Penny auctions

I'm sure most of us know what a penny auction is. Quibids is the leader. I used to do it years ago -and there was a guaranteed system to win if you know how to do it-but it's gone now. I took a peek at it for the first time in years and it's really different. Even running it straight up the thing is a huge moneymaker but they really changed it.

You can't see the value of the items, or what's coming up for sale beyond a few items, unless you pay up front.

If you've done it, do you think they are dominated by bots,, or company insiders trying to stick it to others?

When you read the reviews everyone trashes it but I think a lot of them just never understood the math or how it works.

What was the system that used to work?

Several systems are discussed in Jeffrey Stix’s thesis, but none are identified as guaranteed to “win,” i. e., be significantly profitable long term.

I have heard nothing good about them. They seem to allow an occasional winner, like a small place with rigged slots, just to keep from being shut down.

The only system I could see winning is if they have a set time limit on the auction. Open-eneded and you might as well burn your money. I am not sure if they ever had that or not.

Quote: Lovecomps

I'm sure most of us know what a penny auction is. Quibids is the leader. I used to do it years ago -and there was a guaranteed system to win if you know how to do it-but it's gone now. I took a peek at it for the first time in years and it's really different. Even running it straight up the thing is a huge moneymaker but they really changed it.

You can't see the value of the items, or what's coming up for sale beyond a few items, unless you pay up front.

If you've done it, do you think they are dominated by bots,, or company insiders trying to stick it to others?

When you read the reviews everyone trashes it but I think a lot of them just never understood the math or how it works.

I had a penny auction website for a short time. Bot bidding is built into the programming. I had options in the control panel to turn them on or off and other setting on how they would act.


ZCore13

Quote: Rigondeaux

What was the system that used to work?

I discovered the following (although it's easy to notice); your first auction is on a "beginners" auction. Nobody with a win can enter it. You're almost guaranteed to win with a single bid by the site as a ploy to suck you in for the real auctions and buy more bid packs. It's best to buy a $25 gift card for a penny + the cost of the bid. After that you go and try to win other gift cards with what you have left and if (probably when) you lose you use the buy it now feature. After you run out of bids that first time you quit forever and walk away with gift cards with a value of more than what you spent.

You rinse and repeat until it doesn't work anymore. Something in their system recognizes multiple uses by the same IP, address, and other items.

I have won a few items the legit way but never anything of real value so it's not 100% bots. Maybe 90%.

The bots raise the price to a set amount and then stop You can win after that.


ZCore13

Just figuring...

An iPad7 with keyboard/shell was recently a Black Friday combo.
W-mart had the pair (individually) priced at $334 total, about $15 less than full price of iPad7 alone. We're talking base model 32Gb, no magic pencil.

Regards
Suited89