Anyone use this site yet?
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Swoopo is an online auction site where purchased-credits, instead of symbolic offers, are used in bidding. Previously to changing its name to Swoopo in 2008, the website was called Telebid. Swoopo is operated by Entertainment Shopping AG and is based in Munich, Germany.
In order to participate in an auction, registered users must first buy bids (called credits, and hence forth referred to as "bid-credits") before entering into an auction. For the US version of the site Bid-credits cost $0.60 apiece and are sold in lots (called BidPacks) of 40, 75, 150, 400, and 1000. Each credit is good for one bid.
Worse, some folks call it a form of gambling: http://www.codinghorror.com/blog/archives/001196.html
I don't think it meet the legal definitions for gambling, but I'm clear that it's a far worse way to get stuff than anything I've ever heard of.