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finyllw
07-31-2012, 11:41 AM
Has anyone tried to use this site? It looks to good to be true, so it must be. The online instructions seam way too easy. I'm always distrustful of things that don't explain things in great detail.

4DMASTR
07-31-2012, 11:47 AM
ATF sting website?

Kodemonkey
07-31-2012, 11:48 AM
If it's too good to be true....

9mmepiphany
07-31-2012, 11:49 AM
It is not an ATF sting, it is a straight forward scam that appeals to the greedy, who apparently can't do simple multiplication.

It isn't an auction. You pay for each bid...win or lose...do the math

Kodemonkey
07-31-2012, 11:50 AM
From the site:

Click on the 'Bid' button to place a bid. Each time you place a bid we deducts one bid from your Bids Account, add 1 to the product's price and time to the clock. We add time to allow for other users who might want to win an item have an opportunity to place a bid. If you are the last bidder when the timer reaches zero, YOU WIN! If you need to leave your computer and want to put the bidding on autopilot, don’t worry - you can use the Full-Auto to place bids for you.

Dr Rockso
07-31-2012, 11:53 AM
Someone posted the other day about a S&W revolver that went for ~$60, meaning that there were ~6000 bids at $0.60 a bid. Somebody made over $3500 selling a gun that normally retails for $700 or so.

The only way a penny auction site is a good deal is if you're the one running it.

9mmepiphany
07-31-2012, 12:02 PM
Oh...the price of bids seem to have gone down. The first time I looked, bids were closer to $0.80/each.

Who in their right mind would bid it up to $60...anything over $10 is crazy

Decoligny
07-31-2012, 12:23 PM
Oh...the price of bids seem to have gone down. The first time I looked, bids were closer to $0.80/each.

Who in their right mind would bid it up to $60...anything over $10 is crazy

It wasn't a single bidder who bid it up to $60.00, it was one bidder at a time each person spending his $0.60 to place the bid, and the bid going up each time.

Plisk
07-31-2012, 12:53 PM
It works because every bid placed costs money, even if you win or not you're still paying. Everyone who bids pays, so that means the winner would win and only paying his share instead of the entire amount. Other people are enticed to attempt to win because it's so cheap, but its gonna cost ya. And with a few dedicated people seeking a deal... you'll get bids.

finyllw
07-31-2012, 8:38 PM
Oh, I get it now! Sounds like a pyramid scam. Thanks for the info.

TAK
07-31-2012, 8:46 PM
It's not a scam.

Like stated earlier it cost money to bid, so even though the price the winner gets the item for is quite low they are actually making a huge return on their product.

It only really ends up costing you a ton of money if you don't understand the process and keep bidding and bidding only to have someone snipe you at the very end.

Merc1138
07-31-2012, 9:15 PM
It's not a scam, but is is for suckers. You're basically paying to have a chance at winning the ability to pay for something.

Tak, the problem with these sites is that whenever someone makes a bid at the end of the auction time, it sets the timer back again. You can have an auction that ends in 24 hours but lasts 3 days because people keep bidding at the end of the timer.

IMO you're better off learning how to play blackjack.

bohoki
08-01-2012, 12:23 PM
its best to avoid auctionsites where you are not allowed to sell your items

mexicancolt1
08-01-2012, 6:40 PM
Stay away. My sister spends alot of money bidding on "Stuff" she does not need, just because its cheap. Also spends alot of money on just the bidding process, without winning. It averages out I guess in the long run.