QuidBids.com????

Okay, I came across this site called QuidBids.com where they brag about their penny bids and people are getting big time items for close to nothing. As I researched it a little more I realized this is the best money making idea anybody could've come up with. I wish I had thought of it myself. The thing is, is that in appearance it looks like your making penny bids but in reality every time you bid it's .60... you have to buy your bids in packages... 45, 75, 300, 600 or 800 bids. You're essentially paying 60 cents for a penny... visually speaking. At .60 each you pay $27 for 45 bids... not 45 cents. So let's say you see an iPad that sold for $27.50. You think, OMG I have to get in on this. First of all, a beginner will most likely not win the top items. Secondly, $27.50 is actually 2,750 bids (if they were all penny bids). At 60 cents a bid, QuidBids.com made $1,650 selling an ipad. Like I said, I wish I had thought of this. The thing is, the only money you're out of are the bids that you make. Making bids doesn't guarentee you'll win anything. So you could spend $27 on 45 bids and lose it all walking away with nothing. What's great for QuidBids.com is with every bid everyone throws 60 cents into the pot that's paying for the item. That racks up pretty fast. What's bad is that the time just doesn't run out... you know, the way Ebay does it. They do it like a live auction so it could take a day for 15 seconds to get down to zero because everyone wants that 50" tv for $30. I think they do it like a live auction so that they can rack up as much money as possible. They make it sound like they're keeping the consumer in mind and "giving everyone a chance." Yea right. I'm smarter than that. Anything that's too good to be true, probably is. The only good thing is that if you win you probably spent less than what the item actually costs. QuidBids.com is definitely getting rich off of this one. I'm looking at a bidding war right now on a 16gb Apple iPad. Current bid is $25.82 and climbing with 10 seconds left. If it sold for this price QuidBids.com would pocket $1,549.20 for a 16gb iPad... that's crazy. They are making a killin'!

I think they're so successful because of the deceitful nature that they market the site.  Instead of saying the bids are penny bids, they should just label them as number of bids. The amount listed is misleading because it's not true. It confuses people and that's how people get suckered in by thinking, oh I can get an ipad for $25... this is an untruth if you're buying bids for 60 cents a piece and a bid is equivalent to 1cent in their world of bidding. If you do decide to participate in bidding on QuidBids.com be sure not to spend more money than the value of the item you're bidding on. Don't be fooled by the low bid amounts... be sure to multiply it by 60 to see what the items are really going for and how much you really want to spend. Just don't get drawn in by the penny bids... in essence they're 60 cent bids.