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The Next Generation of Ebay?

New online site PsychoAuction.com has popped up with an interesting take on Ebay-style auctions.  Prices are insanely low, on everything from concert tickets to tech gear like an iPhone 3G and iPod Touch.  Auctions only last a matter of minutes.  Sounds crazy right?  Here’s how it works:

It’s free to register and you get three free bids.  Each auction is set to run for five minutes, and each time a bid is placed the timer resets to 5 minutes.  If you exceed your free bids you can purchase more, either one at a time or in a bundle.  You can also earn more by bringing people to the site.  Basically if you bid on an item, and no one else bids for five minutes, you win.  And there’s no shipping catch either, you pay only what you’ve bid and shipping is included.

The site touts that it’s sold Michael Jackson concert tickets for $2.03, an iPhone for $1.53, and a Nintendo Wii console for $0.67, among other rock bottom prices.  I’m not sure what kid of business model this is, but I’ll be watching, and perhaps even bidding!

Thanks Technically Incorrect!

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