Yes, don't do it! It's a total scam, you're more likely to loose your money and have nothing to show for it than actually snag a deal!
-prices are misleading to sucker people in when they first view the site
-once you've registered, they want you to buy $. 10 "lucky chips" which cost $. 60
-you're only allowed to bid one chip at a time, and each time you bid, the timer adds another 30 seconds or so so you have more time to bid another chip; this adds to the psychological "I'm almost there" thingie
-once you bid on anything, you don't get those chips back, even if you loose the bid
-Because of this, people tend to over-spend; right now, a Kindle that would normally go for $189 or so is now costing someone $384.60 cents
-Finally, they have something called a "concierge" service that automatically does the bidding for you; however, it consists of 3 parts, a minimum bid, highest bid, and # of times to bid. Because the number of times one can bis is so misleading, you can actually end up automatically spending more than you intended to!
The way it works is this; you buy online lucky chips (which read as $0.10) which cost you about $0.60 each (real money); so say I want to have 100 lucky chips, I pay $60.00 out my pocket. They register them as $0.10 each to sucker people into the website, then confuse people once they start bidding.
Now, lets say I want to bid on an item; say a $25.00 PetCo gift card. I'll bid $0.10, but they won't let you bid any more than once at a time, so this adds to the psychological tension of being "just $0.10 ($0.60) away from winning!" It's another way they sucker you in.
So, I bid $0.10 on this PetCo card... then 2 seconds before the bid ends, someone bids $0.20, right? Well, the clock adds on another 45 seconds so I have another 45 seconds to press the bid button again and bid another $0.10, and keeps doing this every time someone clicks the "bid" button.
Now here is the real kicker; I loose the bid to someone else. That $2.00 I bid? ($12.00)? I'm not getting that back; I've lost $12 on an item I didn't even win. So most of the time the people who do win tend to over-pay by several dollars; as I'm writing this, someone has overpaid for a Kindle, an $189 value, by $167 or so.
Finally, they have Concierge service, which automatically bids for you an consists of a minimum bid, maximum bid, and a # of times to bid. Lets say I want to bid between $0.10 and $3.00 for an item; I'll write those in as the minimum and maximum, and then say I want to bid a maximum of 29 times (2.90 +. 10 = 3.00) However, 29 times is not how many times leading up to 3.00, but how many times you'll bid, and since someone else is always bidding at least $. 10 more than you, you spend 5.80 ($34.80 real money) more!
There are just so many ways to loose your money, it's not worth it; stick to ebay. At least you're not penalized for not over-spending or trying at all!
I'm going to bid the last of my "chips" on one more item (I've already bought them) and just close my account; worst online experience EVER!
