Quibids...

[Ja Rhule]

Can't believe how many people fall for that scam... Does greed really impair people ability to use common sense?

For people who have no idea... Quibids is like ebay only you wont get your money back if you lose. Imaging 3,000 people bidding an average of $100 for an Ipad... Quibids makes a whooping $300,000 of a $600 Ipad... Yahoo, local media, and etc all advertise quibids so be careful people.

[NCstoner420]

They had another one that had to do with bees, I remember having to explain to anyone who told me it was a new way to win an auction.

[ItsPantone278]

You gotta give them cred for the sheer genius of it. Its one of those, "how did I not think of that first?"

To elaborate. The user purchases "bids." You buy the "bids" in lots, 20, 50, 100, what ever. Items like ipads, gift cards, even gold bars are auctioned off on a timer. Every "bid" adds like 10 seconds or something to the timer. So you sit there with your 20 bids waiting for the 2$ ipad's timer to get down near zero, and just before it hits 100s of people bid and you see the price go up a few dollars as time is added to the clock. Finally when the ipad gets to about the price you could get a decent used one for people stop bidding on it and the highest bidder is committed to pay the price at which the auction closes.

One of the most genius ways to capitalize on the stupidity of millions.