I don't quite understand it, yet.
It looks like each time a bargain-hunting cheapskate bids....he's assessed 60 cents!
Elaboration:
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 “Buy It Now†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.)
