"mkbruin, Atlas VP" (mkbruin) 06/23/2015 at 10:40 • Filed to: None

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Anyone use penny auctions? Like quibids?

Azrek > mkbruin, Atlas VP 06/23/2015 at 10:43

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I looked at it once...and saw (at the time) it does raise the cost one penny a click, but it costs you 75 cents to place a bid. So consider that there are like 100 bids, that is alot of quarters.

BrtStlnd > mkbruin, Atlas VP 06/23/2015 at 10:45

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No, they are a scam.

Alex B > mkbruin, Atlas VP 06/23/2015 at 10:53

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I got my iPad Air 2 on there for $35. ;-P

Patrick Nichols > Azrek 06/23/2015 at 10:59

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I suppose the way to do it would be wait until the end and hope you’re the last one

Steve Zissou > Alex B 06/23/2015 at 11:04

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But how much did you pay for all the bids up to the winning bid?

Azrek > Patrick Nichols 06/23/2015 at 11:04

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Nah, if you’ve ever done Ebay you will know there are folks who have Mods who wait till 1 second and outbid you. So unless you have the same mod you won’t win.

I dunno how many bids I lost at the .0001 second left.

Alex B > Steve Zissou 06/23/2015 at 11:07

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No. I didn’t actually buy one from there. Hence the “;-P”

Lumpy44, Proprietor Of Fine Gif > mkbruin, Atlas VP 06/23/2015 at 11:11

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Worked in a cubicle with someone who used to do it.

The site he was on auctioned off packs of bids the same way they auctioned items. He would win and sometimes lose 100 bucks worth of bids for 70 bucks or so.

He would then use those bids to try and get items, he got a camera and tv off the site and overall he said he might of saved 30 bucks. Shipping can get you too depending on the item.

Not worth it at all in my opinion.

E92M3 > mkbruin, Atlas VP 06/23/2015 at 11:15

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It’s a scam. The bids cost more than than 1 cent. So you may see for example an iPad for $15. The cost to bid $15.01 is actually $375.25 in US dollars. Now the iPad could cost $400 at an actual store so you say well I’m still saving $24.75. The problem is once you bid, IF you’re outbid you still lost your money that was bid. So the company could potentially make thousands for 1 auction for an iPad. Unlike eBay were only the winning bidder pays, they collect all the bids. 1 out of a 1000 auctions you could actually save money on an item. However once people bid actual money and stand to loose it everytime they are outbid they tend to keep bidding. Sometimes beyond the items real value because they have money to loose. Example: They just bid $300 for that iPad, and were outbid up to $409.99. They could just walk away forfeiting their $300, or they could over pay $10 by submitting a $410 bid and at least walk away with the ipad. Would you rather loose $300 or overpay $10 and at least get an iPad?

WiscoProud > E92M3 06/23/2015 at 14:55

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Bingo. I worked with a company years back that ran one of these websites. They could give the products away for free, since they make all their money off the sale of bids. As for a normal person who is thinking about swooping in at the last moment, hackers beat you to that long ago. There are computer programs designed to be the winning bid so that the owned gets the prize with minimum expenditure of money. You cannot beat these programs at speed.

Its literally wasted money, and yet a couple of my coworkers who knew how it worked, still got hooked on bidding. I changed jobs shortly after....

E92M3 > WiscoProud 06/23/2015 at 15:16

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I’m sure they make a killing. Even if it’s mostly people that signup and buy bids before quickly figuring out the scam.