Auctioning Your Papers to Journals

I read an interesting blog post from Richard Smith today that brings up some ideas about how to avoid the rat race of publishing in top journals that have too much control over your work. Smith discusses the idea of auctioning your paper to different journals. He talks about writing a paper and then advertising its availability for publishing on twitter. He got four offers from journals to publish his paper and he picked the one he liked the best. You could imagine a scenario like this:

1) Write a paper
2) Post the paper to arXiv or similar
3) Revise the paper and address the comments and cristicisms raised on arXiv
4) Advertise the availability of the updated paper for publishing on twitter, your blog, or by emailing editors directly
5) Select from the interested journals

Once it catches on I think editors would start to search for worthy papers more actively.

As Editor-in-Chief of BioData Mining, I would be happy to hear from authors who have gone through this process.