Sunday, July 18, 2010

Quibids Scam: Stay Protected

Quibids scam is important for all the Quibids users and the truth is, it is not a scam in the traditional sense, which makes it hard to detect. For example, if you win on Quibids, they will not scam you by not sending the item. However, like all other penny auction sites, Quibids sure can scam you in a number of other ways. Quibids scam can destroy users if they are not aware of it. I have seen users lose hundreds of dollars and end up not winning the item. Is this the great Quibids scam? Well, not really, but as users, you need to stay protected for your own good.

For those who are unaware, Quibids is a penny auction site that charges you for each bid you place. In addition, you cannot bid any amount that you want: You MUST bid in increments that are fixed for each auction. Quibids scam works essentially like any other penny auction site - they bring in great money to the website, a single winner might make some profits and ALL the remaining bidders will lose money.

Quibids scam is not obvious to many users. Firstly, you should be aware of the bidding model and the business model of the site. They make money when you lose money, it is as simple as that.

Do I hear you shout "Insane!" Well, it is true. Quibids scam works because there are people out there ready to lose money. Are you wondering how?

It is simple. Irrespective of the number of bidders, there will be one and only one winner. This means the more the bidders, the more the website makes. Thus if it is a 1 cent auction (not at all uncommon at Quibids) and the price goes to $100 (again quite common), the website has made a cool revenue of $6000! Unbelievable, but true. And this is just for one auction. Quibids scam runs hundreds of auctions each day. Do the math and you know how they are rolling in money. Their costs are small and negligible - the price of the product will at most be a hundred dollars. Heck, they even charge huge money for shipping!

On the note of shipping, it is outright funny that Quibids charges $2 for shipping for simply crediting bids if you win a bid voucher, which is done immediately. That's right, for something that takes place automatically, charging $2 is sure a Quibids scam that is insane in my opinion.

To stay protected, read my blog entries about Quibids strategy, which explains how to better your chances of winning an auction. Note that these are not at all foolproof and you can still lose a lot of money, but the probability of a win will certainly increase.

And readers, do keep me informed about your progress. Good luck and steer clear of Quibids scam if you don't want your fingers burnt. Instead, go to eBay and find some great deals out there! If you want to gamble, go to Las Vegas and spend an awesome night there. Quibids scam can be costly beyond imagination.

1 comment:

  1. quibids is not a scam but very hard to win there since there are so many users online