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Gankit!

Started by UltF , Sep 19 2010 09:43 PM
gankit gankonomics

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#1

UltF
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Hey PAWers,

Yes, this is my first post. I would like to take this opportunity to thank everyone here for sharing advice and experiences. I was new to penny auctions until I went and read almost every post here as a troll. I went on to wreck some auctions and get a lot of the items I wanted.

So to say thank you, I want to share gankit dot com with you all. The site is new and there are a lot of great things going for below retail. My old friends from college started this site up and it rocks. Its aesthetically pleasing, they ship within 48 hours on most items, the customer service is great, and they feature what I have found to be the best BIN anywhere.

Their BIN is called "ganking it". Every bid from anyone lowers the buy it now for everyone by a quarter. The BIN starts with a 10% fee, which I think of as sales tax, so every item becomes a deal quickly without you even having to bid at all. I would explain more but they have professional videos on the site that explain it already.

So thanks to all of you, especially bid-to-2-too-win, for all the things you've offered to the newbs like me. I hope some of you give this site a try and post your experiences in this thread. You won't have to wait 60+ days like the other new sites. All of my items arrived within 1 week except for a 64gb ipad, which I think apple has been running short on. They even link you to the tracking pages of the carrier for your item.

#2

rotaryguy
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has anyone validated this site?

#3

bigtimewin
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has anyone validated this site?


I watched back in July and it looked really suspicious. Everything was going for an insane amount for a new site and i didn't recognize any names. I posted on here and everyone said that maybe they had done regional advertising, etc.. I wonder if they were testing or something.

They shut down for a while and reopened. Stuff is going for a reasonable amount these days. I haven't bought a bid back or tried it yet though.

#4

theGANKSTER
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Hey future ganksters...

I just want to clarify why we closed and reopened. The development of GankIt has been an incredible journey and the challenge of continuing its growth is quite interesting. We test and test and TEST and brainstorm and test during production - but once the site is live, we just sit back and wait on our members to give us feedback because we are not participating. Watching an auction (which we do to make sure all is smooth) is not the same as participating and competeing. In fact, I find myself blurting out strategies that I would use if I was participating!

I told someone the other day that all of us at GankIt had a love affair with GankIt 2.0 and then suddenly it was taken away from us, we went LIVE! I hope that is the sign of a good company - the fact that we all want to participate!!!

Regarding the change from 1.0 to 2.0. GankIt 1.0 had some flaws that became apparent when members started emailing us. We worked 24/7 (literally) and made improvements to:

1. design 2. communication 3. gankit 101 4. the bid butler 5. the speed of the auction (now 15/30) and on and on...

We had no choice but to shut GankIt down and relaunch 2.0. The suspicious activity was simply because certain users figured out they can buy a big allotment of bids and place a butler that would extend the contest hours on end. We had people winning based on fatigue (some auctions took well over 24 hours, etc) and our members told us to get to work. We did.

The main change is predictability. It is gone. There is no way to end an auction by ganking, as we have unlimited duplicate products on the GankIt side. The auction will be won, fair and square, as it should be. We don't give away free bids, discounted bids or have auctions for our bids because we want to keep the integrity of our auctions. Auctions are either fair or they are not. There is really no middle ground or "gray area" when it comes to a fair competitive marketplace. Free or discounted bids, the ability to use YOUR bids to purchase an item vs. a portion of everyone's bids, the ability to end an auction by using your bids... all these create an unfair environment. At GankIt - the winner is simply the winner. The user with the best strategy!

I believe that a great company is not measured by a bug or an issue but rather by its ability to listen, learn and react to its customers. We hope that the penny auction watch community gives GankIt a go. We believe you will love it.

If you have feedback, please submit it through our site.

Thank you!
Shmuel Gordon, CEO

#5

bigtimewin
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Thanks for the explanation, Shmuel. I did gank something this afternoon and saved $100 off of retail, even with the GankIt fee. I think users are figuring tricks out with ganking- but I won't comment here. It's a really cool concept and I look forward to my new iPad. I might have gotten it cheaper if I would have bid, but at least with ganking, I still got a good deal.

It's really fun! I wish you the best of luck.

#6

rotaryguy
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Thanks for the explanation, Shmuel. I did gank something this afternoon and saved $100 off of retail, even with the GankIt fee. I think users are figuring tricks out with ganking- but I won't comment here. It's a really cool concept and I look forward to my new iPad. I might have gotten it cheaper if I would have bid, but at least with ganking, I still got a good deal.

It's really fun! I wish you the best of luck.


was that you who got it for 321?! lets us know if you get the item, im still skeptical. :rolleyes:

#7

rotaryguy
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found these articles:

GankIt founders trying to steal eBay?s thunder - Houston Business Journal

GankIt! - Penny Auction Reviews on Bid2Loot

GankIt.com Takes The Penny Auction World By Storm!

Introducing GankIt, a Penny Auction with a twist.

Edited by rotaryguy, 21 September 2010 - 10:21 PM.


#8

Tim@SpeedClik
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was that you who got it for 321?! lets us know if you get the item, im still skeptical. :rolleyes:


Its a pretty neat idea
a combination of drop and penny auctions

#9

jets5000
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Its a pretty neat idea
a combination of drop and penny auctions


Agree with you - it is kind of a neat concept. Just did not recognize many user names.

#10

rotaryguy
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Its a pretty neat idea
a combination of drop and penny auctions


agreed! they have awesome items up for grabs!

Just did not recognize many user names.


thats why im still skeptical. most sites that are legit already have at least one big name on them

#11

rotaryguy
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I watched back in July and it looked really suspicious. Everything was going for an insane amount for a new site and i didn't recognize any names. I posted on here and everyone said that maybe they had done regional advertising, etc.. I wonder if they were testing or something.

They shut down for a while and reopened. Stuff is going for a reasonable amount these days. I haven't bought a bid back or tried it yet though.


hey did you ever get your ipad?

orion9 and oldschmoop are you guys biding on gankit or are those fakes??

#12

coolguy451
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hey did you ever get your ipad?

orion9 and oldschmoop are you guys biding on gankit or are those fakes??


Based on statements they made in the wavee thread I think it is the same 2 guys...congrats on the great wins woot

#13

rotaryguy
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Based on statements they made in the wavee thread I think it is the same 2 guys...congrats on the great wins woot


oh awesome. glad to know the site is legit! :) thanks coolguy

#14

coolguy451
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oh awesome. glad to know the site is legit! :) thanks coolguy


Well I am hoping they are legit but I haven't won anything yet so hopefully one of those lucky winners today will report when they receive their wins.

#15

bigtimewin
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Well I am hoping they are legit but I haven't won anything yet so hopefully one of those lucky winners today will report when they receive their wins.


Totally legit. I was hoping to keep it a secret but they're awesome and I want them to succeed. Shipping is lightening fast- I've gotten everything within 2-3 days. They have a 4 per calendar month win limit, so that makes it pretty even as far as wins. I personally like that they don't auction bid packs, just stuff.

I'm PAUSED on that site.

#16

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orion9 and oldschmoop are you guys biding on gankit or are those fakes??


It's really me. I'm hoping the PBs won't like the win limits: only 4 per calendar month.

#17

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Totally legit. I was hoping to keep it a secret but they're awesome and I want them to succeed. Shipping is lightening fast- I've gotten everything within 2-3 days. They have a 4 per calendar month win limit, so that makes it pretty even as far as wins. I personally like that they don't auction bid packs, just stuff.

I'm PAUSED on that site.


Hi bigtime I was trying to keep the secret too, but that's not fair to them, the site is legit, fastest ship ever, congrats for the wins! I'm G00gle there.woot
:28:

#18

I_Wont_Stop
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Hey PAWers,

Yes, this is my first post. I would like to take this opportunity to thank everyone here for sharing advice and experiences. I was new to penny auctions until I went and read almost every post here as a troll. I went on to wreck some auctions and get a lot of the items I wanted.

So to say thank you, I want to share gankit dot com with you all. The site is new and there are a lot of great things going for below retail. My old friends from college started this site up and it rocks. Its aesthetically pleasing, they ship within 48 hours on most items, the customer service is great, and they feature what I have found to be the best BIN anywhere.

Their BIN is called "ganking it". Every bid from anyone lowers the buy it now for everyone by a quarter. The BIN starts with a 10% fee, which I think of as sales tax, so every item becomes a deal quickly without you even having to bid at all. I would explain more but they have professional videos on the site that explain it already.

So thanks to all of you, especially bid-to-2-too-win, for all the things you've offered to the newbs like me. I hope some of you give this site a try and post your experiences in this thread. You won't have to wait 60+ days like the other new sites. All of my items arrived within 1 week except for a 64gb ipad, which I think apple has been running short on. They even link you to the tracking pages of the carrier for your item.


I won a nintendo wii on Friday and received on Monday, congrats for the site!:cheers2:
:28:

#19

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The low win limits and no bid packages auctioned really evens up the playing field! I had a long dry spell before I found the site. I want them to succeed too. Just hope it doesn't become overrun with too many newbies! I hate to be greedy, but I'm enjoying winning for a change! :smilielol5:

#20

rotaryguy
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thanks guys for posting! :) i was really hesitant at first, but glad to read your comments. sorry to ruin yalls secret! :(





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