Late last night I saw a television commercial for Quibids.com advertising good for ridiculously low prices. So I though I’d check it out and apply to old “If it sounds to good to be true” routine and see how the site makes its money.
Quibids is an auction site where people can place bids on items with incredibly low price tags.
To place a bid on any of these items you must first purchase credit with the site, these credits are called “Bids” and each “Bid” is worth 60cents. You can then place these Bids on items of your choice and if your Bid is the last in when the counter reaches zero then you win the right to purchase at the final auction price.
Seems legit on the surface, but here is where the scam lies. Unlike a normal online auction once the counter gets down to 20 seconds it will begin resetting back to 20 seconds each time someone places a Bid. Eventually the timer will get moved down to 10 seconds where it will constantly reset back to 10 seconds every time a bid is placed and will continue to do so until people stop bidding. So in theory an auction could go to eternity.
Here is the real key to the scam. Bids (credits) used to bid on items are non-refundable so even if you lose an auction you have still payed for the privilege of bidding, not only you but everyone who bids on these auctions is paying just to take part with no guarantee that they will be able to purchase the item. Even the winner of the auction is still out of pocket for the Bids (credits) they used to bid on the item which they can now purchase.
The constant resetting of the counter is used to drive people into a frenzy (it works) and start bidding like mad to be the last one before the counter hits zero. But 10-20 seconds is actually a long time at auction so they are easily outbid by someone else who is in turn outbidded again by another person. This can go on for hours with people spending their non-refundable Bids (credits) just to outbid each other.
Legitimate auctioneers don’t charge you to place each bid, or constantly reset the auction to keep you all bidding. However Quibids.com currently does both. The most well known online auction house is eBay, but you only pay on items that you win. The same goes for House, Car, Antiques and all legitimate auctions. I am happy to call Quibids.com a scam because the old “If it looks too good to be true” is certainly correct here. I am also convinced that naming their credit “Bids” is a deliberate attempt to trip users up with cleaver wording.
Just had a 'Lawyer' from Brisbane call, saying that if I put in money, I would get back 1.5% per day, the source of this money being this auction site. Blatant pyramid scheme scam.
There are an unlimited amount of people who would jump at the chance to use this site, as they and many of us cannot afford to go out and buy whatever article it is , straight off the shelf. So Companies like QUIBIDS knowingly take advantage of us all with no recompense whatsoever ! I wonder if they ever sit back " When counting their money " and think of all the people they have taken advantage of. Ripped Off ! Do they have a Concsence ? Do they sleep well at night ? Of course they don't have a concsence ! And of course they sleep well because they are rolling in " Ill Gained Money ! But as usual we will sit back and listen to all the stories of people loosing their money. Because People Like These Are Criminals And, Criminals usually Always Get Away With Whatever Scheme Their Conducting. Is There No Justice Anymore For Everyone ? They Say, " What Goes Around, Comes Around ! It's Called Charma !!!!!!!!!!!!
I found a bunch of QuiBids Scam articles at http://QuiBidsScam.Info talking about how QuiBids is a Scam. I was thinking about trying it out but now I am not so sure. Some people say that they have won items for cheap though and that QuiBids is not a Scam. I will probably check out some more QuiBids Review sites first.