Pay to bid? Meet swoopo.com

New to the US market is swoopo.com an auction site, but not one like you know and hate love like eBay. No, swoopo is a very different and interesting concept. The price you pay is the cost of bidding plus the ending final price. Confused?

Each bid costs $1. Yes, you pay to bid. You can buy bids in groups of 20 up to 500. So every time you bid, you are charged $1. Now the flip side of this is the prices are very low on goods. For example, a 2nd gen 8gb iPod touch just went for $73.80 (final sales price, who knows how much that person spent in bids to claim it). They seem stocked with lots of gadgets, laptops and even jewelry.

It gets more interesting…