Swipebids?????

[Nolacopusmc]

Anyone heard of this place?


http://www.swipebids.com/landing.php?catid=11

 

[kcinnick]

Looks like gambling to me

 

[SirIsaacNewton]

Looks like a scam to me.

 

[dfsutton]

Bad vibes coming off of that place.

The idea is that each bid raises the price a penny, and puts more time on the clock. However, they don't tell you how much a bid costs.

So the price you see listed would only be a fraction of the money the site makes off of each item.

In effect, everyone who bids on that item and loses is paying for it also, sorta subsidizing it for the winner.

Not my cup of tea.

 

[Nolacopusmc]

Looks like gambling to me

How so...seriously. Not seeing the connection. Honestly haven't looked at it a whole lot either.

 

[dfsutton]

How so...seriously. Not seeing the connection. Honestly haven't looked at it a whole lot either.

I can see the gambling aspect in that it would be similar to playing slots.

Every bid is like hitting the button on a penny slot machine. In hopes of a payout.

If you also look, there is an auction on a MacBook that includes 5,000 bids for the winner. So the idea is to keep people bidding more and more. An addiction if you will.

 

[kcinnick]

I was thinking more like a lottery than slots, but either way a lot of people pay to play and only one wins.

 

[whitjct]

Tempting to try

 

[Nolacopusmc]

yeah, I am staying away.

 

[Storm52]

There are other sites just like this one. One is advertised on cable on a regular basis. Doing a google search will bring up hundreds of links to how this works. It is legal but the bottom line is the owner can offer a $40k auto for penny bids. Participants have to purchase 'bids' at a huge cost say $75 for 100 bids (NOT 7500 bids - penny each). Owner gets 1000 people to purchase the $75 package, which is a very conservative number and you've got the cash to cover the vehicle cost. The entire bid process eats up approximately 50k bids over a 24 hour period and people will exhaust the bid supply and replinish by purchasing additional packages $75+ per.
Bid can be automatically placed in your absence and also exhaust your bid supply. Only person getting rich or something out of this is the owner.

 

[Nomad.2nd]

So how do I set one of these sites up?

 

[Suburbazine]

I wouldn't trust any site that can't even spell right when trying to assure potential customers of their authenticity:

 

[spanky]

I wouldn't trust any site that can't even spell right when trying to assure potential customers of their authenticity:

 

[Quickdraw22]

Man, whoever thought of this was a genius. I would like to shake their hand.

 

[XDguy]

I heard about Beezid.com on Howard Stern and tried it out, same type of site. If you get lucky at a $1 a bid you can win stuff pretty cheap. I read the final results on most auctions and it pretty ridiculous how much money the site makes per auction. Say a $500 American Express card goes for $45, the auction goes up a penny each bid and started at a penny and each bid costs $.75 to $1, do the math. I was curios, spent $40 or so for a "bid pack" and after 5 minutes lost patience and still have 30 or so bids left.