WHAT IS KYRANO?
Kyrano operates unique auctions in which every bid lowers the cost of the product, ensuring that the winning bidder always gets a bargain. Bidding always starts at a discount from the actual cost of the product and the discount increases with each bid. We are dedicated to providing members with discounts on products, installment loans, college tuition, credit card balances, and other debts. Visitors may observe the bidding process as it takes place in live auctions.
WHAT KYRANO IS NOT!
Kyrano is not a merchant. We do not stock merchandise for sale. We make it possible for you to buy merchandise from a merchant of your choice at a price well below its retail price.
Kyrano is not a game. It is a genuine auction for people who are interested in buying the product that is the subject of an auction.
Kyrano is not a penny auction in which prices start at one cent and increase by one cent with each bid. To accumulate enough revenue, penny auction sites may bid against their members and the auction may last many days.
Kyrano is not a lottery or a raffle. A Kyrano auction does not result in a prize for the winner. The winners of the auctions are buying the items on which they bid.
Kyrano is not a gambling site. Bidders determine their own action and the winning bidder is not selected by a chance mechanism.
Although Kyrano is a unique auction, some aspects can be compared to other industries. Insurance is an industry that depends on the laws of large numbers. Insurance provides protection against large losses. Many people pay a small amount, the insurance premium, which the insurance company accumulates into a fund that is used to compensate the individuals who happen to incur a large loss, as in the case of fire insurance or accident insurance on automobiles. The contributions of many benefit an individual. Similarly, Kyrano collects a small enrollment fee for each auction, which accumulates in a fund that is used to reduce the price of a product on which you wish to bid. The contributions of many benefit an individual. That individual could be you.
Investors buy call options on common stocks by paying an option premium that gives them the right to buy 100 shares of stock at a specified price for a specified period of time. For example, you may pay $200 for the right to buy 100 shares of XYZ stock at $30 per share during the next 30 days. The stock is selling currently for $30 per share. If in the next 30 days the stock price goes to $40 per share, you can exercise your option, buy 100 shares for $3,000 and sell them for $4,000, leaving a profit $800 on a $200 investment in 30 days. However, if the stock price does not move or goes down, you lose your entire $200 investment because the option expires worthless. Investors are willing to accept the smaller loss in exchange for a large gain, and they understand the risks involved. Similarly, by using tokens to bid in a Kyrano auction, you should be aware that you may not win the auction, but may lose the small number of tokens you spent. However, if you win the auction, the gain is substantial.
It should be clear that Kyrano can offer a discount on the item in an auction only because each bidder enrolls in the auction with tokens that make up the discount and each bid contributes to increase the discount as the auction progresses.
Kyrano auctions that are refundable or sponsored are risk-free. If you donít win a refundable auction, the gold tokens you used are refunded to you in bronze tokens, which you can use for bidding in any other auctions. If you donít win a sponsored auction, when you buy the product from the sponsoring merchant, the price is reduced by the amount you spent in the auction.
Kyrano does not carry products in inventory for sale to members. We provide auctions on products available for sale by various merchants. Members can suggest any product on which they wish to bid, and when we add it to our list you may start an auction on it. You buy the product from the merchant of your choice.