The idea was similar to an auction site that was well-liked at the time the place you could bid on a merchandise, but you paid for each and every bid - so if you noticed an Iphone with a winning bid of 1p, you could bid 2p, but if you ended up outbid, you’d lost your 2p - inevitably a person would earn it at a bargain price tag at the price of absolutely everyone who’d bid in advance of them and the enterprise would make a fortune.