BitcoinRebate is a innovative concept blending arbitraging and penny auctions together.
To allow arbitraging, it is connected to a infrastructure network called ZipConf which enables instant transfers between wallet to exchange and in between the exchanges, by hooking that infrastructure to a arbitrage bot we can get better prices on our Bitcoins hence offer better penny auctions.
The penny auction works in this way, there is a amount of bitcoins sold at a certain price, with a 1-3% discount on average; For example let's assume that 1 BTC is for sale, then the price (quoted in bitcoin, not usd) at which you could buy it at is 0.97 BTC; you have to bid against other players to have a chance to purchase this 1 BTC for 0.97 BTC, the highest bidder gets 1 BTC and pays 0,97, plus the amount of bids he's made to win the auction, everyone else loses; if your bid was 0.001 BTC and you won, your profit would be 1-0.97-0.001= 0.029 BTC, if you lost then you have also lost your bid of 0.001 BTC while someone else gets 1 BTC.
Please note that the amount of Bitcoin auctioned depends on the market opportunities we are able to exploit, so it may vary according to market conditions and our performances.
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For any question don't hesitate to ask, and all kind of feedback are welcome
Thank you very much for your time