what do you think of how this Bazaar Item Auction Works?

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In normal auctions, items start at a low price and the price goes up with each bid. In the tagvillage bazaar, items start at an incredibly low price and the price goes DOWN with each bid until it reaches 0.10 tagvillage credits. Essentially, a seller will list a good/service in the bazaar and set an incredibly low price for the item. members see the item listed and can bid for the to pay that price. when a member places a bid, they are listed in the winning position. However, if another member bids, the new bidder will be listed in the winning position. each time a person bids on the item the price drops by 0.01 tagvillage credits until it falls the way to 0.10 tagvillage credits. once the item falls to 0.10 tagvillage credits, a timer starts to count down from 30 seconds to zero. members may continue to bid. each time a member bids during the countdown timer, tagvillage will reset the timer to 30 seconds up to a pre-calculated maximum number of timer resets. once the timer counts down to zero. the final winning bidder will have the right to purchase the item for the current listed price. Can you share what do you think with this kind of Auctions? Thanks