We recently wrote about stealth startup Project Fair Bid, which aimed to reinvent and legitimize a controversial bidding model pioneered by Swoopo. Today, Project Fair Bid is emerging from its cocoon as BigDeal.com, an auction-based e-commerce site which takes a different twist on the questionable paid bidding model. Similar to Swoopo, BigDeal lets users purchase virtual bids $0.75 each which can then be used to bid on goods ranging from video games to high-end televisions. Whenever you bid on an item, its price increases by $0.15 and an extra 30 seconds are tacked on to the duration of the auction. With this model, items end up selling substantially below their market value. But one of the main criticisms of Swoopo was the risk of losing your money spent on bids (regardless of whether you win or not) when the auction concludes. That's where BigDeal is stepping into mitigate this risk.