Any one use QUIBIDS? and do you like it?

[vonsmog]

My wife went to this site to look for a new kitchen mixer, and it says you can get them for only $10.00! But you pay 0.60 for each bid, and the bids only go up by 1 cent! So I said watch and see what they sell for, as there are a bunch on there. Well as of now it is up to $40.00, so at 0.60 cents a bid, that is $2400 for a $200 mixer! not a bad little profit! Wish I thought of this gimmick, I would be rich beyond my wildest dreams after the first month! I guess if you are the lucky bidder at the end and only bid a few times it might work, but right now it looks like a lot of suckers are being taken for a ride! At least that is how I see it.

[stomachmonkey]

Originally Posted by vonsmog

My wife went to this site to look for a new kitchen mixer, and it says you can get them for only $10.00! But you pay 0.60 for each bid, and the bids only go up by 1 cent! So I said watch and see what they sell for, as there are a bunch on there. Well as of now it is up to $40.00, so at 0.60 cents a bid, that is $2400 for a $200 mixer! not a bad little profit! Wish I thought of this gimmick, I would be rich beyond my wildest dreams after the first month! I guess if you are the lucky bidder at the end and only bid a few times it might work, but right now it looks like a lot of suckers are being taken for a ride! At least that is how I see it.

It's an old concept.

Swoopo out of Germany started up here a couple of years ago.

I tossed some money at it, well threw away is more like it, was showing it to someone one day and put in a start bid of like $15 for a Netbook figuring it'd go higher and the damn thing went for $12.

Some people do get deals, most don't.

After analyzing it for a while I did find a sweet spot for deals, there are certain times of the day where your odds are the best but you need to be vigilant. Very few auctions are set up to complete during those times. Every now and then they will throw one in as a "gimme" to legitimize the low winning bids.

If you do the math you can see how they still make money on an item that goes for a small percentage of retail.

$.60 a bid to increase price by $.01. $6 in bids for $.10, $60 for $1, $60 for $1 $600 for $10, $6,000 for $100. So if you score a $1,000 laptop for $100 they made $5,000 if they sold you an item they paid full retail for.

I like the model.

[techweenie]

We had an advertiser on Fastlane Daily doing that kind of business. In their system, the auction went off at a certain time, and you had a set number of bids. So the trick was to skip rounds; bid at the last second and be the last bidder. It was kind of exciting and nerve wracking. I played my free bids and decided it had addictive potential so never went for it.

From the business' side, it's a great concept. At some point, it's likely to be prohibited by some states as a form of gambling.

[john70t]

All I want is a dollar from every American.

There are 300,0000,000 Americans, but I will settle for a penny from each.

[TheMentat]

I saw a Honda civic get auctioned on that site. The margins that I calculated were absolutely absurd!

A sucker born...