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NDRed
06-28-2010, 04:41 PM
Do any of you shop penny auction sites? If so, do you have any suggestions or a favorite? Comments in general?

For those of you that don't know about them here is an example. I am trying quibids.com and they recently sold an Apple Ipad, valued at 899.00 for 127.55. Each bid costs 60 cents and it the bid goes up 1 penny at a time. Each bid also resets the countdown clock to 10 seconds. In this auction the bids cost the bidders 7653 dollars.

It looks like you can get some amazing deals if you have timing,patience, and lots of luck. A couple of days ago a 200 Walmart gift card sold for less than 3 dollars.

GIDP
06-28-2010, 04:55 PM
http://www.swoopo.com/

My friend used this one before

aubashbrother
06-28-2010, 04:59 PM
ive used beezid before

TRF
06-29-2010, 01:27 AM
the key to quibids is to bid on bids.

Caveat Emperor
06-29-2010, 02:13 AM
http://www.swoopo.com/

My friend used this one before

I read a washington post article a year or so back about swoopo.com and the whole "penny auction" setup -- the entire concept seemed borderline illegal to me at the time. You're basically playing an online raffle where the last person to buy a ticket wins and where there's no time limit on purchasing tickets.

I'd be eager to hear if anyone has had a positive experience with these websites, because on their face, they look like just a quick way to lose money.

GIDP
06-29-2010, 02:41 AM
No doubt its shady. They have to make so much money that way.

Unassisted
06-29-2010, 01:37 PM
That type of auction site has all of the characteristics of gambling to me. I'll be surprised if they aren't regulated like gambling within a year or two.

GIDP
06-29-2010, 01:45 PM
That type of auction site has all of the characteristics of gambling to me. I'll be surprised if they aren't regulated like gambling within a year or two.

Yea it certainly is gambling.