sup with this?

4/5/2010 12:01:29 PM

I hear them advertise on Sirius all the time, but I've never checked it out

[Edited on April 5, 2010 at 12:02 PM. Reason : t]

4/5/2010 12:02:13 PM

throw ur hands in the air
and dance like you just don't care
and if you're drinking em things
let me hear you say oohh yeah...
just throw your hands in the air
and partly like you just don't care
and if you're feeling this sshhh...

4/5/2010 12:13:30 PM

eh, it's legit, but your chances of winning are minuscule at best.

Here's the skinny:

You buy packs of bids. Each bid may cost (as an example) 10 cent.

When you make a bid the 'cost' of the item increases by a predetermined amount based on product MSRP - cars may go up more than PS3's. There are some auctions that only go up by 1c.

Every time a bid is made a timer resets. Once the timer reaches zero someone wins, and pays the 'price' displayed plus shipping and handling.


EDIT

Quote :

"We offer several different bid packages to meet your individual needs. The cost for each bid will vary based on the package you choose. Bids are available in packs of 30, 50, 100, 200, 350 and 500 and range from $0.60 - $0.90 per bid. The more bids you buy, the cheaper it gets for each bid! To view all of our Bid Packs, click Buy Bids. "

It's not hard to see what up and how they're making a killing. If a PS3 sells for $40 on penny auction there were 4000 bids at 10c each logged, or $400 - plus $40 for the winner + shipping/handling. Raise the prices on the bids and $$$$$

[Edited on April 5, 2010 at 12:18 PM. Reason : lol, they making a SUPER killing at 90c per bid.]

4/5/2010 12:14:51 PM

these sites and their ilk are the most evil, genius business model to be developed in ages

[Edited on April 5, 2010 at 12:16 PM. Reason : http://www.codinghorror.com/blog/2008/12/profitable-until-deemed-illegal.html]

4/5/2010 12:15:16 PM

interesting

4/5/2010 12:21:56 PM

I want to make one

4/5/2010 12:52:58 PM

how is this different from swoopo?

4/5/2010 1:04:00 PM

brilliant Idea. you shouldn't play the game, but the owners are rolling in $$

4/5/2010 1:21:33 PM

This is the reverse auction mechanism.

It's not at all new and there are dozens of these sites that have sprung up and died over the past 10 years. They all eventually die because people realize that it's no different than gambling, and then the next one springs up and take advantage of folks who haven't heard of the scheme before.

4/5/2010 1:23:44 PM

Quote :

"how is this different from swoopo?"

it isn't

4/5/2010 1:35:10 PM