A Whole New Way Of Bidding
On the net the word “bidding” is quickly associated with eBay, which is by far the largest auction website ever. But lately there has been a fast growing number of websites that are offering a whole new way of bidding, this new phenomena is know as Penny Bidding.
On typical bidding websites such as eBay and uBid you pay for the final price of the product, on incremental bids. In this case the bidder decides the amount he/she wants to bid. The bidder doesn’t spend any money unless he/she wins the auction. On Penny Bidding the user pays for every bid placed, and the increments are preset buy the auction website. Most “Penny Bidding” websites increment the item price by 1 cent (thus “penny” bidding). Wins who bids last before the set time is expired (it’s important to know that the set time is reseted at every bid, which could cause some auctions to go on for several hours). At the end of every auction the wining bidder pays for the final bid (which is usually low) plus the amount of bids used he/she used on that auction (which could be either low or high).
Penny Bidding is growing fast because initially it seems like a really good deal, you can indeed get some very cheap products and save hundreds of dollars, but it’s really only a good deal for the person who wins the auction, because everyone else looses money. A lot of people are willing to invest some money hoping to have a good return. In the end Penny Bidding is a lot like gambling, because you don’t always know the outcome.
Here are some popular Penny Bidding websites:
Check back later for some tips on Penny Bidding.
That place is a ripoff. They use bots near the end of the auction (AN AUTOMATED PROGRAM), so that no real person ever actually wins the item and all the while they get paid for anything that you bid on. They’re hoping one person will bid several times on one auction and so it’s a gamble to spend money AND not even get the item you want since you’ll be up against others doing the same. It’s a FRAUD!
Swooposcam is obviously very naive. These sites make money! It costs to bid and they offer crazy deals based on collective bidding pools. Where someone gets a TV for $60, these sites bring in about $3500 gross. Scam criers are always clueless. It’s simple math!
It is not a scam, but a scheme. It reminds me of a pyramid scheme. They sell bid packages for obsurd prices and even auction these packages which are intangeible objects/not real. They sold $40 worth of bids for 34.32 It cost the guy bidding on it that price plus 10 bids, which means he paid over $4O, so he lost money. How do we know that this company has not hired people and supplied them with unlimited bids to use up all our real bids. This is a scheme and the Federal Trade Commission needs to investigate. Ebay has sellers and buyers. Beezid only has bidders who have to buy the bids and then the item if they ever when. I spent $40 and lost it all in 35 minutes and have nothing to show for it. The only way to win anything is to have the most bidding power and outlast everyone’s patience.
Thanks for the inspirational post