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Jo--Merry Xmas & New Product Idea

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mriley Traffic Value: $45,656.25089 United States 6 like this post 1 people 25/12/2014 19:34 Hey Jo the rest of the MTV/PV community Merry Christmas to you all...I'd like to propose a potentially lucrative, fun, and somewhat addictive addition to the PaidVerts site: BAP Bids Similar to QuiBids or DealDash it would be a “penny auction” or  what other call a “bidding fee auction”. From Wikipedia: “A bidding fee auction, also called a penny auction, is a type of all-pay auction in which all participants must pay a non-refundable fee to place each small incremental bid. The auction ends after a period of time, typically ten to twenty seconds, without new bids; the last participant to have placed a bid wins the item and also pays the final bid price, which may be significantly lower than the retail price of the item. The auctioneer makes money in two ways: the fees for each bid and the payment for the winning bid, totalling typically significantly more than the value of the item. Such auctions are typically held over the Internet, rather than in person. Now the typical auction of this type auctions off physical merchandise, TVs, iPads, cameras, etc. My feeling is this would be way too much overhead for MTV/PV. We would then auction off only digital packages of our portfolio: • Packages of BAP in varying amounts, 1,000 up to 100,000 perhaps • Packages of shares in varying amounts 10 to 1,000 • When head to head games unroll, you could have one of the prizes a seat at the $5 poker table. This type of auction is very lucrative and the host makes a nice profit. If you’re not familiar with how this works, one again Wikipedia explains, “Participants pay a fee to purchase bids. Each of the bids increases the price of the item by a small amount, such as one penny (0.01 USD, 1¢, or 0.01 GBP, 1p; hence the name of the auction), and extends the time of the auction by a few seconds. Bid prices vary by site and quantity purchased at a time, but generally cost 10–150 times the price of the bidding increment. The auctioneer receives the money paid for each bid, plus the final price of the item. For example, if an item worth 1,000 currency units (dollars, euros, etc.) sells at a final price of 60, and a bid costing 1 raises the price of the item by 0.01, the auctioneer receives 6,000 for the 6,000 bids and 60 as the final price, a total of 6,060, a profit of 5,060. If the winning bidder used 150 bids in the process, they would have paid 150 for the bids plus 60 for the final price, a total of 210 and a saving of 790. All the other, losing, bidders collectively paid 5,850 and received nothing.” As you can see, this style of auction is clearly closer to gambling than a true auction, which makes it a nice fit for our portfolio. If we stick with digital products that we already own, the profit is compounded. If we sold “Bid Units” for 4 BAP and each time you bid it raised the price of the item by 1 BAP, we quadruple our money (and that’s without the final winning price of the item). Bid Units could be purchased straight up for 4 BAP or you could choose to click 3 Bid Unit Ads (essentially the equivalent to 3 .0005 ads) to earn 1 Bid Unit.  Therefore the incentive is the click ads to obtain Bid Units thereby reducing our Ad Load. What does everyon think? mriley Traffic Value: $45,656.25089 United States 0 like this post 0 people 25/12/2014 19:43 Footnote: Specific numbers in my proposal are just for illustration purposes of showing this is truly a lucrative proposal, final numbers could be tweaked up or down to suit the portfolio. polo26 Traffic Value: $2,211.17614 France 0 like this post 0 people 25/12/2014 20:17 great idea auction site will be really profitable for MTV and bidding on the pack bap / shares / or chips for poker is well thought This project may have of success  i think mriley Traffic Value: $45,656.25089 United States 0 like this post 0 people 25/12/2014 21:03 @polo26 My thinking entirely...little risk with huge, debt-clearing upside. What I don't know, not being in the business, is, development costs for something like this.