Oltiby - A Reverrse Auction with a difference

I came across an interesting site recently, www.oltiby.com. This is a unique reverse auction site. In simple terms a buyer place details of an item they want to buy and the maximum price they are prepared to pay. Would be sellers can then send details of the lowest price they are prepared to accept for that item and the seller who offers the lowest price is the winner. All that is left then is for the seller and buyer to get together to complete the auction.

The guys at Oltiby tell me that they are a global company and as most sellers accept Paypal there should be few problems with payment where ever you are in the world. I have not tried the system yet but it looks as though it could be a bit of fun and you could find yourself with a bargain or two. I would be interested to hear of your experiences if you do give it a try.
http://www.oltiby.com