MyRoomBid.com - booking engine where you bid for rooms

I'd be surprised if this sort of model ever takes off in hostels. To me it suits hotels/ resorts which have very high "rack rates" which may rarely or never be the actual rate paid. Hostels don't operate on this model in general. Usually a hostel will have a base rate which everyone pays, with perhaps small seasonal/ weekend or special event rates. The customer at the hotel may be able to negotiate a significant discount on the rack rate, and still leave a large profit margin for the hotel. The profit margin for a hostel is not so great as to allow significant discounting and retain profitability.

The amount a hostel could afford to discount might only be a few euros, which I doubt anyone would bother bidding for etc. The savings at a hotel may be in the hundreds compared to the rack rate.