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Online bidding websites - gimmick or treasue chest

  • 09-12-2014 11:27am
    #1
    Ascii
    Registered Users, Registered Users 2 Posts: 387 ✭✭


    Just looking at online bidding websites like "madbid".

    Do purchases really work out or are they all gimmicky. You see the lovely pictures and stories of people that bought a mac book air for €15 or a new car for a tenth of its true cost.

    Have you bought anything on it? Did you spend much in credit before you bough something?


Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,375 CMod ✭✭✭✭Nody


    I recall one of those sites that got investigated; it turned out that 95% of all winnings ended up with people connected to the site... It's a pyramid scheme site set up to lure people to just "add a bit more" since they already sunk the money anyway and get caught in the rush. If the price is to low simply use a bot account to bid it up and "win" if needed.


  • #3
    Greenmachine
    Registered Users, Registered Users 2 Posts: 5,063 ✭✭✭Greenmachine


    The reverse auctions are a sure fireway to throw away your money. Just like the premium rate competition phone lines with question with painful easy questions such as.

    Q. What is the first letter of the word "Yellow"
    a. "y"
    b. x
    c. z


  • #4
    rubadub
    Registered Users, Registered Users 2 Posts: 32,386 ✭✭✭✭rubadub


    Its basically gambling, under the guise of an auction site.
    have a read of this.
    http://en.wikipedia.org/wiki/Bidding_fee_auction
    Greenmachine wrote: »
    Just like the premium rate competition phone lines with question with painful easy questions such as.

    Q. What is the first letter of the word "Yellow"
    a. "y"
    b. x
    c. z
    I think its a lot more underhanded than that, its more of a confidence trick and preying on people who do not cop on to what it really is, and the bad odds. I always thought those easy question phone lines were some legal loophole, to allow it not to be classed as gambling by turning it into a competition. Either way the people ringing these lines know that the question will be answered correctly by 99% of people. People doing the penny auctions probably think they have a much better chance than they really do.


  • #5
    Beano
    Closed Accounts Posts: 3,357 ✭✭✭Beano


    rubadub wrote: »
    ... I always thought those easy question phone lines were some legal loophole, to allow it not to be classed as gambling by turning it into a competition....

    thats exactly it. Games of chance are regulated, games of skill are not.


  • #6
    Greenmachine
    Registered Users, Registered Users 2 Posts: 5,063 ✭✭✭Greenmachine


    rubadub wrote: »
    Its basically gambling, under the guise of an auction site.
    have a read of this.
    http://en.wikipedia.org/wiki/Bidding_fee_auction

    I think its a lot more underhanded than that, its more of a confidence trick and preying on people who do not cop on to what it really is, and the bad odds. I always thought those easy question phone lines were some legal loophole, to allow it not to be classed as gambling by turning it into a competition. Either way the people ringing these lines know that the question will be answered correctly by 99% of people. People doing the penny auctions probably think they have a much better chance than they do.

    It guarantees lots of entries for the organisers. Wasn't just giving another example preying on the gullible.


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