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Friday, July 03, 2009

Penny Auctions: They're Gambling


Late last year, I encountered what may be nearly perfect evil in business plan form: Swoopo. What is Swoopo? It's a class of penny auction, where bidders pay for the privilege of bidding:


[Penny auctions] offer new televisions, computers, game consoles, appliances, handbags, gold bars and more for starting prices of a penny to 15 cents, depending on

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