A new auction site

I love eBay, both for buying and selling. I appreciate the ability to find great deals on stuff and the ease of unloading my own extras. Today a read about a new site: Quibids. The site is wonderfully clever, but I will never buy anything from it. The concept:

• Start bids for very nice, popular items like an iPad, at 1 penny.
• There is no minimum price. In theory, if you were the only one bidding, you could get anything for a penny.
• Charge people 60 cents to bid.
  
• Auctions can end in a fairly short time, but once you get down close to zero seconds, any bid resets the clock back to 10 or 15 seconds. This allows someone else to jump in and bid.
• Once no one has bid to reset the clock and it drops to zero, the bidding ends and there is a winner.
  

The problem is that you may bid, and bid, and bid and not actually win the item. You may have spent quite a bit of money and you still have nothing. By definition, everyone who bid on it loses money, except one person. They may sell a nice iPad for $100, but the company may have made $2500 selling it.

You have no control over the timing, since the clock keeps resetting. I am certain that there is a huge human flaw that says "I've already spent $40 bidding on this damn thing. I have to stick with it and win."

I admire people with clever new approaches and this certainly fits the bill. Just the same, I'll stick with eBay where I only pay if I win the auction.