Capitalism is Awesome

I found a online auction site which I think deserve mentioning as it is probably the best/smartest moneymaking idea I have ever seen. I do not know if this is normal for online auctions, but it is such a good idea.

The site is called Smokoo and what they do is this:

There is a countdown clock. You pay 5 South African Rand for a bid option. Every time you bid the price goes up 1 cent or 5 cents and a few seconds is added to the clock. When the clock runs out the item is sold and you "win" the bid.

Now what happens is that each product is sold really cheaply. For example an Ipad 64 gig was sold for R510.25, which is amazing. But behind the scenes each bid brought in R5 for the action house and therefore R 51 025, 00 !!! for an R11 000 Ipad.

Therefore Capitalism is awesome!