iPhone 3G For $11.48?
UPDATE: It seems that right to bid costs $1 and if the above phone bids are half paid ones, he has already made $574 without giving away anything! Go buy your iPhone else where!
iPhone on the cheap!
Yes it is crazy but true. Nicolas Dickreuter, the creator of PsychoAuction.com, is actually doing it. But it is not that crazy if you do a little math and even this article might make it easy for him offer more stuff at crazy prices, like $25 for $2.62.
The PsychoAuction is not all that crazy if the creators original idea works out. Once registered, you get free three bid on any article for sale and if you like to bid more, you can BUY more bids. The iphone had total of 400 bids since I saw it first on yesterday. I cannot find a price for right to bid on the site but if the iPhone started at $0, then he already had 1148 bids and assuming that half of them are free bids, then he will have to sell bids for $1 to break even. I don't think I will buy right to bid for $1 and say he is wise and sells them for $0.10, the I guess the profitable selling price might be somewhere around $100-120. If it is not, I will never wonder why Lehman Brothers wend down. (Nicolasworked for Lehman Brothers)
I first learned about this at Cnet News
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