Online Virtual Reverse Auctioning

Well this is a small idea for an online event for a technical symposium at our college campus. Well here goes the details of it. Feel free to post your comments on this idea.

Name of the Event - Virtual Reverse Auctioning

Event Description

• Just like any auctions' website, this one will also hold auctions of various (virtual/random/nonsense) items. 
• Generally in any auctions, the bidder who bids the highest gets the item with the price paid, but in Reverse Auctions, the person with the lowest bid wins the bidding (at the end of the time). 
• To start with participant are given Rs. 100/- (negotiable) in their accounts to start off with. 
• To maintain order in the system against all participant posting Rs. 1 for all the items, I have come up with a rule for posting the bidding amount. 
• Least value of the bid can be only 95% of the current lowest bid value.
  Example - If the initial cost of the item is Rs. 100, and user A bids with Rs. 95/-, current cost of the item becomes now 95. User B, can now post a lowest of Rs. 90.25, highest being any value (no upper limits actually). 
• Each bidding costs the user a Buck. (Rupee. 1 /-) 
• Well again there is a small consideration to be made here, each bidding can be made as a pay-use or a bid on an item can be made as pay-use.
  Example - For every bid, I place on Item I can cost me Re. 1 /- or all the bids I place on an Item I can cost me Re. 1/-. I leave this for you to decide (post what you feel below as a comment)
• Upon winning the bid, the original cost of the item is credited to the user's account. Thus the user get more money to bid more on the system. 
• Since a limiting criteria of only 95% of the current lowest bid can be made, this keeps the participants checking in to the game often to see if anyone has made a lower bid than him/her. 

Winning Criteria - Participants with the highest cash on hand (plus number of items traded on the market, well this is again up to you. Feel free to post what you feel below as a comment) wins the game. 

General Doubts 

1. Organizer of the event is given the Admin access to add items to the system. He can set the Name, type, initial cost, time period of auction of all the items currently enabled in the system. More about this to the developing team. 
2. All the items will be completely virtual. It can range from a banana to iPhone - you are limited by your imagination. 
3. System is yet to be developed. Hoping to create a team (of max 4) to build this system. Its fairly simple to do so. I would like to see second and third years volunteer in this (first years are also welcome) to make it a reality. 
4. If you are interested in developing this idea, contact me, I will pour in more ideas.

Disclaimer: This Game plan is completely a creative idea, from Ashwanth Kumar. This was shared with a sole intention that it might be useful. If you already have a similar or the same idea, I would love to discuss about your implementation idea.