[Freakazoid]

Originally Posted by silvergray545

If you don't pay attention, you could blow a lot of money on those sites without getting anything in return.

I can't emphasize this enough. Like I said I had this idea years ago, but I thought it'd never take off.

Never underestimate the stupidity of people... You can blow hundreds of dollars and literally have NOTHING to show. This car for example will be THOUSANDS of dollars wasted

[Maestro]

Originally Posted by silvergray545

I thought the concept of the penny auctions were pretty cool so I signed up for one of them. What a waste of time. You sit there and wait for the time to run down before you start bidding. Then the last few seconds of the auction is a bid war. Every time a bid is placed, the time increases to the set "timer." So in theory, there is no actual time limit to end an auction. The only way to end it is for people to stop bidding. I was watching a gift card to Target that was worth $400. I quit watching it once it reached $50.26. That means, there were 5026 bids when I had to go to class. At 60 cents per bid, 5026 x .6 = $3015.60 on a $400 dollar gift card the site made. Absolutely amazing.

If you don't pay attention, you could blow a lot of money on those sites without getting anything in return.

Yeah it is like a gambling addiction and this is what these websites prey on. The idiot people then forgot they paid $100 for 150 bids and before they know it they burned through their bids on some cheap ass thing and did not win.

Some of these sites have very sophisticated bidding tools, you can tell it when to bid for you how often to bid and such. If you are very smart about it you can really mess with people and make them use up their bids without burning through all of yours first.

However, I have notice on some of these websites with these autobidding tools that offer is two or more people set it to bid at like 5 sec to go if they do not have the highest bid to bid again and all of sudden you see the bid amount jump up by 2 or more bids at the same time. In the real world only one person at a time can bid even on ebay that is true, but these sites let more than one bid go in at the exact same time, the question is who goes first or last.

As people figured out these websites make a fortune and the bidders usually pay way more for something than they otherwise would have. I believe this car thing was a publicity stunt, grant the guy probably really won it like they said bit this new penny bid web site just got tons of free press.

[Freakazoid]

Originally Posted by Maestro

Yeah it is like a gambling addiction and this is what these websites prey on. The idiot people then forgot they paid $100 for 150 bids and before they know it they burned through their bids on some cheap ass thing and did not win.

Some of these sites have very sophisticated bidding tools, you can tell it when to bid for you how often to bid and such. If you are very smart about it you can really mess with people and make them use up their bids without burning through all of yours first.

However, I have notice on some of these websites with these autobidding tools that offer is two or more people set it to bid at like 5 sec to go if they do not have the highest bid to bid again and all of sudden you see the bid amount jump up by 2 or more bids at the same time. In the real world only one person at a time can bid even on ebay that is true but these sights let more than one bid go in at the exact same time, the question is who goes first or last.

As people figured out the website make a fortune and the bids usually pay way more for something than they otherwise would have. I beleive this car thing was a publicity stunt, grant the guy probably really won it like they said bit this new penny bid web site just got tons of free press.

I wish I had thought about the car idea when I had the capital, geezus....

I can't wait to see what the mustang goes to.