FleaStiff
FleaStiff
Joined: Oct 19, 2009
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September 6th, 2011 at 2:22:00 PM permalink
No but zillions of gullible people were trying to spend fifty dollars to get a one hundred dollar gift card thru that card dilly site that only sent out cards in its first few days of operation and never sent anything after that it seems. I still don't know how they got money out of the fraud since the card companies just charge things back to them but it seems there were zillions of gullible idiots out there. So Penny Auctions may grow but I would imagine it would be thoroughly a scam with no legit auctions.
7outlineaway
7outlineaway
Joined: Nov 13, 2009
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September 6th, 2011 at 3:37:59 PM permalink
The key to winning seems to be to minimize the number of futile bids you make.

I would consider tracking all the completed auctions for a given item, and then bidding only when the price reaches, say, the 90th percentile of the ranges of previous final prices. (That is, the most expensve 10% of all auctions.)

This sounds counterintuitive, but in fact you want to bid only after everyone else has dropped out. This strategy should also maximize the value of your time, as you're greatly reducing the number of potential auctions you're participating in, and making fewer bids once you jump in.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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September 6th, 2011 at 5:10:08 PM permalink
How do you know there is not someone else who is following the exact same strategy only he has chosen 91 percent so will come in to the bidding war at the end just after you have bid? Above all else, how do you know that player is not a bot which will come in just at the end each and every single time!
EvenBob
EvenBob
Joined: Jul 18, 2010
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September 6th, 2011 at 5:17:58 PM permalink
Penny auction sites are cheap to launch and most
are frauds. They use bidding bots that appear to be
real customers and they constantly change. They
sell maybe 10% of what they look like they're selling
and make ton of money doing it.
"It's not enough to succeed, your friends must fail." Gore Vidal
7outlineaway
7outlineaway
Joined: Nov 13, 2009
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September 6th, 2011 at 5:27:26 PM permalink
Quote: FleaStiff

How do you know there is not someone else who is following the exact same strategy only he has chosen 91 percent so will come in to the bidding war at the end just after you have bid?



I don't. But I do know that human nature is such that there are fewer people with a threshold at the 90th percentile than at the 89th percentile, which is less than there are at the 88th percentile, and so on.
eyeotthetiger
eyeotthetiger
Joined: Sep 26, 2015
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September 26th, 2015 at 7:02:48 AM permalink
is this <link removed> a scam to, its somekind of prefunded system that i dont really understand..?
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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September 26th, 2015 at 7:25:11 AM permalink
Quote: eyeotthetiger

is this <link removed> a scam to, its somekind of prefunded system that i dont really understand..?

I won't click the link however there may be some value in penny auctions if you're buying an item anyway. You're bid money is supposed to go towards the item if you choose to buy it. I'm not sure if the stuff is marked way up or not.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Zcore13
Zcore13
Joined: Nov 30, 2009
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September 26th, 2015 at 9:20:51 AM permalink
Quote: FleaStiff

Recently there was an item in the news where someone detected a wireless network named FBI Surveillance Van #3 then looked out his window and saw two men in a van staring at his own window.

Something similar may happen when the PennyAuction site shows that fifty dollar gift card was won by a bidder named
ShillBot7.



many of the penny action scripts have shill bidding bots built in. I've seen the admin panel for one script. It can be turned on/off by the owner. If it's on it will randomly use some pre-made user names and bid an item up if it's not at a certain point with a certain amount of time left.

I have never and never will use a penny auction site. They are complete ripoffs in most cases.


ZCore13
I am an employee of a Casino. Former Table Games Director,, current Pit Supervisor. All the personal opinions I post are my own and do not represent the opinions of the Casino or Tribe that I work for.
tongni
tongni
Joined: Feb 27, 2013
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September 26th, 2015 at 10:30:06 AM permalink
AFAIK there are two kinds of these websites. Ones that use shills and ones that lose money. Also, past auction ending prices do not predict future auction ending prices well. In the case of only human bidders, a lot of compulsion and emotion and luck go into deciding the final price.
beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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September 26th, 2015 at 7:38:32 PM permalink
I did Qbids once about 3-4 years ago, just to see what what up with that. I won 2 auctions for silver jewelry that was worth about what I paid for it, not what they claimed it would retail for. Found the endless .01 raise/reset a boring situation that seemed scammy and never went back. I have to say they were prompt in shipping the stuff, and never came back spamming me to return, so those are both plusses in my book.
If the House lost every hand, they wouldn't deal the game.

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