This is an interesting variation on the penny auction sites that were en vogue about 2-3 years ago, but you're "bidding" with your time rather than your money.
Nevertheless, people quickly realized that penny auctions are a sucker's game -- see http://usatoday30.usatoday.com/tech/columnist/kimkomando/201... -- and I don't see why it's any different with VidFall.
But points for originality.