05/08/2022
Why DIB-IN will rule:
Yesterday i ran into this great video explaining Shubik's Auction or Dollar Auction https://en.wikipedia.org/wiki/Dollar_auction .
It is a great example of how penny auctions work and why they are SCAMS!!!
This kind of auction models are taking advantage of the Sunk Cost Fallacy. https://en.wikipedia.org/wiki/Sunk_cost
When we created DIB-IN we studied all these auction models and we corrected what was taking advantage of the participants, to produce a model that is FAIR and ETHICAL but still producing very low price results. We did not just say : "Hey let's create another penny auction to scam some people" .
This is the main reason i am irritated when people say "I have seen something similar before...", before even understanding how it works.
DIB-IN is as similar to other auctions as a rocket is to a car. Our process can be used as a marketing tool, an alternative approach to factoring, a customer retention tool or even a stand alone auction system with lots of gamification capabilities.
https://www.youtube.com/watch?v=1IAsV31ru4Y
This is a thought experiment, not a real offer. If someone offers to sell you a $100 dollar bill for $5, you’d take that deal instantly, right? Of course! Bu...