Okay, Let me tell you the real thing. This site is a scam. It has no company address on it and i did not found anything company related to this site.
I've known this site for about 1 and a half year. And i know the truth. When i was in, the site was pretty much in the establish stage. They put some ads on dealnews.com and attracted some people. My first money in was $25. I lost them all. BTW, The earliest Buy it Now was only for the first bidder.
So, i put another 25 in it and started bidding on small item. And i won a logitech speaker and water purifier. The last item makes me win money overall, but they spent a whole month process it. (they may put the money into other business).
Overall, they were kind of control big items in the early stage. And then, about a semester later. I observed that there appeared a lot of robot bidder(their programming skill was advancing!). Then i gave up continuing bidding on this site. Another semester later, which is now. I find out they actually opened more than 10 items at the same time which is unbelieble. They do not do any ads, they don't even show in the first 100 results in google by key words: penny auction!
And, if you view the statistics of the website view. YOU WILL FIND OUT, their bidding and their views are out of proportion. Which means, They are using robots internally. WAKE UP PEOPLE, THIS ECONOMY NEEDS HARD WORK, NOT BIDDING. It's like gambling, overall all of us are loser. And They are the f**ing winner.