

Heard of the auction/gambling website Swoopo? It runs what are called "dollar auctions" - ChaitanyaSai
http://www.swoopo.com/

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ChaitanyaSai
<http://en.wikipedia.org/wiki/Dollar_auction>

As a website, this opens up the possibility for malicious bidding by the
website owners, in which case it not only does not ship out out the auctioned
product, but also pushes up the second-highest price.

Wikipedia says they have 20 million dollars in revenue. Also seems like there
is no real reason that competition should drive down the bid prices until it
becomes a raffle of sorts. Popularity doesn't really help that much in their
case does it?

