Sounds like a bidding fee auction:
en.wikipedia.org/wiki/Bidding_fee_auction
It is, but everything you hate about bidding fee auctions have been removed on dreamybids.
1. You can earn bids FREE in the high score arcade. You never have to buy bids.
Set the high score, then earn bids each time another player fails to beat your high score. Use your bids
in the auction.
2. Once the auction starts new players can't jump in.
3. You can use strategy.
Freeze- Freeze the bid of the next bidder
Buy time- Buy the timer down to 3 seconds on your next bid
Block- Block power bidders from joining your auction
4. You can host your own auctions for products or services.