Penny Auctions
 

So I saw on the news the other night something about penny auctions online, so I looked on google and the number one site was Beezid Penny Auctions. I looked into a bit and found out that you purchase bids 30 Bids is $27.00, 50 bids is $40.00, all the way up to 500 bids for $300.00. Then you use those bids on things that never go past 99 cents, and its pretty amazing stuff too, Flat Screen TVs, Wiis, Xbox Games, Phones, Cameras, etc etc.

So I was wondering if anyone on here does Penny Auctions, if they use Beezid, and how legit are they?

I would never do it. Its a cool idea and way to make money of people who are despirate though.

how are they desperate ? its almost the same concept as ebay, just more risk. just people looking for a deal, i don't believe it makes anyone desperate.

oh yeah and i miss understood the bidding, the bids on items do go higher than 99 cents

If they weren't desperate for something, they would go to Best Buy and buy it. This is the same concept as someone thinking they are going to get a huge payout from buying lottery tickets or going to the casino. It does happen, but the odds are stacked really high you will walk away with nothing.

that's a very good point, i just don't believe it makes them desperate...maybe just more intuitive to taking risks.

Go to a check cashing place or gas station in a poor neighborhood. I guarentee they will sell 100% more lottery tickets(similiar concept as a penny auction except you win money) then you would in a middle/upper class area because they can just buy what they want or will save up for it. My theory is if people are spending their last dollars on a lottery ticket and don't have a savings, that is despiration.

I remember reading something about these auctions. From what i have read, its a scam because they want you to buy bids, and when you go to bid on an item, there is always a sniper that bids at the last possible moment. They make money off you purchasing bids, and the person who outbids you usually is from the site, or computer generated.

This isn't like eBay. Each bid you do is like a chance to win. In a sense, they draw a number out of a hat at the end for who wins.

Ex. Each bid is $1. You are bidding on a $1000 TV. You put 5 bids in for $5. There are a X amount of bids that each cost other peopel $1 each. Lets just say there are 2500 total bids. They made $2500 for a $1000 item so profit of $1500 while you had a 0.2% change of wining the TV.

^ makes total sense.

the thing is you can't bid at the last second, because once someone bids it adds 20 seconds to the bid time, driving the price up. but i see what you guys are saying, think i'll just stick to ebay, craigslist, and forums

so they give you 10 free bids and i won 30 more bids with it for $2.55, should i give it a try for two bucks and see what happens?

ive heard all about this over the radio,seems pretty legit and i think jpalamar pretty much summed it up.probably dangerous for a gambler that has issues