Penny Auctions / Lowest Bid Auctions

[evoesque]

Anyone seen these on-line?

They must be making some serious £££££.

Currently there is a Ford Fiesta up on madbid.com.

One bid = £0.75 at the very least and that'll add 1p to the bid.

You get 5 free bids when you sign up.

Current bid is at £521. Thats about £39,000 worth of bids made. Even if half are freebies (which I doubt as the same people seem to be bidding), that's a fair old profit.

Anyone ever won anything from one??

[ShadownINja]

I've seen these before. People go crazy and need to win so they end up bidding for lots of items and thus paying more than the cost of the final item they get... unless they are lucky. But, of course, like on ebay they haven't bought an item, they've won it.

Edited by ShadownINja on Saturday 11th April 22:50

[evoesque]

On Madbids you get 5 free bids when you sign up.

I used my 5 up within seconds and won naff all.

There's no way I'd pump money into it but worth a freebie effort.

Everyone crack on and let us know if you win anything.

[ShadownINja]

That's because you're clever.

But you never know... just one quick go... you might win that iPod you've been eyeing up... just one quick go...

[EDLT]

They do these on the radio all the time, its about £1.50 per bid for something like a £500 laptop.

[evoesque]

ShadownINja said:

That's because you're clever.

But you never know... just one quick go... you might win that iPod you've been eyeing up... just one quick go...

Tell you what, there are some people spending some serious wedge trying to win the fiesta. The same 3 or 4 people have pushed it up to £530.

Mugs game.

[The Moose]

Some smart site makers there!! Although tbh the name of the site gives it right away - Madbid!!

[The Moose]

http://uk.madbid.com/show/16249/

Have just seen this one.

Prize = £250 cash
Current Price = £12.36
Number of Bids = 1,236
Min cost = £927
Max cost = £1,606.80
Min profit = £689.36
Max profit = £1,369.16

BLOODY HELL!!

[va1o]

Just spotted this site, similar to swoopo, the concept is fantastic. The people who run the site must be making extreme profit.

[andrewrob]

Bit of background from other users, worth a read

http://www.ukfraudforum.com/viewtopic.php4?p=287

[The Moose]

I do wonder if the same person/people are winning these items?? Maybe with a winning scheme?? Also, surely the site creators could just push the price up automatically until someone else bids etc??

Also, if you were to start one of these sites up, how would you actually get visitors to it in the first place??

Is it all about spending big £££ on the marketing?

Cheers

The Moose

[va1o]

The Moose said:

Also, surely the site creators could just push the price up automatically until someone else bids etc??

Exactly my thoughts. Although its a clever concept, the site has scam and gambling scheme written all over it. Hopefully this site and all its clones will get shut down at some stage.

ETA - Sorry about my bad quoting, just spotted it now and fixed

Edited by va1o on Thursday 18th June 16:27

[WorAl]

how does it work? is it one of those things where the lowest individual bid will win the item? if not then how, i couldnt spend time reading the term as im at work

[Dupont666]

Is it bad that Im trying to set up something like this to liberate a fool and his money before they become too mainstream?

After all its just gambling under a different guise so not really bad...

[mickk]

WorAl said:

how does it work? is it one of those things where the lowest individual bid will win the item? if not then how, i couldnt spend time reading the term as im at work

You buy a package of bids, and bid against other mad people to push the price up, a penny at a time, every time you bid the clock starts to run down again.

[salviablue]

Kill'em all, kind of thing that has my wife spending £££ and still not winning. Then whinging when I spend money on the car! Like those bloody aweful day light robbery ones on the telly, bid tv and that crap word game one on late night viewing with the semi fit (but thick as pig st) presenters !

[Dupont666]

mickk said:

WorAl said:

how does it work? is it one of those things where the lowest individual bid will win the item? if not then how, i couldnt spend time reading the term as im at work

You buy a package of bids, and bid against other mad people to push the price up, a penny at a time, every time you bid the clock starts to run down again.

I still think its better value for money than fleabay

[WorAl]

mickk said:

WorAl said:

how does it work? is it one of those things where the lowest individual bid will win the item? if not then how, i couldnt spend time reading the term as im at work

You buy a package of bids, and bid against other mad people to push the price up, a penny at a time, every time you bid the clock starts to run down again.

what you mean starts to run down again? you mean the clock resets after every bid? or the clock jumps down when you bid?

Ok got it now, seems mad to me, it could go on forever.

Edited by WorAl on Thursday 18th June 15:56

[mickk]

Ive just watched a £750 Nikon go for £11.08, i wonder what the catch is?

[illmonkey]

mickk said:

Ive just watched a £750 Nikon go for £11.08, i wonder what the catch is?

2000 bids on said camera at 75p a pop, £1500 total, so the've made 100% profit.