A Complete Guide to the Cardauctionz.com Penny Auction
What is a Penny Auction? A penny auction or bidding fee auction is different from a regular auction. The item is usually priced at a very low value. Each bid on the item costs something that is not refunded. The finishing price of the item increases slowly making it attractive for a long series of bidding.
Easy Explanation
Last to Bid Wins, each bid costs something that isn't refundable, the winner pays the final price which is often quite low compared to the item's market price because the final price started low and increased slowly
Is There a Strategy?
It doesn't take much thought to realize conserving bids equals saving money. When a person enters the competition is critical. It is an advantage to know that early bidding will go on for some time without your bidding. You want to come in at the very last moment to win the auction. In a perfect world, you want to bid once and win the auction. Things you will see are people waiting late in the timing to bid. Why? It is because early bids will go on in front of you and you are able to conserve your bids. The balancing act of this system is that bidding early could potentially win you the auction if you are not contested. Interestingly, because there are multiple auctions to work with, showing an extreme interest in an earlier auction, with little concern for conserving bids can scare or intimidate an opponent from taking you on in a future auction. You can challenge your opponent to a game of emotional chicken.
What Value Can it Bring?
When we talk about value I think the project is best classified as a Game. A game has winners and losers. It is a competition. I think a long term participant at Cardauctionz will go there for fun. There is a potential to win items of value at low costs, but, playing this professionally long term is unrealistic. A person of similar understanding will be too competitive. I'm not trying to sell you out of the project, I'm just trying to give you a fair assessment.
How Can Participation Remorse be Lessened?
We are already aware of a concept used in this style of auction in which lost bids are applied towards a retail price of the card. This lessens the site's profit, but, could be implemented. Remember, we have to pay costs for a server, future development to make it fun and more user friendly, future design, and customer service. If we are supporting Splinterlands tournament prizes and giveaways certainly there should be more satisfaction in losing a competition.
How Can it Exist Positively in a Community?
As already discussed, if it's viewed as a Game of entertainment and a means of raising funds to boost Splinterlands tournaments and giveaways then it can create a symbiotic relationship. How much on board my other partners are with this is still up to discussion. Obviously,we will do some of it, how much is the question. If content creators cover our site then we become supporters of them providing them with hive by upvotes. How much we invest in hive power is still up to discussion.
What Problem Might Bots Bring?
They are actually not as big of a problem as you may think. If you know someone or something(a bot) is going to bid, then as already discussed in strategy, you can just wait to bid. Just remember, bot settings by other people could be changed at anytime. Your strategic navigation is sure to be a challenge. It's certainly possible that a bot war could erupt. This can actually be a positive thing if you're aware of it and understand that the site has to actually make a profit to survive.
Ethical Conduct
The partners are already under formal agreement that no secret deals are to be made with customers. No bots are to be used on our behalf. We believe in these ethics firstly, and secondly, we reason the site is better off providing a fair environment for it's continued success.
Are Whales or Rich People in Control?
The rich, as in other dimensions of life, have the emotional luxury of being able to endure losses. Unfortunately, wealthy people will be able to plan a strategy of intimidation for future auctions because they don't care so much about suffering a certain loss. Just remember, you can form your own strategy according to specific players and the very clashing of bids you might sometime witness are critical to the sites success in contributing to community.
With all this being said, GOOD LUCK and HAVE FUN if you participate
Sincerely,
The Owners of Cardauctionz.com