There are tons of such companies, even here in Finland: http://www.arcticstartup... | Hacker News

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		bemmu on July 12, 2009 \| parent \| context \| favorite \| on: Swoopo: The crack cocaine of auction sites There are tons of such companies, even here in Finland: http://www.arcticstartup.com/2008/03/26/fiksuhuutofi-smart-b...

eli on July 12, 2009 [–]

No surprise, the basic idea is based on the "dollar auction" which has been a pretty standard part of every undergrad economics class for the past 20 or 30 years.

http://en.wikipedia.org/wiki/Dollar_auction

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