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Warning about uniqueauctions.com

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Warning about uniqueauctions.com

Postby RugbyD » Thu Dec 08, 2005 2:41 pm

you are bound to hear about this site eventually since they are trumping themselves up as an alternative to the monopoly of eBay, but after looking into the site a bit further it is really just an expensive lottery and nothing more than a gambling site. it's almost like a pari-mutual version of roulette.

i will give them credit for creating a very interesting business model and it would be a fun game theory exercise if it wasn't being run as a business.
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Postby acsguitar » Thu Dec 08, 2005 7:22 pm

I don't get it I went to that site and it seemed weird
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Postby thedude » Thu Dec 08, 2005 8:06 pm

It seems just like the home page for some auction house.
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Postby RugbyD » Fri Dec 09, 2005 5:28 am

read all the rules.

basic intro: the max any item can go for is 20% of it list price. they are selling 10 box 360s every day for a while.

example:

item's list price is $100. max bid is $20. each bid you plasce costs you $2 (ort $1 if you are a premium member). BTW i am drunak at 320am and eating bread i have to wake up in 2.5 hrs. i love the UBS patry. anyways, if the max bud $ amount is reached, ht ewinner is the first bidder at the dollar amount with the least # of bids. so if 2 peepes bid 20 and one bids 1, the guy at 1 wins. sonhe pays $1 for an xbox 360 plus $2 for the bid he put in. but if you thinmabout multiple bids and critical mass concepts younsee where this becomes more and more a random excercsie, hence why i said itrs an expensive lottery. youn could place 1 bid at a cost of $2 hopiing you picked the right amount tgo bid at. i'm sure trhe odds of the max biud outweigh the chancer of winning by placing a bid at any amount below the max. so its like a $2 lottery ticket for a $300+ prize. waste of money. another great gimmick isd that any item you "win" you can sell back to the site for 80% fo te cost. so they make 20% on ay recycled auctions. like the websiote says if you win a car and you already ahve have one you can sell it back to the site guaranteeed for 80% of what youb paid (oh how nice of them). so they basically make 20% right then and there and who knows how many peoiple do that.

the giveaway was whe the rules/instructions mentioned the phrase "serious players". that scream "gambling site". but its domiciled in ottawa. so thjat makes me think they can avoid all the US trades laws againsdt internet gambling b/c they can claim it is just an auction. this is golden b/c of all the restrictions on financial companies like visa, amstercard, and paypal that ban you from using them as deposits for offshore gamblimg sites.

hit me up when i'm sopber for more ex-lpanationi if you dont get it.,

d




this is a game thoery cash cow. i wish i would have thought of this rather than google. gogole is too mucfh technical smarts and too much woork.
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Postby prodpaul » Fri Dec 09, 2005 8:27 am

Weird...Thanks for the heads up.
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Postby Madison » Fri Dec 09, 2005 9:10 am

:-?

Give us a sober review and I'll read it. :-b
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Postby bronxxbomber » Fri Dec 09, 2005 9:50 am

never heard of this site. it kind of sounds shady :-? .
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