Ok, this just begs for my personal opinion on this. This morning, I was doing my usual perusing of the internet and I stumbled onto an ad that had someone holding an ipad and the caption says “iPads for $23.74?”. So I scratched my head for a second and I was like how is this even possible. So i clicked the ad to support the webhost of the site I was on which was www.felixbruns.de/iPod/firmware/. The site promptly loads and your looking at LIVE auctions being conducted, and the auction listing prices are ridiculously low.
I decided to do some research, so I signed up for the service, and I’m greeted with your standard who are you form for registration and I click “submit” and a new page is loaded, this page asking for a credit card and telling me that I can purchase 100 bid points for $60.00. That is 60 cents per bid point, with a bid point having a bid value of 1 penny. And it hit me, I couldn’t help but sit in awe over the e-commerce scam I had just witnessed taking place before my very eyes. I have been telling people for years that the internet was a con artists paradise, but I had never seen anything of this magnitude.
I’m going to advise you straight out, stay clear, but me being me, let me show you what your really getting into. For starters here is a snippet of the actual email quibids.com sent me. You will notice that even the email sent to me is misleading.
Thank you for registering with QuiBids, a revolutionary, fast-paced auction site.
First, we wanted to see if we could assist you by answering any questions you might have about our site. We truly believe that you will notice the great deals our site has to offer once you start using it!
How QuiBids Works:
Each bid costs just $0.60. Bids are available in Bid Packs of 40, 75, 300, 600 and 800 bids. These bids are pre-paid and placed in your Bids Account. Each time you place a bid, one bid is deducted from your Bids Account, and a maximum of 20 seconds is added to the timer each time someone bids. This gives enough time for someone else to make the decision to bid if they’re interested. This is similar to the “Going Once…Twice…SOLD” approach of auctions.
If you are the top bidder when the timer reaches zero, you win! You then pay the ending auction price plus shipping. If you do not win, you lose your bids that have been placed; however, we offer on most auctions a “Buy it Now” feature! This feature allows you to put the money spent in bids on the item towards buying the item. An example is illustrated below:
Let’s say you spend 30 bids trying to win a $30 product, but you don’t win it. Your 30 bids are worth $18, so if you exercised the “Buy it Now” for that item, you would pay the value price of $30 less the $18 in bids you spent trying to win the item. Thus, you could go ahead and buy the item for just $12 in this example.
This feature limits the risk in participating in our auctions as we offer the “Buy it Now” feature for the majority of our auctions!
Ok, take note that the opening sentence tells you that the service is revolutionary and fast paced. Im not going to say anything further, instead, do the math yourself, its really quite a simple equation.
Take a good look at the advertisement screen-shot posted above. Notice that the Apple 27″ iMac sold for $85.78. Ok, remember that the auction increments in 20 second intervals at a rate of 1 cent per increment. Lets put that into a realistic prospective. $85.78 converts to 8,578 increments at 20 seconds per step equals 171,560 seconds or 47.68 hours or just under 2 days. I’m not sure about you but 2 days of sitting in front of a computer watching an auction increment 1 penny every 20 seconds in hardly fast paced. “But wait, there’s more!“: Announcer voice; Lets go back to that sale price, $85.78. They have a MSRP price listed there of $1,555.00. That’s not a bad price, i did my own research to verify the MSRP they are quoting and i used google. Now I noticed right off that 87% and 85.00 seems too close to be correct, so running the percent off through a calculator i found that the actual savings was closer to 81.872%, still not that bad. Hey I am not going to complain about an 80% plus discount. But then I asked myself, if they sold the item at an 80% off discount, how on earth are they not paying the auction subscribers just to use the site, much less spend the countless thousands of dollars on advertising? Well it’s actually more simple math and these numbers are truly astounding.
8,578 bids at $0.60 per bid plus the actual auction price of the item equals $5,232.58 ((8578*.6)+85.78=$5232.58).
$5,232.58!!!! ARE YOU SERIOUS???!!
Yeah, sip on your drink and resonate on that a second or two. At a rate of $5,232.58, this e-commerce website just made a 236.5% profit, or the auction winner paid enough money to have purchased the same item 3 times over with some change left over for that TT&L, roughly $400.
And again, there is more. When reading through the terms and conditions of the sites usage i noticed a tiny clause at the bottom. From a legal standpoint, I know exactly why the statement was put there, but its just a jaw breaker to actually read in a binding contract EULA, you can read the entire Terms and Conditions statement here.
Placing bids online at www.QuiBids.com frequently or repeatedly can incur high costs. We would like to advise all users to monitor their bidding practices. Therefore, users should pay attention to their bidding practices and check their charges regularly.
Again there is more. In the email snippet above, they tell you that you have the option of a “Buy it Now”. And the price is as listed minus the value of the number of bids placed. The email says you will pay $12.00 for the item. Lets regress for just a second. You already paid $60.00 for 100 credits remember, so you spent $18.00 worth of credits on this one $30.00 auction, which they will gladly give you a discount of $18.00, thus allowing you to buy the item for $12.00. Ok, i dunno about you but i just spent $60.00 to get the credits and then another $12.00 to get this $30.00 item. Off the top of my head that’s $72.00 for something that would have cost you $29.95 at Walmart.
Where did I derive these numbers from? Well for starters, once you purchase the credits, there is NO REFUND!. So win or loose your out the initial investment. Then, you have to spend more money, plus shipping to actually get an item that you wanted. When you add in shipping plus the escrow of your investment and the cost of the item, Fingerhut would be a cheaper sale price on your behalf.
So what can you get from this? Well, here is a blog i found yet again on google. Its just one, and i found several. I will tell you now, beware of all the response comments posted by people who “supposedly got this SUPER great deal”. Keep in mind that SEO companies pay people $14.00 per hour to get on sites like this and post comments and threads giving their client the lime light.
It’s just me but id tell you to stay clear of these sites. If you had thought about giving it a shot, i would personally tell you go to a casino and get on a slot machine, you may have better chances of actually getting your monies worth.