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SaltyNuts

Platinum Member
May 1, 2001
2,398
277
126
Is this site legit? Seems sketch - they show prices too good to be true, then charge you up front to bid on them. Any thoughts?

Thanks!
 
C

cbrunny

Diamond Member
Oct 12, 2007
6,791
406
126
its not a real bid, if memory serves. It actually costs you the amount of money you "bid" each time you bid. And you can only increase in set increments which I believe are in the $0.01 per bid range.

Which is to say:

You pay $50 to buy bids.
You want an iPad for $30.00
When the item hits $30.00, you bid $30.00 and you lose $30.00 forever.
I bid $30.01, making your bid meaningless and also costing me $30.01.
You get mad and bid $30.02, teaching me a good lesson, of course. You have now spent $50.00 + $30.00 + $30.01 and have literally nothing because..
I bid $30.03.
And it goes on and on and on until the time runs out. And so the winning bid is only say $50.00, but they've collected $125,025 PLUS the money from buying the bids. And you didn't win. And now you have to explain to your wife what happened. So you're divorced too.

I'm pretty sure that's this website. If not this one in specific, this is generally how those sites work.
 
M

momeNt

Diamond Member
Jan 26, 2011
9,290
352
126
They just paid me for a 60" TV.
cbrunny said:
its not a real bid, if memory serves. It actually costs you the amount of money you "bid" each time you bid. And you can only increase in set increments which I believe are in the $0.01 per bid range.

Which is to say:

You pay $50 to buy bids.
You want an iPad for $30.00
When the item hits $30.00, you bid $30.00 and you lose $30.00 forever.
I bid $30.01, making your bid meaningless and also costing me $30.01.
You get mad and bid $30.02, teaching me a good lesson, of course. You have now spent $50.00 + $30.00 + $30.01 and have literally nothing because..
I bid $30.03.
And it goes on and on and on until the time runs out. And so the winning bid is only say $50.00, but they've collected $125,025 PLUS the money from buying the bids. And you didn't win. And now you have to explain to your wife what happened. So you're divorced too.

I'm pretty sure that's this website. If not this one in specific, this is generally how those sites work.
Click to expand...

Okay that's wrong.

The value of each bid is the INCREMENT in which it was increased.

so something that reaches $30 nets them $60 + transaction and shipping fees. $30 of bids, $30 checkout for the winning bidder, $1.99 transaction fees, and then shipping fees.
 
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purbeast0

purbeast0

No Lifer
Sep 13, 2001
53,730
6,607
126
momeNt said:
They just paid me for a 60" TV.


Okay that's wrong.

The value of each bid is the INCREMENT in which it was increased.

so something that reaches $30 nets them $60 + transaction and shipping fees. $30 of bids, $30 checkout for the winning bidder, $1.99 transaction fees, and then shipping fees.
Click to expand...
This is correct, and it's a pretty damn genius idea IMO. The problem is that only 1 person "wins" each item and a lot of other people flat out lose money and I don't see people using it too often since the majority of people do nothing but lose money.
 
D

[DHT]Osiris

Lifer
Dec 15, 2015
17,510
16,835
146
I knew someone that used to do those 'bid' sites that would just automatically outbid you until an item reached 10% over the actual retail value of the product, and then you would 'bid' and win it, and they'd filch you for 10% profit.

This sounds a lot like that.
 
S

SaltyNuts

Platinum Member
May 1, 2001
2,398
277
126
Good lord what a gimmick. Funny, I read some review site and it had all these glowing reviews. Fake reviews from quibids, no doubt! Thanks everyone, except for the dummy.
 
GagHalfrunt

GagHalfrunt

Lifer
Apr 19, 2001
25,284
1,998
126
cbrunny said:
its not a real bid, if memory serves. It actually costs you the amount of money you "bid" each time you bid. And you can only increase in set increments which I believe are in the $0.01 per bid range.

Which is to say:

You pay $50 to buy bids.
You want an iPad for $30.00
When the item hits $30.00, you bid $30.00 and you lose $30.00 forever.
I bid $30.01, making your bid meaningless and also costing me $30.01.
You get mad and bid $30.02, teaching me a good lesson, of course. You have now spent $50.00 + $30.00 + $30.01 and have literally nothing because..
I bid $30.03.
And it goes on and on and on until the time runs out. And so the winning bid is only say $50.00, but they've collected $125,025 PLUS the money from buying the bids. And you didn't win. And now you have to explain to your wife what happened. So you're divorced too.

I'm pretty sure that's this website. If not this one in specific, this is generally how those sites work.
Click to expand...

No.

It's not the value of the bid itself, it's a fixed amount. You buy a bid for like .50 or .60 cents, something like that. So lets say there are three bidders in an item that opens at $20

A bids $20. B bids 20.01 C bids $20.02, A bids $20.03, B bids $20.04, C bids 20.05 etc. And the item eventually sells for $22.99 That's 300 bids, each of which cost that fixed amount. So if C wins the item for $22.99 he pays 22.99 plus another $60 for his 100 bids at .60 each for a grand total of $82.99. The other two bidders would have spent $60 for their bids and gotten nothing in return.

That's $202.99 the site takes in for an item that sold for $22.99. Huge rip-off operating under the "fool and his money" principle. Perfect for the OP.
 
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