We sometimes forget the power of bidding which can have great impact on the value of an item. But this can only be possible when there is a demand for it. I think this is practically how the value of coins go up. This is a story of a friend in college who sells vintage t-shirts and makes a lot of money from it by using the bidding Psychology.
Well, one thing I noticed that made my friend really successful in selling his used vintage clothes at a high price is having high social media influence. Yeah, once again you have to have access to people that will create demand because that is the only time you can sell something and give what you are selling value.
I will give it to this friend, he was really fashionable in college and has a good eye for good quality vintage shirts and knows how to style them perfectly well. He buys these shirts, style them very well, wear them ones and advertises it on his social media page. He had followers on Snapchat, Instagram and Twitter, these platforms were enough to create the demand he wanted. He buys these shirts for let’s say $10 each, annonce that these clothes will be bought based on the highest bidder. The first time he told me about the idea I felt it was ridiculous because, I thought only arts and extremely expensive stuff get bid. But then, he decided that he was going to try it because he knows that these clothes are worth a lot and he wants to sell them to make profit but by placing high price to make them look over priced. So he thought of the bidding idea.
He places the clothes for $5 bid price, if someone should ask for it at $5 he will claim that another person already got it for $5 but if the new person can outbid the previous $5 guy, he can give him the shirt. Now this guy wanting the shirt so bad will bid it for $7, smart right? But then another person wants it, now he is explaining to this new person that a potential buyer as bid the shirt for $7 and if the new person wants the shirt, they can out bid the previous person, this person then bids it for $8 or $9. So it goes on and on until he sells off all his clothes 3X the price he bought them.
This was one of the smartest moves I had seen in my life and I felt like this person needed an Oscar in bidding Psychology. The beauty of this is that, he already got the social media presence and this bids come really fast. I don’t know how possible it is to keep selling clothes like this or how long it was going to last but this was how my friend survived in college and made lots of money to take care of himself in college.
This is how the price of coin goes up, they go up when people are constantly bidding on it, thereby increasing the price further.