unique bid site

[baggins]

i think somebody posted something similar not long ago, but i don't know if it's the same site or not.

have you guys heard about this?

it seems like a decent chance to win, but, i have no idea how to evaluate the math of this sort of thing.

i would really like a new 80GB Ipod, and this auction looks like a pretty good discount - provided i can develop a pretty good strategy for winning.

the problem comes with having to pay MORE than the max bid just to submit a bid.

if anybody can figure it out, post it here.

link