Penny auctions?

[onebohemian]

Anybody participated in a "penny auction" before? I'm thinking about trying bidgunner.com, the penny auction site run with budsguns. Seems like it will take some careful strategy to make it work to my advantage. Wondering if anyone has any pointers. The "how it works" and FAQ tabs on the site are horrible.

Thanks,

[TH3180]

What's a penny auction?

[Hanns]

One of my dad's buddy's was telling me about it. The only thing I could think is "SCAM"!! Don't care how "cheap" stuff is, you'll never win something. I'll get my guns the old fashioned way... off dead drug dealers.

[Npederse]

The deal with bidgunner is that you need to pay $$ to make a bid. For example, 100 bids cost $80. If you're able to get enough savings to make it worthwhile, then it's cool. But I think what happens is that folks keep paying for bids so they can be in the auction, but only 1 person will win (and get the savings). The rest -- they just spent $80 to bid on something they didn't win.

[XDM45]

The deal with bidgunner is that you need to pay $$ to make a bid. For example, 100 bids cost $80. If you're able to get enough savings to make it worthwhile, then it's cool. But I think what happens is that folks keep paying for bids so they can be in the auction, but only 1 person will win (and get the savings). The rest -- they just spent $80 to bid on something they didn't win.

Here's how I look at it..... Would you rather be the gold miner or the guy selling the pick axe? Me? I'd rather sell the pick axe because whether the guy I sell it to strikes gold or not is ill-relevant to me because I got paid. Don't dig for gold, sell the pick axe. I wouldn't use these sites, I'd figure out how to build one and be the guy making the cash if so inclined. Many things are like that.... who makes more money? CompTIA, Microsoft and Cisco who issue IT certifications? or the people getting certified? It's the former vs. the latter. Same thing with colleges, etc etc etc.

Yes, a few people may save $100 getting some trinket, but the guy who owns that site is making 10,000x that I'm sure.

Build such a site and you won't care about saving $100.

All that asides, it's really not that good of a deal. The odds of you winning the bid is about the same chance as someone making a profit on facebook stock. (other than the people with Stock Options.)

[FJ540]

Those sites are a huge money maker for the people who run them, that's for sure.

I forget which one I looked at, but it was .50/bid. When you look at the mustang that sold for $530, at .50 per penny increment, they cleared a ton of money on selling that car. The "bid" price is trivial, as it has nothing to do with anything - the last person who clicks it wins it. I hate to think how much stupid people throw into those "auctions." It's legalized gambling the fuzz haven't caught on to yet, nothing more to it.

[Pezhead]

From what I read bad deal. Not in the bidders favor.

[xd ED]

Almost the level of flimflam as carbon credits

[Lunchbox]

Almost the level of flimflam as carbon credits

I don't think anything will ever reach that level of flimflam.

[Pezhead]

Carbon credits? Does this have to do with carbon buildup on guns.

[FJ540]

Carbon credits are so crooked, they make me want to hold auctions to "not fell" my trees.

I wonder if I can put that on ebay? "$20 bucks starting bid or I'm gonna cut this 140yr old red oak." (some dipwad tree hugger might fall for it)

[xd ED]

Carbon credits? Does this have to do with carbon buildup on guns.

Yep. Although FJ540 sorta beat me to it...Send me $20, go shoot your gun, and I won't mow my lawn today. ( I'll be sippin' a $ 20 six-pack)
and if you act now, you can stop over for a beer later

[umnshooter]

as a college student, i have done this before on quibids. i made out $60 deposit and i got probably 150 back in gift cards, but i wouldn't recommend it to anyone. it really depends on how you can control your emotion and also the psychology of others. making the bids at the right time and stuff like that. too stressful for it to be worth it.

[heavy metal daze]

Just watching a few of these auctions, seems like they are rigged. Like lots of bots bidding up the price rather than actual bidders. Especially since each bid adds more time to the auction.

[Pezhead]

Just watching a few of these auctions, seems like they are rigged. Like lots of bots bidding up the price rather than actual bidders. Especially since each bid adds more time to the auction.

Yep. Generally not in your favor, as opposed to the TV ads. Wish I could get a brand new car for less than a grand.