Member since September 2010
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There is absolutely "nothing" penny about the whole process. BECAUSE IT COST YOU to just bid on the auctions. You can spend dozens of hours and hundreds of $$$ without ever winning anything!
I will list out the following facts
1) $150 minimum join in, non refundable. Comes with 300 "bids" which will last you may be 5 minutes on a popular item like the Macbook ( without winning it of course )
2) Must buy more "bids" to bid for future items. Or spend your "bids" bidding for
more bids in hope of buying them at a lower rate. Bottom line, each bid carries a cost of $0.025-$0.005
3) Each $0.01 increase in the price displayed on the item being bid on represents 1-50 "bids" spent by some bidder.
4) Example, the Macbook might display a winning bid price of $350. BUT, that is the equivalent of approx. 300,000 individual "bids" all the bidders spend collectively.
5) Assume the winner spent just 20% of that by coming in late and monitoring the auction carefully and diligently without using the automatic bid, he/she would have to spend approx. 3-4 hours of time and anywhere between $600-1,200 (for accumulating 60,000 "bids") before forking up the $350 "winning bid" real money
6) You do the math.
Still think it is a deal?
Additional fact, the last listed top bidder spent over 30 million "bids" on various auctions to win the 2010 Honda Civic listed. Thats like somebody spending over at least $30,000 in buying "bids" and spending them in bidding for various items with an unknown % of successful winning bids plus the price of the winning bids spent for the winning items.
The MSRP for the same car is approx. $16,000
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