It is not a scam but definetively has nothin to do with biddin is more of a slot machine is betting more than bidding. Reason when you are bidding for a product you do not loose the bidding money, the higher bidder wins and pays the full amount.And yes you were outbid, but you do not loose your money.
Here is what they say and I quote:== = The countdown timer gets 20 more seconds every time a bid is placed to allow bidders (including you) time to react and place another bid. This is like in an auction house where the auctioneer asks for any more bids ("going once... going twice...") before stopping an auction. If we didn't do so, everybody would just bid at the very last second, and it would be pure luck which would decide who wins.
The countdown timer gets 20 more seconds every time a bid is placed to allow bidders (including you) time to react and place another bid. This is like in an auction house where the auctioneer asks for any more bids ("going once... going twice...") before stopping an auction. If we didn't do so, everybody would just bid at the very last second, and it would be pure luck which would decide who wins.=====Therefore, these guys have betting multimillion site, because people like us who believed could win something, the price marked in the auction $42.47 you will have to pay after the $270.00 points you already gotin to the biddingsbut as is a bet then you end up being without the product and without your money. I am very angry and dissapointed. PLEASE PLEASE GO TO EBAY - THERE YOU DON'T WIN BUT YOU DO NOT LOOSE THE MONEY YOU BIT WITH.
THANK YOU FOR READING THIS. YOU ARE WARNED. CHEERS! PAT
SCAM RIPOFF CRIMINAL
This site is a very, very cleverly designed total ripoff!
You buy credits for one dollar each. You then bid on an item with a very low price. Sooner or later someone 'wins' the item.
The details? You are locked into a one dollar bid (one of your credits) but that 'bid' only increases the item's price by 2 cents! The math? 2,000 people bidding one dollar at a time will increase the item's price by ONLY $20! This LURES hundreds of people to "SIGN UP NOW!" and try and get an item for a fraction of it's current store price.
Here's the criminal ripoff: YOU LOSE YOUR CREDIT ($1) AS SOON AS THE NEXT BIDDER BIDS! NO REFUND! That means 5,000 people each bidding ONLY 1 credit (your $1 credit) will increment the auction price by ONLY $50! YIKES!
If you see an item, like a $300 Sony PlayStaion 3 going for $30.00 then that means 3,500 people have bid 1 credits each to increase the auction price by 2 cents each and THEY HAVE ALL LOST THEIR MONEY!
To make matters MORE criminal, they add 20 seconds to the auction FOR EVERY BID! That means if you are sitting in your chair watching an auction for a Sony PS 3 and yours is the last bid when the auction counter hits zero, 20 seconds times all the bidders is added. Even more criminal: they do this when the auction ends by adding 20 seconds in groups of minutes, not hours that are the true extension due to thousands of bidders bidding.
Who wins? The last bidder (if there is one aftyer thousands of people have been ripped off of thousands of dollars), and BidFun.
EXAMPLE:
An auction is listed for a $300 Sony PS 3.
You buy credits ($20mminimum of course!)
Each time you bid on this item you raise it's final auction-end price by 2 cents.
Someone else sees that a Sony PS3 is going for 10 cents. They sign up and start bidding.
Everyone gets nutty because they haven't read the hard-to-follow rules and bids like crazy.
The auction-end counter keeps on going and going after the original auction end time, for up to hours. This entices more people to sign up.
You can have a 'ROBOT' automatically increment your bids when you are overbid: actually - 'auto rip-off of non-refundable dollars!
Someone (theoretically) finally wins the Sony PS 3 for, say $60.
$60 means that the auction has been increment by two cents 3,000 times!
BidFun makes $3,000 PLUS the $60 final price, for a $300 PS 3 (if they paid full price for the item and not wholesale).
That means BidFun has made $2,760 dollars profit by rigging a false-increment locked-in-bid-amount NO-REFUND-ON-YOUR-BID scam.
$2,760 for a $300 game!
It's a crime.
Most people are caught up in the low price of the auction and get a dizzy until they lose hundreds of dollars and sign out or figure out the scam.
Buyer Beware! This non-refundable bid auction scam is popping up like weeds in the summer all over the internet.