These sites are what are called 'entertainment shopping'. Here's the deal - you prepay for bids on the site, normally in packs of bids. This site is $1 a bid.
The 'price' of the item starts at a penny and starts a countdown timer, similar to E bay. If you place a bid, the 'price' goes up by a penny and the time increases. You win the item by being the last person to bid when time runs out.
Now imagine dozens of people bidding on ONE item. All of them trying to be the last one, but then someone else bids right after them and the time increases and the process repeats over and over. Only one of them will win and that person will end up paying a very small amount, in addition to the cost of their bids. So let's say they win that playstation for $3, but they bid 50 times. They actually are paying $53 for it. IF they win it. Dozens of people will lose, only one wins.
Now here's the kicker. I'd be very surprised if it went for $3. It may - but the ones I see on the site are selling right now for about $10. That's 1000 pennies - 1000 bids that people have placed. If each bid costs a dollar, the site just made $1000 off the people bidding and most likely only paid $300 for the device.
That's $700 profit.
So people DO win. But very few of them. The site is the one that wins, hands down. And there are dozens of these sites out there. If you don't mind throwing away money - go ahead and try.
ok maybe not so funny since his friends are always right
I went to the website and it seems confusing.
.misleading. anyone ever used it?
