I just signed up and tried it out. Seemed kind of like a scam but kind of fun. Basically it is a penny auction. Every time you bid it raises the price by a penny and each bid costs you $0.60. So they have to be making fuck loads of money. But at the same time you can get shit super cheap. Weekdays before 5pm are supposed to be the best because it is the least competitive but I decided to give it a try on a Saturday anyway because I was bored.

My results....

I tried one auction and I won a $400 watch for $45. The bid ended around $9 but including the 40ish bids I placed and shipping my bottom line was roughly $45. Not too bad considering I needed a watch.

Overall it seems like a mix between gambling and shopping. Kind of fun but I don't think I will be doing it that often.

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it is sort of like gambling. but I bet with some research you can increase your odds of getting the winning bid.

 

did you lose any auctions? or just went for the one and won it?

 

Just did the one auction and won. I read some strategies online to increase my chances of winning. But I can't deny that there was some luck involved.

 

They keep all the monies bid, not just the winning bid.