Swoopo was a brilliant concept and it's the kind of thing I wish I had thought of... that is, in the alternate universe where I have no sense of ethics and don't mind ripping people off.

The psychology behind why the site works is identical to why some people fall big for Nigerian 419 scams... "If I don't spend a little more money, I'll lose it all!". Suddenly it makes sense to pay $100 more than retail for a PS3 or TV because if you don't you'll be out $250 in bidding fees and not have the item.