$100 canadian tire gift card for $1.50? Future shop $50 for $0.77?

[bargainhunter2010]

If there are only a few people on the site, I think there are some good deals to be had, no?

[ah2k]

Wow, it sounds like an interesting concept. But I'll pass on this website.

[shopeasy]

I've seen this concept highlighted on the news recently.

Ultimately, the real winner is the company. And yes, it is like gambling.

I wouldn't touch it with a 10 foot pole. If you must bid, it's better to do it on Ebay. At least bidding is free and the counter doesn't get re-set.

[bargainhunter2010]

I still don't get it, even with all the calculations here, people are still getting things for far cheaper than the retail price. The kitchen aid valued at $299 went for $0.71, so even the site owner made only $53.25 (71*.75), and the guy that bid, I presume he's not dumb enough to outbid himself, so paid less than half of that.

Maybe the site is losing money since it's new?

[DaveP]

I still don't get it, even with all the calculations here, people are still getting things for far cheaper than the retail price. The kitchen aid valued at $299 went for $0.71, so even the site owner made only $53.25 (71*.75), and the guy that bid, I presume he's not dumb enough to outbid himself, so paid less than half of that.

Maybe the site is losing money since it's new?

Yes, 1 person got something at a steal, but a lot of others spent money and got nothing at all for it. It's gambling. I'm sure it would be fun for some people, but I don't like spending my money and getting nothing. For that I buy a Lotto 6/49 every couple of weeks or so. That's about my tolerance level.

[bargainhunter2010]

Interesting war going on now for the netbook, now at $6.33

[DaveP]

bargainhunter 2010, I notice you've only posted in this one thread. There's a big full forum out there. Full of all sorts of interesting things, fantastic promotions and great moneysaving/making opportunities, but you've spent two days just in this one little thread. It's almost like your sole purpose here is to promote this penny auction site.

I admit, it's very clever to post as a skeptic about the site to get people to check it out, that doesn't get you immediately identified as a spammer, but you've got to take your game up a notch. If you had posted in a couple of dozen other threads as well people would take you for a new member rather than just someone promoting a product. Just sayin.

[bargainhunter2010]

Just had a question about how it worked, seemed like a new concept to me. Have the thread e-mailing me with replies.

[Aslan]

It isn't really a new concept; Swoopo is the one that originated this idea back in 2008.

I think the overall concept itself is brilliant for the website owner provided they get enough traffic. They can claim to sell a product for a mere fraction of the MSRP, while simultaneously making a huge profit if they get a large number of bids.

However, being a copy cat can be a difficult endeavor and there are more than a few sites who have tried a similar system and failed.

Also, I do find it a bit peculiar that this particular site has just opened, and we happen to have a new poster who has done nothing else but comment on it.

[Ricki911]

Wow! I wouldnt jump on this one at all. A $50 GC and payinng $32 s&h. You might as well go to the store and buy what you want. Sadly, people do sign up and bod this kind of stuff.

[bojojoe]

Each time you bid it resets the counter, adding additional time to it. And if someone else bids after you, you've lost 75 cents. Sounds like a great way to waste money. I'd be better off with one of those slot machines.

I do not gamble tyvm. I'd rather waste it on air or dog poop.