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Submission + - QuiBids - Auction or Gambling Site? (notmytribe.com) 1

Nocuous writes: There's eBay, and then there are other auction sites which use a breathtaking business model. Here's a good review of QuiBids, a so-called "penny auction" site, which charges 60 cents per penny-increment bid. People may put in hundreds of bids to "win" the right to purchase items like iPads at up to 90% or even more off the "value price", which is supposed to represent normal retail. But each bid resets the auction timer, prolonging the action as long as anyone is willing to outbid the current "winner". If an item is bid from $0.01 to a final price of $130.00, that's 13,000 bids; at 60 cents per bid, that comes to $7,800 for the bid fees, plus the $130, plus shipping and handling! That's one profitable iPad sale. From the article:

"Imagine musical chairs except you pay 60 cents for every successive measure, an unlimited number of party-goers circling a solitary chair. So long as somebody pays the piper, everyone gets to stay in. Except they’re not “in” are they? Only the last person who put money in gets to take the chair. "

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QuiBids - Auction or Gambling Site?

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