Beezid

[jtw1984]

Just saw a commercial for this auction site called beezid. They claimed they were selling 20,000 dollar cars for about 900 dollars. I wondered how this worked, and thus I researched it. Very interesting idea I must say.

Let's start with basics. First off, you have to buy bids. Each bid costs $0.70 cents.

The auction site works in penny increments. So let's use the example from above.

900.00 = 90,000 bids.

90,000 bids multiplied by 70 cents: $63,000.00 dollars.

So the website claims to sell this car for 900 dollars, but the site makes a 43,000 dollar profit off this vehicle! Amazing!

Is this not a great idea or what? haha

[UOMaddog]

That's not correct.

#1. You buy bids. Bids start @ $1/ bid and get cheaper as you buy bigger packages
#2. Each time you bid on an item, you subtract a bid from your total.
#3. If you're the last bidder when the auction ends, you then buy the item.

OR

Reveal Auctions:
You use a bid to "reveal" the current price. If you want to pay that much, you click Buy It Now. If you don't you just wasted a bid and the price will drop by a set amount. The new amount is now hidden and it is up for grabs to anyone.

So, you could get 10 bids, use 3 of them on a certain item and win it, then pay $100 (if that's what the final price was) for the item and you already paid $3 for the bids.

[Khameleon]

To make sure everyone Understands that this is NOT an Action Site... as long as you understand the rules and risks in this type of "Auction" and I use that word Loosely... they are not coming out and saying it outright,  but this is a Loop hole Gambling site... You Pay For your Bids, Like Putting a Quarter in the Slot Machine And Expecting something good to come out.....

[UOMaddog]

That is correct. You're pretty much gambling to be able to win by bidding. Any as legit as you would think these places must have to be, what's not to keep them from "outbidding" you themselves and raising not only the bid, but the # of bids you have to buy to win

[Khameleon]

one guy posted somewhere that he ran a script to see how legit this scam is... and he found that they do have bots that keep the bid going until they have reached there potential bid price