Suppose I'm raffling off a $1500 laptop and there are 3500 entrants in the raffle. How much should you pay for a ticket? My calculator says about $0.43.
Now suppose I'm auctioning off a $1500 laptop. Bidding starts at $0.01. You can bid the price up in $0.01 increments for the low, low price of $0.60 per bid. The winning bid is $35.
Personally I like those odds, but then I'm the one hypothetically running the auction. At $0.60 per raffle ticket -- I mean bid -- I'm getting an extra $0.17 or so per ticket, plus the $35 winning bid, for a profit of $635 on a $1500 item. And some lucky winner gets a laptop for $35. Such a deal!
There are apparently several auction sites out there doing just this sort of thing. The particular one I heard about was Swoopo, but as is so often the case the names will come and go while the game remains the same.
Pushing back on AI (and pushing back on that)
5 months ago
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