Quibids.com

13 years ago

man that thing looks so fake, i see the commercial on tv and I just change it.
I tried one of those penny auctions before and it was a complete scam.

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13 years ago

@ Alex. It is not a scam. I know people who have won big ticket items such as IPADS. It is a highly competitive bidding enviroment and hard to win, must place bids at last second. Decided to pull the trigger on bids. It's like a gambling-bid website.

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13 years ago

Originally Posted by trios

@ Alex. It is not a scam. I know people who have won big ticket items such as IPADS. It is a highly competitive bidding enviroment and hard to win, must place bids at last second. Decided to pull the trigger on bids. It's like a gambling-bid website.

I thought you wanted to know "the catch"? What changed?

Derek

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13 years ago

Originally Posted by Derek_Thomas

I thought you wanted to know "the catch"? What changed?

Derek

THIS^^^^

Why come on here and ask for a catch if you don't want to hear any?

I don't know the site and I don't intend to look at it but I fail to see the logic in coming here to find a catch. If it's so phenomenol, why don't you just try it?
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13 years ago

There's been a lot of controversy about these types of penny auction sites.

Whilst some claim that they don't receive goods after winning the bid, others are actually SELLING bot-based penny auction scripts that have a bot 'bid' on the item in the dying seconds to keep the auction going.

It all sounds sketchy - I'm sure that there are some legitimate penny auction sites, but nothing I can verify with certainty.

If you're asking about using this service, I'd recommend to stay away.

If you're asking about promoting this service, then use your discretion as to whether you think your customers will or will not find value from these types of websites, and do some research on the particular website that you want to promote.

Have a read: http://www.pennyauctionwatch.com/201...on-scams-bots/

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13 years ago

Let me tell you one thing... Apple doesn't give discounts to anyone but the major companies who carry their products. The only way you would see some one win an iPad is because they are doing so for promotion, but they lose a bit of money. It is very easy for them to make a script which would automatically bid for them until the desired price is met. It is a know and old scam, if you want to waste money good luck. Btw this has nothing to do with Internet marketing

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13 years ago

I don't think it is a scam, and they might not get the items at a discount price. Think of it this way...if there was a 100 dollar gift card, that sold for 20 dollars, that is 20 (what the winner paid for it) + (2000 (number of bids to get up to 20 dollars) x .6 (how much each bid cost) = 1220 dollars! Well over what the gift card was worth. This is a fake scenario, but that is how penny auctions get their money.

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13 years ago

Originally Posted by lis101

I don't think it is a scam, and they might not get the items at a discount price. Think of it this way...if there was a 100 dollar gift card, that sold for 20 dollars, that is 20 (what the winner paid for it) + (2000 (number of bids to get up to 20 dollars) x .6 (how much each bid cost) = 1220 dollars! Well over what the gift card was worth. This is a fake scenario, but that is how penny auctions get their money.

So you are saying that they sold a 100$ gift card for 1200 and that is not a scam? Please enlighten me as even the casino doesn't make such profits

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13 years ago

Originally Posted by Vlad Romanov

So you are saying that they sold a 100$ gift card for 1200 and that is not a scam? Please enlighten me as even the casino doesn't make such profits

I don't see the scam.

First of all, that was a hypothetical scenario. If I remember correctly, they had a clause that said if you lose an auction as in you are one of those people who placed a bid but didn't win, you could use your bid amount towards buying the product at full price. If that is correct, your money is not lost. That can be a nice way to weed out the tire kickers and only attract legit bids.

I am not a fan of this model, but I also don't see much wrong with it. If 1000 people bid for a $20 item and make the company $1000, power to them. Rules are clearly defined, product is not hidden, if their system make them big margin, I can't see why I should be worried?

My .02 cents

Tanvir
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13 years ago

Originally Posted by Vlad Romanov

So you are saying that they sold a 100$ gift card for 1200 and that is not a scam? Please enlighten me as even the casino doesn't make such profits

It's not a scam. They make it very clear that you are paying for each bid and then the low fee at the end.

It's just like a lottery. They sell entries for $1 and put 50c of it into the prize pool.

Human beings suck at maths, logic and risk/reward scenarios and the few dollars they lose are worth it to chase the dream of the big win. In fact some economists argue that "dreaming of winning" is what carries the value, not the prize itself. Which explains why so many people continue to do it even though the chances of it happening are so low.

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13 years ago

Originally Posted by Andy Fletcher

It's not a scam. They make it very clear that you are paying for each bid and then the low fee at the end.

It's just like a lottery. They sell entries for $1 and put 50c of it into the prize pool.

...some economists argue that "dreaming of winning" is what carries the value, not the prize itself. Which explains why so many people continue to do it even though the chances of it happening are so low.

Thanks to Andy for providing a helpful summary of why consumers participate in penny auctions like Quibids, and why there's so much complaining about these types of websites.

I signed up for a free trial on one of these sites back in 2009. I wanted to examine the marketing and functionality at a deeper level. As fate would have it, I ended up winning an auction with the free bids. What most users don't understand is that you need do research the site you plan on first, develop a strategy that works best against the bidders on that site, and then hope for a bit of luck to rope in a nice deal. I cover many of these strategies on my blog, PennyAuctionList.com.

Quibids isn't for everyone, but I've won $3,627 worth of merchandise there with an investment of $1,542. Those who cry scam without investigating the business model should just avoid these sites altogether. Those who enjoy competition and aren't afraid to lose a few dollars learning the ropes, might enjoy the experience.

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13 years ago

I doubt this sites a scam, after searching for it on google, donno much about penny auctions etc, however after doing some due diligence, it seems this site is pretty popular and not a scam.