einsteinboricua
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QuiBids Anyone?

Sat Jun 09, 2012 2:31 pm

I've visited this site a couple of times and I wonder whether it's really worth using. Has anyone had any experience using QuiBids?

Basically, for those that don't know, it's an auction site where your bid raises the price of the item by one cent. Prices start very low. For instance, an iPad can start as low as $1 (oh, and all items are brand new, factory sealed). The bids raise the price, so depending on how many people bid on the item, the iPad can sell for maybe $23. The only catch here is that each bid costs you 60 cents. So if you won the iPad for $23, you must take into account how many bids you made for the item. For signing up, you are given the option of purchasing a starter set which is 100 bids for $60. Certainly one of those moments where you have to consider if that investment really comes in handy eventually. Getting something very expensive (like an iPad) for $23 (and say you used all your 100 bids, so that means $60 plus S/H...add $5.99)...that's still a very good bargain if you ask me.
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moo
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Joined: Sun May 13, 2007 2:27 am

RE: QuiBids Anyone?

Sat Jun 09, 2012 2:57 pm

Those sites are real scams - if you look closely, the other thing your bid usually does is add more time on to the auction, so it can sit forever at 1 minute with the bid going up incrementally until you are in extortionate figures.

For every iPad sold at $50, the company probably makes over $1000.
 
srbmod
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Joined: Tue Mar 20, 2001 1:32 pm

RE: QuiBids Anyone?

Sat Jun 09, 2012 3:26 pm

This concept seems to be a solid one, as there similar pay per bid type sites out there like Beezid, DealDash, and BidCactus.

I think a number of the complaints about such sites are those that don't completely understand the way such sites work and seem to think it works like eBay does. Of course the sites in their ads don't always make it clear either. Some such sites have been shut down by government agencies because of their activities (Activities like not shipping items in a timely fashion or the use of shill bidders [which are similar things that happen on eBay].) and some have tried to argue that such sites are thinly veiled gambling sites but this has not been completely shown to be the case.

Now would I use such a site? No, as I don't like the idea of paying for bids in order to bid on items in the hopes of getting a "bargain". Just as there are those that jacked the prices up on eBay on popular items, these penny auction sites do it in their own way that makes it appear that the consumer is going to get a deal (the auction site makes their money off the bid packages).
 
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moo
Posts: 4101
Joined: Sun May 13, 2007 2:27 am

RE: QuiBids Anyone?

Sat Jun 09, 2012 3:43 pm

Quoting srbmod (Reply 2):

The problem that I have with said sites are that they purposefully divorce elements of the total cost from each other - by hiding most of the price you pay in the cost per bid, it's very easy for people to not count that at all and top up their account in small denominations many times, which leads to situations where that "über cheap laptop which cost me $150" ends up costing $800 once the credit card bill comes in.
 
Type-Rated
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Joined: Sun Sep 19, 1999 5:18 am

RE: QuiBids Anyone?

Sun Jun 10, 2012 10:47 pm

You have to buy your pennies from the site before you bid. Depending what "package" you buy (25 to 250 pennies) they can cost up to $1.00 per penny. Then bid and watch the clock. It's all over the place. You never really know when the auction is going to end. So if something wins at say $60.00, people really have bid $600.00 to get the item. Not such a deal, huh?
QuiBids is just short of a legalized scam. I played with it one time but after just watching it run for awhile I escaped out of there.
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