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Penny auction sites

Penny auction sites

Old Feb 16th 2012, 6:14 pm
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Default Penny auction sites

I'm talking about scam bid sites like beezid.com and madbids.co.uk

I've always thought they were total scams, but my cousin in the UK just bought herself a new macbook pro for £40, and besides being green with envy I'm now wondering if people actually use these sites and get good deals, or if it is all a smokescreen and you don't save a penny.

Anyone have any experience with them so far?
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Old Feb 16th 2012, 6:28 pm
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Default Re: Penny auction sites

It's like a lottery. If you are lucky then you'll get something for less than it costs in the shop, if not then the money you spent to try to win is gone.

If she got it for 40 quid then there were probably another 20-40 people who spent almost as much and got nothing. The worst part is that it feeds off a psychology that makes you want to keep playing to make up your losses - just like gambling.
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Old Feb 16th 2012, 7:54 pm
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Default Re: Penny auction sites

No, she did NOT buy a Macbook Pro for 40 quid. She bought it for that much in penny bids. There's not telling how many bids she had to place to get it for that price and then she has to pay the 40 on top - plus shipping, if I remember correctly.

The ONLY people who profit from this kind of out-and-out scam are the people who run the auctions. If you ever go to one, notice that sniping is impossible and the clock resets every time a bid is placed. This is NOT to give you a chance to get the item, it's so that auction fever continues and they are making more money with every bid.

My advice, run, don't walk, away from these sites and avoid them like the plague!
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Old Feb 16th 2012, 8:51 pm
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Default Re: Penny auction sites

I opened an account at one (quibids I think it was) just to see what it was all about. Once I saw how it was working, I closed the account straight away - didn't even fund it cos it looked like a money pit.

I'm curious though...your sister bought it for 40 quid which was presumably the winning bid on that auction - do you know how much she had spent on previous losing auctions before she got to a win? Or was this her first time? I've heard of some sites that give you a reasonably good "win" early on to get you hooked, then suck you dry in the subsequent auctions.
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Old Feb 16th 2012, 9:06 pm
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Default Re: Penny auction sites

Originally Posted by Yorkieabroad View Post
I opened an account at one (quibids I think it was) just to see what it was all about. Once I saw how it was working, I closed the account straight away - didn't even fund it cos it looked like a money pit.

I'm curious though...your sister bought it for 40 quid which was presumably the winning bid on that auction - do you know how much she had spent on previous losing auctions before she got to a win? Or was this her first time? I've heard of some sites that give you a reasonably good "win" early on to get you hooked, then suck you dry in the subsequent auctions.
Originally Posted by Guindalf View Post
No, she did NOT buy a Macbook Pro for 40 quid. She bought it for that much in penny bids. There's not telling how many bids she had to place to get it for that price and then she has to pay the 40 on top - plus shipping, if I remember correctly.

The ONLY people who profit from this kind of out-and-out scam are the people who run the auctions. If you ever go to one, notice that sniping is impossible and the clock resets every time a bid is placed. This is NOT to give you a chance to get the item, it's so that auction fever continues and they are making more money with every bid.

My advice, run, don't walk, away from these sites and avoid them like the plague!
I've no idea if my cousin had previously spent a grand on trying to win the auction or if it was her first time bidding. She's in her 50s with plenty of money so I'm thinking she just decided to give it whirl and was happy with the outcome. She's got a good business head on her shoulders so I wouldn't be surprised if she'd sat down beforehand and done some long multiplication to see how to maximise her money. Its beyond me, mind you I've never been interested in gambling.
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Old Feb 17th 2012, 3:30 pm
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Default Re: Penny auction sites

Originally Posted by Guindalf View Post
No, she did NOT buy a Macbook Pro for 40 quid. She bought it for that much in penny bids. There's not telling how many bids she had to place to get it for that price and then she has to pay the 40 on top - plus shipping, if I remember correctly.

The ONLY people who profit from this kind of out-and-out scam are the people who run the auctions. If you ever go to one, notice that sniping is impossible and the clock resets every time a bid is placed. This is NOT to give you a chance to get the item, it's so that auction fever continues and they are making more money with every bid.

My advice, run, don't walk, away from these sites and avoid them like the plague!
Hang on, if its penny bids, even if she big against herself 40,000 times it would still mean she got a Macbook Pro for 80 quid, which is a bargain in anyones eyes.

It's when the bids are 50p and £1 a bid and the bids go up in increments of 1p that you worry. You could easily spend a fortune to then pay extra to claim your prize
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Old Feb 17th 2012, 10:36 pm
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Default Re: Penny auction sites

Originally Posted by njmackem View Post
Hang on, if its penny bids, even if she big against herself 40,000 times it would still mean she got a Macbook Pro for 80 quid, which is a bargain in anyones eyes.

It's when the bids are 50p and £1 a bid and the bids go up in increments of 1p that you worry. You could easily spend a fortune to then pay extra to claim your prize
If you believe ANY of this post is true, then my Nigerian Prince friend has some money for you!

I'll give him your number.


BTW, Did you know that 'gullible' isn't in the phone book?




http://www.aarp.org/money/scams-frau...r-ripoffs.html

http://www.myfoxtwincities.com/dpp/n...3F-mar-23-2011

http://classactionblog.mdpcelaw.com/...ctions-a-scam/

The only positive pages I could find were riddled with ads to sign up for 'bid packages' on, yes, you guessed it, penny auction sites!

Last edited by Guindalf; Feb 17th 2012 at 10:47 pm. Reason: Links added.
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Old Feb 17th 2012, 11:16 pm
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Default Re: Penny auction sites

Originally Posted by njmackem View Post
Hang on, if its penny bids, even if she big against herself 40,000 times it would still mean she got a Macbook Pro for 80 quid, which is a bargain in anyones eyes.

It's when the bids are 50p and £1 a bid and the bids go up in increments of 1p that you worry. You could easily spend a fortune to then pay extra to claim your prize
Erm ... 40,000 bids at a penny woud be £400.00.
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Old Feb 20th 2012, 3:20 pm
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Default Re: Penny auction sites

Originally Posted by Uncle Ebenezer View Post
Erm ... 40,000 bids at a penny woud be £400.00.
yeah ok so I had a mare on my calculations on that one.

Interestingly over the weekend I joined Beezid to see if I could win anything.

I am happy to announce that I will be receiving my samsung tablet shortly.

It went for $13.67, of which I bid 31 times at 60c a bid.

I calculated at 60 cents a bid and the additional $13.67 I paid (plus shipping of $25.00 I get a 10" tablet for $57.27.

Even if the website pushed the bidding up to make its money (they will have received $820.20 just from bids) I still come away with a bargain.

You can do well on these sites, but you need to be sensible. I defy anyone to tell me otherwise.
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Old Feb 20th 2012, 3:43 pm
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Default Re: Penny auction sites

Originally Posted by njmackem View Post
yeah ok so I had a mare on my calculations on that one.

Interestingly over the weekend I joined Beezid to see if I could win anything.

I am happy to announce that I will be receiving my samsung tablet shortly.

It went for $13.67, of which I bid 31 times at 60c a bid.

I calculated at 60 cents a bid and the additional $13.67 I paid (plus shipping of $25.00 I get a 10" tablet for $57.27.

Even if the website pushed the bidding up to make its money (they will have received $820.20 just from bids) I still come away with a bargain.

You can do well on these sites, but you need to be sensible. I defy anyone to tell me otherwise.
Let us know how your second, third and subsequent auctions go. It has been suggested that it gets harder to win after your first auction.
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Old Feb 20th 2012, 4:30 pm
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Default Re: Penny auction sites

Originally Posted by njmackem View Post
yeah ok so I had a mare on my calculations on that one.

Interestingly over the weekend I joined Beezid to see if I could win anything.

I am happy to announce that I will be receiving my samsung tablet shortly.

It went for $13.67, of which I bid 31 times at 60c a bid.

I calculated at 60 cents a bid and the additional $13.67 I paid (plus shipping of $25.00 I get a 10" tablet for $57.27.

Even if the website pushed the bidding up to make its money (they will have received $820.20 just from bids) I still come away with a bargain.

You can do well on these sites, but you need to be sensible. I defy anyone to tell me otherwise.
I wonder if that is one of the early good wins that I mentioned above. I'd be really curious if the good results continue. If they do, may be worth joining....
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Old Feb 20th 2012, 9:01 pm
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Default Re: Penny auction sites

Here's you first hit of crack...take it, it's free!
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Old Feb 20th 2012, 9:11 pm
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Default Re: Penny auction sites

Originally Posted by Guindalf View Post
Here's you first hit of crack...take it, it's free!
Said the plumber to the housewife ...

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