In my humble opinion, QuiBids is not a scam.
I base my opinion on the fact that I have been able to win auctions on a regular basis with huge savings.
Have I won every auction I have ever entered?
No I have not.
But then I do use the "BUY NOW" option to minimize my losses. If you use this option correctly and you know what you are doing when you are bidding, you can minimize your losses. If you do not make a mistake, you can actually minimize your loss to the auction price and the cost of shipping and handling. That is, if you know when to drop out of the auction. Problem is, most people do not understand when to drop out to minimize their losses.
The auctions are actually set up so you can't bid more than the "value price" of the item you are bidding on when you are using "real bids".
Let's say you are bidding on a $10.00 Walmart Gift Card and 20 Voucher Bids. The value price in this auction is $22.00. The gift card is worth $10.00 and the "voucher bids" are actually worth $12.00. This is where you come up with the $22.00 "value price".
I will use an example where there is only you and one other bidder, (it does happen).
Every time you bid, the value of the bid is $0.60. You bid twice, the value you bid is now up to $1.20. Every time you bid it goes up another $0.60. Once you bid 36 times, you have spent a total of $21.60 in the auction. The auction will not let you bid anymore because it would put what you spend in the auction over the actual value of the item you are bidding on.
At this point you have the option of accepting the loss of the $21.60, or you can buy the item at what the auction price was at that point. Since there were only two of you bidding, at that point the auction price at $0.01 a bid, (each bid you make shows up as a penny in the auction, not $0.60), would be $0.71.
The value price of the item is $22.00. They subtract out what you actually spent, which is $21.60. That comes out to $0.40. You add that to the auction price of $0.71 and that comes to $1.11. Therefore you would owe $1.11 for auction item plus $0.50 for shipping and handling. To claim your auction item it would cost you an additional $1.61 on top of the money you actually spent in the auction trying to win the item.
The end result would be that you just spent $23.21 to purchase and item worth $22.00. So you actually loss $1.21.
The question then is, "WHY WOULD A PERSON WANT TO DO THIS IN THE FIRST PLACE?" The following link, ( $10 Walmart Gift Card )
Let's say you are bidding on a $10.00 Walmart Gift Card and 20 Voucher Bids. The value price in this auction is $22.00. The gift card is worth $10.00 and the "voucher bids" are actually worth $12.00. This is where you come up with the $22.00 "value price".
I will use an example where there is only you and one other bidder, (it does happen).
Every time you bid, the value of the bid is $0.60. You bid twice, the value you bid is now up to $1.20. Every time you bid it goes up another $0.60. Once you bid 36 times, you have spent a total of $21.60 in the auction. The auction will not let you bid anymore because it would put what you spend in the auction over the actual value of the item you are bidding on.
At this point you have the option of accepting the loss of the $21.60, or you can buy the item at what the auction price was at that point. Since there were only two of you bidding, at that point the auction price at $0.01 a bid, (each bid you make shows up as a penny in the auction, not $0.60), would be $0.71.
The value price of the item is $22.00. They subtract out what you actually spent, which is $21.60. That comes out to $0.40. You add that to the auction price of $0.71 and that comes to $1.11. Therefore you would owe $1.11 for auction item plus $0.50 for shipping and handling. To claim your auction item it would cost you an additional $1.61 on top of the money you actually spent in the auction trying to win the item.
The end result would be that you just spent $23.21 to purchase and item worth $22.00. So you actually loss $1.21.
The question then is, "WHY WOULD A PERSON WANT TO DO THIS IN THE FIRST PLACE?" The following link, ( $10 Walmart Gift Card )
is an actual auction I recently won. I paid a total of $5.80 to win an auction
item worth $22.00. I made a profit of
$16.20. If you can win auctions like
this one, and win more of these auctions than you lose, while keeping your
losses at a minimum, you can make a profit, I do.
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