I don't quite understand it, yet.
It looks like each time a bargain-hunting cheapskate bids....he's assessed 60 cents!
One of QuiBids' best features is their "Buy it Now". The QuiBids "Buy it Now" allows users to apply the money they spent bidding on a product towards the "Buy it Now" price if they don't win. For example, let's say a user bids 50 times on a $50 Best Buy gift card, but doesn't win the auction. That user spent $30 on bids placed (50 bids x $0.60/bid). To exercise the â€œBuy It Nowâ€ option, the user would subtract the $30 spent on bids for the item from its $50 value price, paying the $20 difference. That way, even though they didn't win, all bids placed on the QuiBids auction count as credit towards buying the product.The more I think about it, the more it sounds like an ingenious business model/idea - ingenious in the sense of sneakily ripping greedy cheap Morons off.
If you're looking for a deal, QuiBids and other penny auction websites, might be the best way to snag an amazing bargain these days.
Essentially, each product needs a 60 cent-paying bid to uptick. And I'm guessing that QuiBids restricts auctions to only move up in small (penny? nickel?) increments.
OH MAN!!! You've just got to watch this - click here.
And I'm going to feel really bad if this post just turned any of my long-time readers onto a new vice!!! (I'm especially worried about Mrs. PrivateCaller.)