https://www.bidcactus.com/
It shows people getting 55" 1080P TVs for under $50.00 and all sorts of other electronic devices for next to nothing. I think its too good to be true. Anyone know anything about this site?
https://www.bidcactus.com/
It shows people getting 55" 1080P TVs for under $50.00 and all sorts of other electronic devices for next to nothing. I think its too good to be true. Anyone know anything about this site?
I've seen a few commercials on TV. Don't know much about it though other than I think the "catch" is that you have to buy your bids in advance.
Edit--
Yup...just looked it up on their site.
So to even bid, they've made at least $22.50 off you. Not sure about selling though, it's only new stuff.Bids cost $0.75 each and come in packs of 30, 50, 100, 150, and 250.
Last edited by jb143; 07-25-2012 at 04:08 PM.
"Game programmers are generally lazy individuals. That's right. It's true. Don't let anyone tell you otherwise. Since the dawn of computer games, game programmers have looked for shortcuts to coolness." Kurt Arnlund - Game programmer for Activision, Accolade...
These are all known as 'reverse auctions', and they're as scammy as they sound. Essentially, you pay for the right to place a bid (usually 50 cents to a dollar, with bulk discounts), and bidding continues until a certain amount of time has passed with nobody making a bid. Each bid raises the price of the final auction by a very small amount (usually a penny).
They're a goldmine for the operators: Consider that $50 55 inch TV. With a starting bid of 1 cent, 1 cent increments, and 75 cents to place a bid, that means that the auction company makes a total of:
(4999 * 0.75) + 50 = $3799.25
All for a TV that might cost $1500 - $1800 on a bad day. This gets even more magnified when people are bidding iPads to final prices in the $30 range. Those $600 iPads can result in more than $2200 in revenue each.
People buy into this idea because they think they must be getting a good deal. In a way, it's more like playing the lottery, and the game is rigged very much in favor of the house. On days that I'm feeling less ethical, I find myself wishing I had come up with the idea first!
I knew there had to be a catch. Thanks for the info guys. I thought there was no way to get those items for the prices they are being sold for. If I could have bought those items for those prices, I'd be rich just reselling them on ebay, or in a store of my own.
I think a reverse auction is something completely different but that's beside the point. If the auction ends after a certain amount of time has passed with no new bids then that makes it a big turn off for me. That opens it up to shill bidding scams. If they're not going to make the amount they want then place a shill bid to keep anyone from actually getting it for that price and repeat until an acceptable profit is made.
"Game programmers are generally lazy individuals. That's right. It's true. Don't let anyone tell you otherwise. Since the dawn of computer games, game programmers have looked for shortcuts to coolness." Kurt Arnlund - Game programmer for Activision, Accolade...