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DealDash was founded in 2009 by William Wolfram, a 16-year-old Finnish entrepreneur, who had lost $20 bidding unsuccessfully for a MacBook on an earlier penny auction site. Wolfram had generated approximately $500,000 in affiliate sales a year earlier buying popular YouTube videos for $50, borrowed from his mother, then collecting revenue from ...
DealDash auctions typically start at a low price and users can place bids to try to win the auction. If a user is the highest bidder when the auction ends, they win the item and pay the final auction price, which is typically lower than the retail price of the item.
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It is a retail website that operates as a bidding fee auction, also known as a penny auction. The company has been sued under allegations that it is a form of illegal gambling and that its advertising is misleading. It advertises the price products are auctioned at in QuiBids cash and compares them to US dollars without disclosing the different ...
If the phantom bid is the winner, the lot is hidden and comes back around for a second auction, or the second-highest legitimate bidder is informed that the first bidder was unable to make payment. In online auctions, the latter ruse is pulled via a (secretly illegitimate) "second-chance offer."
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eBay can be used by individuals, companies and governments to purchase and sell almost any legal, non-controversial item. eBay's auctions use a Vickrey auction (sealed-bid) proxy bid system. Buyers and sellers may rate and review each other after each transaction, resulting in a reputation system.
German consumer protection bodies also warn about the auction type offered by Swoopo and other similar auction platforms, likening them to gambling. [10] Techcrunch states that Swoopo is an "'entertainment shopping' site that’s one part auction-house , one part virtual casino "; [ 11 ] whereas the alarm:clock calls it a "gambling auction biz ...
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