Penny Auction Sites
 

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.

Re: Penny Auction Sites
 

http://www.swoopo.com/

My friend used this one before

Re: Penny Auction Sites
 

ive used beezid before

Re: Penny Auction Sites
 

the key to quibids is to bid on bids.

Re: Penny Auction Sites
 

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.

Re: Penny Auction Sites
 

No doubt its shady. They have to make so much money that way.

Re: Penny Auction Sites
 

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.

Re: Penny Auction Sites
 

Yea it certainly is gambling.