Swoopo ... anyone here ever heard of it?

I ran a DU search and didn't turn up any results for "Swoopo".
I find it difficult to believe this has never been discussed... perhaps my search skills are weak.
If you're unfamiliar, just google it. http://www.lmgtfy.com/?q=Swoopo">Or let me google that for you.


It's a penny auction site with two primary differences when compared to a traditional auction site like eBay; you pay to bid and the auction cannot end less than 20 seconds after the last bid (no "bid-sniping"). Each bid you make costs a certain number of cents (I think like 50-75 cents) and when you bid the price of the item goes up by a preset increment. Truely interesting concept, especially if you're one of the types interested in game-theory.

Just wondered what other progressive minds (DUers) think of this...
Seems VERY capitalistic.