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.
You can actually earn bitcoins with bitcoinrebate.com, give it a try now!
http://bitcoinrebate.com For any question don't hesitate to ask, and all kind of feedback are welcome
Thank you very much for your time
Alberto Armandi
