Posted 1/7/2015 22:03 (#4295867 - in reply to #4295752) Subject: RE: What's your take on Penny Auctions?
You buy bids, say $.90 for 30 bids, and you hope to get the last bid without getting sniped. So they sell a new tv worth $1000 for $150. That means there were 15,000 bids. Say 1000's of people bid on it and they each buy one bid pack for $.90. It doesn't take long for their bidders to buy more bid packs than it's worth. Hence how they make money getting everybody to pay for an item they didn't win.
What's your take on Penny Auctions?
