I can't remember the site's name but I've seen a commercial about it on TV once before (When I was at my father's place) and I am kinda hoping to see if anyone knows what I am talking about, and if you think it is legit or not.

The site is kinda some sort of Ebay type of thing where you buy new products but here's the thing... Everything on the site automaticly starts out at ONE PENNY. No matter what it is, it is 1 cent upon start. All items can only be bet on and you can only bet 1 penny more over the last bet/price. Therefore, the price of the item slowly goes up as more and more people bet on it. When the time runs out, item is sold for the final price to the final bidder... And in the commercial, they said they've sold new plasmas, computers, etc that were original 1,000+ dollars for around 100 - 200 dollars...

So... What you think? And does anyone knows what I am talking about? (If it is legit, and true, then I would love to get a new computer there)

Qbid or some crap...
In order to bid you have to pay for tokens and I heard you can only bid in 1 cent increments.

I always see http://www.gazelle.com/ ads when watching advlt Swim at night. Is that it?

Yep qbids is the right place but here's some info on whether or not qbids is a scam http://scamquibids.com/

Penny auction sites have a catch - while you may only bit in one cent increments you have to pay a fee every time you bid. So it may look like something expensive went for very little, but that hides all of the money that went into bidding.

I've never used them myself, but from my understanding if someone wins with a single bid they may do very well - but all of those people who lost spent money and got nothing.

i remember a website like you described, but the price easily increases fast on products worth buying and each bid increases the duration of the listing

Yep.

It's not really all that great when you run the numbers.

I had an article pop up into my feed reader a year or so ago, but I can't find it at all. I wish I could find it, it did a great anolysis of these sort of things.

Isn't there also Beezid.com or something like that?

Yup I think it involves some sort of great green ape or bee

Ah. Thx for the info. I'll prolly stay away from them then.

Chances are that if something sounds too good to be true, there's something they're not telling you. Read the fine print very carefully before trying that site.

Yep -pretty much a total SCAM -- For instance on Quibids you pay 60 cents for each bid you make and each bid increases the price of the item by 1 cent and adds 20 seconds to the count down clock - and the 60 cents is not refunded if you do not win the auction so every penny in the item price has made 60 cents for the company and then the winner still also has to pay the winning bid amount plus shipping and handling for the item
So lets say there is an item that retails for $50 - the bidding starts at $.01 and the timer starts as it is about to expire someone pays 60 cents to try to win the item for $.02 the clock increases and the process repeats until finally lets say someone wins the item for $5.50 How much has actually being paid for the item ?? ( 550 bids made at 60 cents each = $330 dollars paid for the bidding and then the winner still has to fork out $5.50 plus shipping for the $50 item --- Pretty good deal huh !!) Now they also will allow any losing bidder to apply the amount of their bids toward the purchase off the item at retail so if one person bid say 30 times but were out bid and did not win they would have 30x.60 = $18.00 credit if they decide to pay $50 +shipping for the item so after losing could pay an additional $32 + shipping to buy the item also so the company makes the $335.50 for the auctioned $50 item plus if other non winning bidders decide to also purchase using the 60 cents from each bid they placed deducted from the $50 retail price -- so YES it is a great deal for the company but not so good for a place to buy things unless you get lucky and win with only one bid !!

This is why I asked here. Something didn't add up in my mind...

Beezid.

They still have commercials. They've also got a lot of issues.

Ya, I highly caution against those type of bidding sites. Some of them will even hide the fact that to bid you have to "buy tokens/bids" which can cost a lot of money. These stories of people getting items for $69 are complete crap because what actually happens is people spend $20 to $50 just to actually bid on the item, and totally screws that person over.

I would highly recommend against such sites due to their shady practices. Not sure, but I believe there was an articles that stated a lawsuit had been filed against Qbids due to their "not so upfront" information about paying for the right to actually bid on items.

Also, I here that they have bots that bit on items for just the purpose of bringing the price up, so you pay even more for the item.

If they even utter the word "pennies" within any context at all, it's a marketing ploy designed to make it sound way better than it actually is. It's the same case for the whole $29.95 fiasco. Sounds better than straight-up $30, doesn't it? Well, it isn't, and it's just another reason why people piss me the hell off.