But what is a Dutch Auction? The term was coined during the tulip craze of the 1600's, and describes an auction where the price of an item decreases at a steady rate until sold. This stands in stark contrast with the standard auction mechanism where the price is bid up until the gavel hits.
Persense.com adds a twist, allowing bidders to bid on a price point in the future and thereby 'owning' that price point in time. You will win the item if no one else bids at a higher price point. For instance, let's say you are bidding on a house that starts at $150,000 and has a pace of reduction of $1000/day. You determine that the house is worth $135,000, so you bid on that block, which sits on the 15th day of price reduction. The house will be sold to you at that price on the 15th day, unless someone else bid a higher amount, which naturally would occur earlier as well.
Unlike other auctions, you can clearly see who is currently bidding on an item, as all active bidders are displayed on the leaderboard, as well as the BidGrid. Also, you can edit your bid at any time, as well as remove a bid, as long as it has not yet become the winning bid.