What's the deal with quibid.com?

[JPK]

I get all kinds of netverdising about them selling iPads for $34.56?

Is it the same as buying postal jeeps for $25 or foreclosed homes for $500.

Every bone in my body thinks this is some sort of a scam, but obviously some people must be taking the bait?

JPK

[volcs0]

JPK wrote:

Every bone in my body thinks this is some sort of a scam, but obviously some people must be taking the bait?

JPK

Both parts of this statement are probably true.

[archipirata]

They charge per bid. You pay like $1.00 per bid. And the "auction" goes up by 1 cent each bid so they get $3456 dollars and one person gets a cheap iPad. Everyone else who bids gets nada.

[clay]

archipirata wrote:
They charge per bid. You pay like $1.00 per bid. And the "auction" goes up by 1 cent each bid so they get $3456 dollars and one person gets a cheap iPad. Everyone else who bids gets nada.

One of my co-workers just told me about the site last week. I checked it out and came to the same conclusion--it's only cheap if you time your bids perfectly. The site is making out like a bandit. Wish I had thought of the idea first

[Gareth]

It's like swoopo.com. Not a scam, just genius marketing on their part. I tried it with a little bit of "free" money I had, but it's just not worth it. There's no way you can know if you're bidding on an auction that will end low and if you come in at the "end", you're competing against people that have so much invested in the auction that if they pull out they just lose it all, so to some extent, they just keep bidding...

Oh, and the auctions can go on forever... You might be sitting in front of the computer for hours upon hours waiting for it to end.