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OMG... Is this Legit or No??

by CNP3
9 replies
What the crap is this whole penny auction stuff?

This girl actually sent me a link to a new penny bid site and I had to check it out, but I was almost afraid nd quite skeptical of it.

I don't even wanna post the link that was sent to me, because I don't want it to be illegal or get in trouble with WF... it seems too good to be true, being able to buy stuff for pennies on the dollar.

What's everyone's thoughts on this?
#legit #omg
  • Profile picture of the author GameVoid
    She sent you a link to Craigslist?
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  • Profile picture of the author tryinhere
    Originally Posted by CNP3 View Post

    What the crap is this whole penny auction stuff?

    This girl actually sent me a link to a new penny bid site and I had to check it out, but I was almost afraid nd quite skeptical of it.

    I don't even wanna post the link that was sent to me, because I don't want it to be illegal or get in trouble with WF... it seems too good to be true, being able to buy stuff for pennies on the dollar.

    What's everyone's thoughts on this?
    I think this one is legit.. not sure though

    so you planted it as an affiliate link in your sig then, no crap you kiddies don't even belong in the big forum section, surley
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    • Profile picture of the author neel
      without looking at it its difficult to judge
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  • Profile picture of the author jamjar919
    Most of these "penny auctions" have hidden charges. Sure, you can place a bet of 1 dollar for an ipod, but it migt cost you twenty to make that bet. And when you are outbidden, you still have to bet again to get it.
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  • Profile picture of the author Raydal
    There was an article in a recent TIME magazine about penny auction
    sites and the conclusion was that they are basically a rippoff--at
    least in the sense that you have to PAY for placing a bid
    and they make like 5X the price of the time because of the
    penny increment of the bids.

    They make money every time you bid while you lose money
    anytime you bid. Make sense (cents) for them but not
    for you!

    -Ray Edwards
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    • Profile picture of the author Pete Egeler
      I did a very rough analysis on a very high-profile penny auction site last spring.

      You're basic fee is approx. $1 for every bid you place. If you buy the highest bid package they have, you're still paying over 50¢ per bid you place.

      Now then, let's say there were 500 bids on a $200 product, and the winning bid was $50.

      No doubt the product was purchased at wholesale, so let's say they (auction site) paid $125 for it.

      At a minimum of $0.50 a bid, the auction brought in $250, PLUS the $50 from the winning bidder. That's $300 for an item they paid $125 for. They've made money, you've lost yours, and you've gotta buy another package of bids.

      PLUS, as the auction goes along, if they aren't receiving enough bids on an item, the auction operator has the ability to go into that particular auction, and "readjust" the end time, to give them more time to pick up some extra cash.

      Pete
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  • Profile picture of the author forfun_cash
    Post more details for us to judge?
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  • Profile picture of the author CNP3
    @ Game Void.. no it was actually via Skype
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  • Profile picture of the author Caleb Spilchen
    Whats up with the link in your sig...?
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    Canadian Expat Living in Medellin, Colombia

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