Bullion Connection - A new auction platform for only 5000 stackers

Hi Badhammy

Today is the first day we are letting people know about Bullion Connection.
Our mission statement, bio and history will come closer to launch. The current site is a pre registration page. Once all the i's and t's have been dotted and crossed, those who register will be contacted about launch date and given priority for registration. You are more than welcome to like us on Facebook. I suppose any new company must start somewhere.

Hi Renovator

If members could see the bids, nobody would bid and the auction would sit idle.
Yes we hope to make money, but doesn't every business? we need to cover the cost of running business. We just want to give our members a shot at adding to their stack for much less.

The Bid limit will be set by Bullion Connection based of current spots prices.

Depending on the item the bid limit will change ie. gold / silver / weight/ purity

 

Well that didnt answer much .
Can u tell us what bid limits for each item will be ? Is it a spot + % equation ?

I think there needs to be some transparency here .

What will be the listing/sales fees ?


I disagree the auction would sit there & die .. Ebay & multiple other sites sell a mountain of stuff with a clear totally transparent fees & conditions Theres no shortage of snipers & even apps now i believe to do the sniping for you.

 

You actually want to be the 50th bid! You pay up front every bid, if you bid 10 times you already paid 8$. If you walk then you are out 8$ or you can say screw it, subract 8$ from the price of the coin and buy the coin outright and the action still continues for the coin you were bidding on until someone hits 50. If you are number 50 you get it for .80$ The number is kept blind or noone would bid if they knew the counter was only at 8 or something out of 50. If it is at 45 you bid 5 times and win the coin for 4$

 

So your saying it costs you just to bid ? that sounds fun lol You keep saying 50 bids ...noone knows how many bids
Its all smoke & mirrors for me at this stage . Not that i would use a platform like this anyway its much easier to buy from a dealer at a fixed price .

Sure people would bid if they knew the counter .There would be snipers all diving in to win & auctions would be over in a flash. with the website owners putting $ in their pockets much faster i believe .

Just sounds like a get rich quick scheme for the website to me on the information provided & only the word "possible " to get a good deal ..... .not really awe inspiring :|

Now if there was a 1 in 10 chance of getting it for spot or cheaper & you knew the odds i think people would be more inclined to use it .

Its like gambling .....nice to know the odds .

 

Sounds like a lottery to me - hmm, wouldn't you need a lottery permit to run something like this?

Is there an armchair lawyer in the house? :lol:

 

I keep saying 50 because the OP mention bid limit 50 in thier first post. Here is another example and the only way I would ever untilize an auction site like this.

If they had a Kilo Lunar Horse Valued at 800$ that I was going to buy somewhere anyways I would try here. If they set the bid limit to 1,500 bids at .80 cents a bid like they mention they would make 1,200$ on the coin when it is over(not including what you pay for it). You spend .80 cents each time you try to bid hoping to be number 1,500. Each time you bid the number goes 1 closer to 1,500. If you are number 1,500 you win. If you bid 500 times and the counter reaches 1,500 you would pay 400$ for that coin. If you were lucky and started bidding when the number was at 1,498 you would win the coin for 1.60$

Like they were saying if you lose, you can put all your money you spent on bids towards buying a similar coin outright. Its not like Ebay where there is only one and I assume they are using coins they have many in stock.

So if I was planning on buying a Kilo Lunar horse for 800$ anyways I'd put 1000 bids one at a time hoping to hit number 1,500 early. If you hit it early you pay less for the coin, if you don't yopu can put the 800$ in bids you made towards buying the coin outright hopefully at dealer prices.

It is gambling if you are just hoping to score a coin for .80cents and just throwing bids out on everything, but if you use a strategy and thier prices arn't whack you could potentially save on your silver and it becomes a win win situation. Its very similar to sites like "Swoopo" and" Gun Ticker" or something like that. Same Idea just with bullion.

 

So it is more like a lottery then an auction? I'm guessing you can't see the other bids or how many are on it, so you are taking a punt. Wouldn't this be classed as gambling?

 

Hi everyone, just to clarify a few things

Bullion Baron, a promo video will be uploaded soon showing the in's and out's of the website we hope you'll all have a look.
I'll do my best to explain the process. Nabullion dynamite seems to understand the concept.

I must clarify we not dealers of precious metals. We buy from dealers and will be selling to our members directly.

You can track all bids you have made, and where you made them.

Like precious metals, this business will be a store of value. If we allowed unlimited access to be apart of this membership the likelihood of winning is exponentially reduced.

We are capping membership at 5000 so you not bidding against tens of thousands worldwide, just each other. It's an even playing field for all as the bid limit remains unknown.

 

What you describe is not an auction. It doesn't fit any standard definitions of an auction,
like: "a public sale in which goods or property are sold to the highest bidder"

As others have said, you are offering a lottery or gambling service.
I doubt you are licensed to do so, not having an ABN

Can't see your site staying up for very long once the authorities find out about it

 

so how long does the auction go for, is time not an element in the auction, is it open ended...... up to the 50th bid and can you stop the auction at any time if does not succeed - do the bidders still get charged

 

Hello Everyone.

As we are only at the pre registration stage the questions and concerns you raise will be addressed at our next meeting.
Bullion Connection will comply with all Australian regulations and obligations with AUSTRAC.
We appreciate your input in this thread.

 

I guess the next question would be.

How much extra for shipping once you won the coin?

 

Well, for postage you need to pick a number between 1 and ten.... closest number to the correct guess wills the postage lottery and you only need to pay for the armaguard truck by yourself!!!

 

I like how this person is not responding to us referring to this as being a lottery(personally i see this as a raffle with 80cent raffle tickets) as this could have an auction format but the raffle/lottery tickets are in no sense of the word bids.

 

Agreed. If everyone is 'bidding' the same amount and there are only X amount of 'bids' allowed, how is this in any way an auction and not a raffle?

 

Because no one is pulling it out of a hat.

OH GOD DAMNIT! Wait a second, how has it not been brought up yet? With all the lack of transparency and what not, how are we to know whether or not this is rigged?

 

The whole thing reminds me of the TV ads there you could win iPhone for $29 or something silly.
The catch is: every time you bid you have to pay the amount you bid in full irrespective of whether you won or not.

OP: this is a wrong forum to promote such hair brained ideas - just not enough morons to waste our money on it.
We better waste it on real silver. Hang on a minute, are we sure we're not really morons? Sorry don't have a minute have to check the sell sub-forum.

 

Hi Daniel M

This is not rigged, we are not criminals. We are stackers ourselves and have been for some time. Over the years we have been trying to find a way to stack silver and gold cheaper, to no avail. It has taken many months, time and money to create this service. We started this post, only to let people know that it's on the way. If you want to be apart of it great, if not, no problems.

All the specific questions you have raised will be answered upon launch in regards to bids, shipping costs, refunds and privacy.
I can understand your concerns in regards to this format, it's different and unknown which can throw up red flags. It's clear a few people feel the same way, but before calling things 'rigged scams', wait until the website is launched in November and have a look through it. If you're still not satisfied send us an email and I'll give you a tour of our offices. We are located in Melbourne.

 

This is my concern, say 1kg horse is offered at 1000 bids at 80cents each. Whats to say that they will accept 1200 bids, without anyone knowing. I would believe the majority of people taking a snipe at it won't want to follow through so its money BC makes.

In addition, since there is no transprency on who is bidding BC can accept and take more bids than what was advertised.

Either way, I pass. Nice idea, but too much risk / chance involved.

Actually BC might lose money on this deal if the items are offered at spot. They would have to have a margin built into them for BC to make money.

Imagine the same scenario 1000 bids @ 80cents each for $800 / kg.

If there were 1000 bidders.

1 ..... 1000, each one of them following through on their 80cent purchase to buy the 1kg at $800.

The final person buying it at 80cents. BC will be out by $799.20, since they need to provide the winning bidder with the item. So the other 999 people will have to cover this cost. Which means each item needs to have 79.2 cents profit built into it for BC to break even. You can be certain that they would have higher margins than that. It may also mean that that pretty much sell 1000 bars, if everyone follows through. Its a mechanism to drum up volumn. If you bid, you lose if you don't follow through. You will lose more if the items are priced higher than retail.

Slam