Quote:
Originally Posted by Ben_in_Canada
quibids, where you can say for example get an ipad for $99 is a bit dodgy. (lot dodgy)
IIRC You have to buy 'bids' which are equivalent to 1 cent - but cost about 8 cents each.
So your $99 I pad actually costs $792.
(Feel free to correct my math).
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Nope....you pay that final price ($99) for the item if you win it. But then you have to have to factor in the price you previously spent on the pennies to win the auction. So, if you spent 3000 pennies, at 8 cents (or whatever) each, then that was $240 plus the $99 to buy it at the end.
I used to be very addicted to these just over a year ago.
I did extremely well, winning 4 flatscreens, 3 ipads, well over 3k in gift cards, and dozens of other smaller electronics like e-readers, ipods, coffee makers, etc etc.
I came in well ahead, but the very high majority of people do not and lose a LOT of money doing these, so I would never recommend them.
Quibids especially. Its been around for a while and advertises so it has a large userbase that already has established "power bidders"
Powerbidders willingly spend and lose hundred of dollars just to make a name for themself so the other users will remember their usernames and never big against them. Penny sites HATE them, as do other bidders.
I have personally watched an auction where 2 powerbidders went toe to toe and spent a well over $1000 EACH for an ipad. Their pride took over their math logic.
If you can find a new, and legit site though, and become that powerbidder, it's golden.
You also have to really worry about "jumpers" who will come in after you go toe to toe with someone for hundreds of bids, and when one drops out, the jumper will come it to try to finish you off with whatever bids they have. Jumping is highly frowned upon and if a PB sees one, they will remember them and make them pay.
Lots of strategy, and I could go on forever. I have a carbon copied email that I use to send people when I was winning lots, and if you want it, shoot me a pm and I will dig it up.
Although there ARE lots of scam sites, many are still very legit. But you have to be very good with math to calculate how many bids you have spent and what the final cost will be to make sure you are getting it for cheap. There is definitely a lot of deals to be made, or were at least when I did it, but I honestly would not suggest it at all anymore unless you can find a newer site and want to spend the money to become a PB. The advertises and established sites have become too popular and attract too many bidders.
Also, there is a great forum called Penny Auction Watch that is great for letting users know what sites are definitely scams and to avoid. This is also the site where people post what sites are new too though, so many regular bidders are already onto the new ones
So....to paraphrase, all are not scams, but I would still advise against them