i don't like the idea of an online wallet with MokiMarket.  its the fact that this site could be hacked and everyone's coins stolen.

I think this applies to every online Bitcoin service.
Never keep more than is needed in an online wallet.

[adamstgBit]

i don't like the idea of an online wallet with MokiMarket.  its the fact that this site could be hacked and everyone's coins stolen.

I think this applies to every online Bitcoin service.
Never keep more than is needed in an online wallet.

ok i agree.

also it would be nice to have a feature Check this box to autonomic send bitcoin to my wallet when my balance reaches xx.xxxBTC

[mokimarket]

The major problem I see, is currently most of my 'base' are traditional Penny Auction bidders from sites like pennyauctionwatch.com and thebidlounge.com. Many are unfamiliar with the bitcoin system but are quite comfortable with penny auctions and sites like mine; bitcoins users, understandably, seem to be more skeptical of pa sites and view them as scams. So I wouldn't want to make major changes that alienates my base!

Also, isn't this more of just a semantics change? I mean theoretically, you could post an item and earn 1000 credits worth $10. With enough bitcoins users on the site; you could then sell the credits in our forum marketplace http://www.mokimarket.com/forum/viewforum.php?f=8 for let's say 5 BTC and do an OTC transfer with another user.

I definitely agree that getting users to the site right now is the most important thing.

[MemoryDealers]

I don't think any of what I am purposing would alienate your existing user base.
You can continue to sell them bitcents to use on your auctions with paypal or CC just like you do now.
It would however make it MUCH more worth while for sellers to sell on your site.

As someone who is considering listing all sorts of high end electronics on your site,
I can tell you that I would be MUCH more inclined to do this if I were to be paid in Bitcents directly without having to
spend time finding someone to trade credits for Bitcoins with.
I understand that it is possible in theory to do the exchange,  but it is an extra step with no benefit.

Everyone would be served better by using bitcents directly.

[beckspace]

My friend bought an Ipad2 for U$17.00 last month using a similar site. Although the seller received the fair value for the product. I was impressed.

I like the idea, Bitcoins are perfect for that.

[MemoryDealers]

Here is an example of what I think is the most popular penny auction site currently.

http://www.beezid.com/

It is a bit addicting to watch the live bidding on items that are about to end.

A site like this, that uses bitcoins, and allows anyone to post their product for sale would be huge for Bitcoin.

It would act as an auction site,  online wallet, web of trust, and currency exchange all at the same time,  but in a format that many users are already familiar with.

It is a win - win - win - win for everyone involved.

[Gabi]

Congratulations guys you just discovered the "lottery"

[mokimarket]

I don't think any of what I am purposing would alienate your existing user base.
You can continue to sell them bitcents to use on your auctions with paypal or CC just like you do now.
It would however make it MUCH more worth while for sellers to sell on your site.

As someone who is considering listing all sorts of high end electronics on your site,
I can tell you that I would be MUCH more inclined to do this if I were to be paid in Bitcents directly without having to
spend time finding someone to trade credits for Bitcoins with.
I understand that it is possible in theory to do the exchange,  but it is an extra step with no benefit.

Everyone would be served better by using bitcents directly.

There also the cash in-cash out problem.

For instance, we give users 100 credits for a paypal payment of $1, even though we only receive $0.90 cents of that. This % fee varies depending on which credit pack is purchased. Most payments we recieve are very small like this so if a user want's to cash out; we would have to charge at a minimum a 10% withdraw fee just to great even, and thats not including free credits with registration and coupon codes bids.

I'm willing to test out this idea though, I will ensure that the site will cash you out personally as an OTC deal for your credits; we will just have to agree upon an exchange rate of credits to bitcoins.

[mokimarket]

Congratulations guys you just discovered the "lottery"

Anyone that has put any effort in winning (5-10 bucks) something on my site has; you won't find any other penny auction sites offering low value products because they know that there may be only 3-4 people interested in that item and they can't get bidding wars going. That's why the big sites post ipads and iphone because everybody and their grandma want's one so you are guaranteed to have 100s of losers.

My site operates as a bartering exchange, post items you dont want, earn credits to bid on items you do want. You may pay 50 credits for 5000 credits; it's all about the strategy you use.

For instance, most "professional" bidders won't waste bidding on items with more than a minute left. High chance of just wasting bids on items more than a day out. There are also many other strategies bidders use; but it is about strategy and not luck.