Listia is a new auction site where users bid on other people's stuff with virtual credits instead of money. Here's how it works: a user lists something they don't want anymore, and other users bid on the item using credits they received for signing up, referring friends, or selling their own stuff. (Listia also sells users credits at $1 for 10 credits.) When the auction ends, the user who bid the highest amount of credits wins, and credits are automatically transferred.
Listia regularly features brand new products and gift cards in "rewards auctions" as a way to grow the community. Currently the site is offering a new Samsung 32 inch LCD HDTV as a rewards auction. One bidder complained, "I don't think one should have to purchase the credits until after one's won the auction. Now I have $70 worth of credits I don't know what to do with." A Listia moderator replied, "Currently we'll refund you if you don't use them within 7 days."
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Listia is a new auction site where users bid on other people's stuff with virtual credits instead of money. Here's how it works: a user lists something they don't want anymore, and other users bid on the item using credits they received for signing up, referring friends, or selling their own stuff. (Listia also sells users credits at $1 for 10 credits.) When the auction ends, the user who bid the highest amount of credits wins, and credits are automatically transferred.