What is a dollar auction? Well, which means as possible bid on items by 1 cent increments which is obviously within anyone’s budget. No wonder that Quibids, Beezid, and the likes, have gathered record amounts of customers in a brief timeframe. The key reason for this uprising might be that should you win along with your penny bid, you can become saving about 90% on new retail items such as Apple iPads for $20 (retail is $500 and up), Samsung LED 55″ flatscreen 3D TVs for $60 (retail is $2,000), etc…
Though it seems too good to be true, it is very real. The bidding sites actually make far more money than what they invest in the brand new items. This is because customers have to purchase the right to bid, on Quibids, a package of 100 bids is worth $60, that’s 60 cents per bid. So if you placed one bid and won the iPad at $20, you’ll actually spend $20.60 on the item.
No big deal right? Let’s crunch the numbers. First, let’s remember that unlike eBay, these sites do not have an absolute end time on auctions, every time a product is bid on, time is included with the clock. The auction ends when nobody posted a bid for say, 10 seconds. That basically implies that everyone has exactly the same odds to win the item. On that note, let’s take the exemplory instance of the iPad that went for $20. Starting the auction at $0, it took a total of 2,000 1 cent bids to have there. If you bid once, the probability to win this auction is actually 1 in 2,000. Obviously, แทงหวยออนไลน์888 you are able to increase your odds by bidding many times, 100 bids gets one to 1 chance out of 20 but you will then have spent $60 + $20 with a 5% chance to have the item. Meanwhile, the website will receive 2,000 times 60 cents for that no matter what, that’s $1,200! Since that costs them only $500 and the auction winner will still have to spend the final $20 bid onto it, the website is likely to make a staggering 144% profit! This is true on every item, each and every day, with the minimal infrastructure that comes with a online business.
It is really a mystery why such methods are legal because in the event that you sum it up, all they’re, are online lotteries. Bids are bets and your odds rely on the amount of money you spend. It’s very important to the “customers” to understand that the dollar value of a product that’s bet on does not represent anything, it is merely a trick to attract more people and lead them to believe they will receive a good deal. In reality, you are able to overlook the status of the “auction” and just think of it as a lottery for which each ticket is worth 60 cents. At the conclusion of your day, you are able to either get lucky, walk away, or get caught in the loop and keep playing the odds. Very much like at casinos, you will then end up losing a lot more than that which you are winning. My advice: check it out a couple of times, then go to your shop and pay face value…
