Since then (yesterday afternoon), I've spent quite a bit of time watching and studying these auctions.
What a business model!
This morning a $50 Shell gas card went for $12.83. People with handles such as "ibid2win" etc. were locked in a virtual blood battle over this card. I saw several avatars bid 50 times or more... 50 bids equals thirty bucks, so why bother was my thought! Each bid raises the sale price by ONE CENT, so do the math. $12.83 equals 1283 bids. Multiplied by 60 cents comes to $769.80!
My hat is off to you QuiBids! You just made $719.80 selling a $50 gift card! Astounding. Worst part is the individual that ended up winning, the 1283rd bidder, bid one time only, the very last bid. That lucky whoever they were gets his next tank of gas for 75% off, but a whole bunch of people lost $30, or more for the chance of same.
The camera below, a Canon 18mp DSLR w/ lens kit apparently has a retail value of $943.95. It recently sold for $86.73, meaning, once again, 8673 bids.
Math? $5203.80! Someone got a great bargain. No doubt of that, but at the huge expense of others... the eh, losers.
I think I've seen enough. At this point I'm practically even. Still have quite a few "bid options" left, and I think I'll save them 'til sometime when I wake up in the middle of the night.. when hopefully most of these rabid auction enthusiast are sleeping.
Sunday is way too brutal.
Canon 18MP DSLR w/ Lens Kit
Be ready to shoot from day one.
Each bid raises the price by $0.01 USD.
Your Savings:Value Price:$943.95Price:-2.770 Bids:-0.00Your Savings:941.18
The "Value Price" reflects the price at other retailers. Prices are in USD.