I'm well aware of the Priceline model. I've booked hundreds of room nights using Priceline -- in fact, I'm staying at a hotel I Pricelined right now.
The difference between Priceline and what you're doing is that Priceline has already established relationships with hotels. They have the ability to fill demand that meets certain criteria.
You don't have the ability to fill demand for the product you're advertising. Now, if Loopt were willing to pay the difference out of its own pockets (as some daily deal vendors do), that's another story.
Even then, you've got a trademark infringement issue.
