Has anyone ever heard of that website QuiBids?? Its an auction website.. I spent a few hours watching how they make money and i can tell you it's a huge rip off. Based on the way the bidding works you have to spend money to be able to bid on the website. The auctions last what seem like forever because the clock resets constantly when someone puts in a bid. So here is an example. They were auctioning off an Ipad which sold on their website for $169.00. Now they say that you will never spend more than what the item is worth. Well that particular ipad sells from apple for $499 dollars. But their price on the website is $699. That's already $200 dollars more than what you would pay at the store for it.
Now if you think about it carefully. For this ipad to get to $169.00 at a penny per bid it takes 16,900 bids. They are selling these bids for .60 cents each. So this website actually made $10,140.00 from a product that sells retail at $499 direct from apple.
Oh and also, any money you spend on your bids...if you don't win...is lost.
So i'm writing this as a warning to those who come across this website. Becareful of the scams that are out there.
Does anyone else out there have any experience with this website?
Personally, it's not an auctioning website, its more like a gambling website and you are gambling that you might or might not win. Either way you loose the money if you don't win. So you might want to stick with something like Ebay where you don't pay any money unless you win and then you pay the price of the item you bought.
Please pass this around. There appear to be a lot of people getting taken by this money making scheme.
As Entrepreneurs we always have to remember that when we are creating products for the consumer just because something CAN be done does not mean that it SHOULD be done.
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