Quibids.com

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
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BAM!
Posts: 205
Joined: Thu Nov 29, 2012 5:56 pm

Quibids.com

Post by BAM! » Tue Feb 02, 2016 1:29 pm

Has anyone seen or used this site? It's similar to ebay, but you pay 60 cents for each bid, which raises the price by 1 cent with each bid. Seems like a total rip off to me.

Freddy
Posts: 244
Joined: Sat May 30, 2015 10:41 pm

Re: Quibids.com

Post by Freddy » Tue Feb 02, 2016 1:34 pm

Those type sites are a ripoff.

Dulocracy
Posts: 2303
Joined: Wed Feb 27, 2013 1:03 pm
Location: Atlanta, GA

Re: Quibids.com

Post by Dulocracy » Tue Feb 02, 2016 1:39 pm

The site winds up collecting much more money than what the item costs. It is a great site for the site owners. For every dollar in price, they have collected $60.
I'm not a financial professional. Post is info only & not legal advice. No attorney-client relationship exists with reader. Scrutinize my ideas as if you spoke with a guy at a bar. I may be wrong.

ianferrel
Posts: 194
Joined: Thu May 29, 2008 5:27 pm

Re: Quibids.com

Post by ianferrel » Tue Feb 02, 2016 2:15 pm

Total scam.

If they were honest about the process, it would simply be a variant on an all-pay auction, which is an arguably legitimate (but difficult to reason-about in ways that makes most people suckers) way of selling something. Bidding would be a lot like buying a raffle ticket in a rolling raffle, but with the marginal value of each successive ticket dropping very slowly over time, ensuring that eventually someone would win.

But they're not honest I read an article a few years ago where someone had done some scripting and discovered that the sites were not actually honest. They were playing tricks with the timer so that it was not actually possible to win an auction unless you signed up for their "auto-bid" service, which would just drain all the "auto-bidders" accounts until just one was left. I can't find the article right now, but it was pretty damning.

adamthesmythe
Posts: 3174
Joined: Mon Sep 22, 2014 4:47 pm

Re: Quibids.com

Post by adamthesmythe » Tue Feb 02, 2016 2:54 pm

Since it shouldn't be possible to buy things for the amounts advertised, there must be a scam. I'm so sure of this that I am not willing to try to figure out how they do it.

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JoMoney
Posts: 8385
Joined: Tue Jul 23, 2013 5:31 am

Re: Quibids.com

Post by JoMoney » Tue Feb 02, 2016 4:00 pm

If you like to gamble and shop, this seems like a way to combine the two.
I have not done this, but based on how they say it operates, if you lose one of their auctions you have the option of buying it at their listed price minus the cost of whatever you paid to bid on it in the auction.
So it seems to me, that if they are offering something you want to buy, are willing to pay their normal list price for it, and want to play the silly game of bidding on it, it doesn't seem like playing the game will hurt you (unless you get addicted to it and wind up buying stuff you don't actually need).

Most of the items they're selling/competing for can probably be bought for cheaper than their list price if you search the Internet ( i.e. froogle.com )
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

_robert
Posts: 58
Joined: Wed Jan 14, 2015 1:40 pm

Re: Quibids.com

Post by _robert » Tue Feb 02, 2016 4:01 pm

They're basically Penny Auctions (https://en.wikipedia.org/wiki/Bidding_fee_auction) - no better than gambling, activates the same centers of the brain as gambling, and are not regulated at all (at least gambling is, and you know your odds).

Stay away and buy more VTI :)

acanthurus
Posts: 392
Joined: Sun Aug 04, 2013 8:02 am

Re: Quibids.com

Post by acanthurus » Tue Feb 02, 2016 10:35 pm

Removed

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