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Author Topic: BitBid - Bitcoin Auction House  (Read 3076 times)
steelhouse
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April 22, 2011, 05:39:19 PM
 #21

After thinking it over I think I'm going to go for a small yearly subscription fee instead of the big flat fee up front. Unfortunately I am going to have to postpone the launch of the site as my aunt died from cancer earlier today :-( and I have to go to St. Louis for her funeral and won't have regular access to a computer or the internet. I was going to launch on 4/20 but now I think I'll move it back to next Monday.

Just to give you an idea I once researched the model of ebay.  This is how I see it.  Some may see the fees of ebay are high, but they actually like the high fees because it eliminates all the junk you see on other sites.  You don't see the $0.01 for a piece of trash auctions.  Whenever a legitimate competitor comes around they buy them out.  As long as the fees are not 1/3 higher than shipping fees there is no way anyone would use another site due the quality, insurance, feedback, and paypal they have to back up the auctions.

1/4, 1/2, or even 1 BTC to do an auction, is not a bad price if you act as insurance and arbitrator. If I was going to sart I would do a 1/2 BTC fee, 7 day auction, and if the item didn't sell I would take the fee.  But offer insurance and arbitration.
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April 22, 2011, 05:46:54 PM
 #22

After thinking it over I think I'm going to go for a small yearly subscription fee instead of the big flat fee up front. Unfortunately I am going to have to postpone the launch of the site as my aunt died from cancer earlier today :-( and I have to go to St. Louis for her funeral and won't have regular access to a computer or the internet. I was going to launch on 4/20 but now I think I'll move it back to next Monday.

Just to give you an idea I once researched the model of ebay.  This is how I see it.  Some may see the fees of ebay are high, but they actually like the high fees because it eliminates all the junk you see on other sites.  You don't see the $0.01 for a piece of trash auctions.  Whenever a legitimate competitor comes around they buy them out.  As long as the fees are not 1/3 higher than shipping fees there is no way anyone would use another site due the quality, insurance, feedback, and paypal they have to back up the auctions.

Actually there are a ton of trash auctions on Ebay.  There are many with super high shipping (though that may end soon with the new policy changes) and others with very high start prices. 

What we have always had with ebay competitors is a lack of traffic.  I list many items on ebay each week and sell a few items a week.  I have listed some similar items on non ebay sites (not just BTC denominated sites) and they have not sold.  So far biddingpond.com has the best model for the current BTC denominated auction traffic which is to let everything list at little or no cost.

Over time people will wake up and discover that it is better to use BTC on auctions, especially lower cost items (but not ruling out higher cost).  If you want to sell a 3 BTC item and go with ebay and paypal you will give them 1/3 of your money!  BTC beats everything else out there for micro-payment auctions. 

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April 22, 2011, 07:19:12 PM
 #23

You might offer same day shipping.  Meaning the winner pays the same day, the shipper ships the same day.  Also you might require only free shipping in usa (fees included in price).  That way you don't do all the tricks as on ebay.

I know I would never do a yearly or annual plan.  I would prefer to pay 1 btc per auction.  Over 15 btc per year.  Maybe I will start my own auction site.  your domain name is awesome.
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