Limbo is an online auction system – except that the lowest UNIQUE bidder wins (via Business 2.0 – not online yet). Apparently someone walked off with a Mini Cooper for $50.43, while another person got a plasma TV for $8.85.
So say you are bidding for the Sony Cybershot which ends Saturday, you text your bid in via phone. The system then responds via SMS and tells you whether there are other bids like yours or if yours is unique, whether there are people who have unique bids lower than yours. As you keep bidding, the system also gives you hints – so as of this minute there are 2 unique bids under $2.07.
Another interesting business model…
Warning – this site is very addictive!