No, I'm not kidding. I am about to tell you guys the way to do it (I may regret this later...) and yes, it's completely legitimate. One of my fraternity Brothers-I'm a member of Alpha Kappa Psi a coed professional business fraternity-has started his own business and it launched earlier this semester. What kind of business you ask? Yup, an online auction house. The name of the auction site is ibid2save.com and it is a penny auction site which some are calling the new wave of online auctions and they are bringing the big boys *cough-ebay-cough* to their knees. A quick refresher on penny auction sites, they are sites where you can buy brand name, brand new items for literally pennies. You have to buy bid packages in order to place bids but when you're winning a brand new Sony digital camera for $0.87, you're saving an enormous amount of money. Brent's site is different because it allows to you earn bids as well as betting on other bid packets. His advice on winning that brand new iPad 2; first, buy a decent bid pack, second, bid on other bid packets and wrack up on as many bids as you can (some bid packets of over 200 bids go for pennies, literally), and third, wait till the last one to two seconds to start bidding. Every time you bid with these penny sites, they add another 10 seconds to the clock.
I know what I'm buying myself for Christmas!
http://www.ibid2save.com/
Wow that sounds too good too be true. I have heard of penny auctions, but I am still trying to master it like I have eBay. Personally I feel it is the way of the future
ReplyDeleteI used a penny auction once to buy a motorcycle helmet. It was a new arai helmet. Theses helmets usually start off at 700 which is what I consequently paid for my first one. I used quidbids.com and got the helmet for around 300 talking about a steal.
I have tried penny auction sites and believe them to be marginally legitimate. The final average cost of acquiring goods is far higher than any of the promotions indicate. How they work is a benefit only to the operator and the lucky random individual who happens to win a bid. Example: I see an Ipad on the auction site and "purchase" bids to use on this auction, and average of .60/bid. There are likely a minimum of 10 others looking at this item and we begin a round robin of bidding. If I purchase 100 bids at a cost of $60 and others do the same, after we use all our bids the site now has taken in $600, the Ipad price is still only at $10, most of these original 10 have decided that it is too costly to continue bidding with little chance of winning, however, by this time new bidders have appeared, because who doesn’t want a chnace to win an Ipad for $10, so other bidders enter the fray, many dropping another 100 bids ($60) or so, maybe as many as another 20 bidders ($1200 to site owner, Ipad still at only $30). So the Ipad continues to draw attention. Perhaps I am one of the original 10 bidders, and have stayed in this auction war, I now have used say 300 bids, after all, when bids increment the price by only .01, it takes a lot of bids to drive up the price of the Ipad. I might have dumped as much as $180 into bidding only to see the price of the Ipad reach $30 and at that price it is likely to continue drawing new bidders, who have less invested at this point and are more likely to continue bidding. Do I stay and try to compete against fresh bidders who have spent less on bids or cut my losses since the odds of winning the item are only marginally lower than winning the lottery? Yes, someone is going to win the Ipad at a good price, but there will be scores of others that will spend nearly as much on the bidding process as they would have buying the item retail, and these people will walk away with nothing but an empty feeling and remorse. Meanwhile, say the Ipad sells for $100, or 10,000 bids, that is $6,000 the site owner has taken in for a $500 Ipad. These penny auctions will provide benefit to 2 people per auction, while being detrimental to many, many others. My recommendation is stay away from these sites, they are designed for one purpose and that is to provide obscene profits for site operators at the expense of the unsuspecting.
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