We just received an e-mail from a reader to inform us that former trader Nicolas Dickreuter of penny auction PsychoAuction.com, will soon be opening PsychoBanker.com.
“This is how it works: You can buy the “nothing” at the current price and with each purchase the price will increase by a percentage. When somebody sells it, the price will be reduced by the same percentage. If you buy early and wait until other people buy, you can sell it at a higher price. Or alternatively if you think that the price will go down, you can sell it short and reduce you position once the price is lower and make a profit that way. PsychoDollars can be exchanged back into real dollars.
The whole game is 100% about psychology. Do you think that other people will buy. Do you think that they think that you will buy? The concept is based on game theory and several nobel prices have already been awarded for the subject. If you think you are good at psychology and reading charts etc, you should definitely have a look at the site. “
PsychoBanker has not yet opened and we’ll update you when we receive more information. We’re not quite sure yet what this site will be about or if it is anything like a penny auction, but it is interesting that they add game theory and psychology into the mix. What do you think of the PsychoBanker concept?
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