Dale B.

I have spent sometime reading these reviews, and I can understand most individuals points. I don't necessarily agree with everyone, but I believe each person is writing from their own experiences. With that said, I want to provide background as to what type of person I am before I give my review.

Key elements to understand in my background.

I am an unemployed analyst, so;
A) that means I have time on my hands.
B) that means I have a basic understanding of mathematics and statistical analysis.
C) every dollar is very important to me.

After hearing about Quibids, I decided to check it out. I watched the site for about 8 - 10 hours over a couple of days, and i determined that I was intrigued enough to spend a few dollars on it. I bought their cheapest bid package, and then was given the opportunity to participate in an auction for new bidders only. I did so, and purchased an additional pack of bids for $0.20, using a single $0.60 bid and being the only person who bid on the pack.

I then watched the site for a week regularly, (remember I am unemployed). I built an excel spreadsheet that I used to record the relevant data from ending bids, (remember I am an analyst). I would like to have collected more data every item, but simply collected, the following information, Price Per Bid, Product, Date, Time, Selling Price, Retail Price, Winning bidder.

I collected this information on over 2,000 transactions. I then converted the date and time information to categories for analysis, the time in hourly increments, the date into day of the week. I wanted to look for trends, such as is their an hour of the day where products are more expensive, or an hour of the day, where they are cheaper? Does day of the week matter, for example, is it better to buy on a weekday at 9:00 AM, or on a weekend at 6:00 PM, etc...

After 1 week and the collection of these items, I concluded there were some trends that bore further analysis, and I began to use simple mathematics to help with, minimum sale price, maximum sale price, average sale price, median sale price. I calculated the number of bids for each product and did the same for each transaction.

After 1 week,

I can't tell you, whether they use bots, or don't.

I can tell you that I have decided to start bidding on only select items, at select times of the day, and days of the week, where my data suggested that I am able to better predict the cost.

I can also tell you, people are irrational, especially when the clock winds down to the final seconds.

I will also tell you, that the R-squared (statistical term) for any product is at this time, even for the most consistent selling item, (closest prices of max, min, average and median) with the closest quartile ranges and standard deviation, less than. 80, most of you may not know what that means, and without a great deal of explaining, and/or more information almost meaningless, but suffice it to say - hard to predict without great variances in projected price.

To me this all means, I am cautious, but I am still curious. I also just won a gift card by bidding at my calculated best day and time scenario within the predicted price range of 1 standard deviation from the median value, I can't tell you if it was a fluke or if my analysis makes sense, but I can tell you, I intend to keep collecting the data, expand my analysis and continue to bid on more items.