If you don't already know, Quibids has the featured auction for the week as the $4000 Apple Macbook Bundle. The auction is live at Quibids.
At the time of writing this post, the auction/battle has already been raging for over 24 hours! I am sure none of the original bidders is still active. It would be interesting to see how many bids the product gets finally. Right now, the price is about $325, which makes a cumulative of 32,500 bids placed. I am wondering if the auction will touch the magic number of $1000 or 100,000 bids placed. That would mean a bonus for everyone at Quibids, including of course their CEO Matt Beckham!
As I wrote in my previous post, it is highly unlikely that many bidders will like to shell out $4000 to buy the whole package at its full retail, so all the profits are for Quibids' keeping.
The battle is raging on with hundreds of bidomatic and single bids. I'll update on this auction more as it is really quite interesting to watch. For the record, I am not participating in this auction, just observing.
If you are participating in this auction, do me a favor and drop in a line about your experience! Even if you are not participating, I would love to hear your thoughts on this mega battle. Is it more interesting than the Superbowl? Perhaps the auction will end around that time!
Showing posts with label how to win quibids macbook. Show all posts
Showing posts with label how to win quibids macbook. Show all posts
Sunday, February 6, 2011
Monday, January 17, 2011
How Does Quibids Work
This post is for the beginners who want to know how does Quibids work. For the people who are already members of the site and know your way around, you should look for my Quibids strategy series. For starters, you can look at the Best time to bid on Quibids, Quibids strategy of Waiting Game and Volunteer's Dilemma.
So for the newbies again, how does Quibids work? How are they able to give away Macbooks for a hundred bucks? Is Quibids legit? How can anyone offer 90% off?
So let's get the obvious out of the way - Quibids is legit and it is making loads of profit. It is not a charity that gives away brand new items for a few bucks. So how does Quibids work?
Simple - Quibids uses a Bidding fee auction model (link to Wikipedia page) which is usually called the penny auction on the internet.
There are 3 fundamental differences between penny auctions and ordinary auctions. If you understand these, you will know exactly how Quibids works and how they can offer up to 90% discounts and still turn a sizable profit.
Pay Per Bid: Bidding is NOT Free
This is the most fundamental difference between a penny auction like Quibids and a traditional auction site like eBay. Quibids makes it profit from the bids. Whenever anyone places a bid, she is charged $0.60 irrespective of whether it is a winning bid. As you can imagine, this adds up quick.
For example, a typical Macbook auction can attract more than 10,000 bids. This is a very conservative estimate. This translates to $6,000, which is a healthy profit margin for a Macbook selling at $100.
Do you see the point? Quibids doesn't make money from the price of the item they are selling. They can afford to give away the products for free! Their income stream is from the bids.
Simply put, Quibids is a win-lose type of situation. The winner can get a great deal on the purchase but everyone else loses. Contrast this with a traditional auction scenario which is a win-break even situation: If you win, you get a good deal and if you lose, you actually lose nothing. In Quibids, if you lose the auction, you will lose money.
Timer Increments
This can be a confusing aspect to beginners who ask how Quibids work because they do not understand how the timer is increment. In spite of what Quibids claims, the simple reason for this is they want to make more money.
A fixed timer can give rise to the auction strategy of sniping. Everyone will bid at the last moment. This will significantly reduce the total number of bids placed and as stated in the previous point, Quibids makes money off the number of bids placed.
So Quibids simply increments the timer by 10/15/20 seconds each and every time a bid is placed. This is also a reason why you will never know when an auction will end. It will always be 2 seconds away when someone bids and the timer increments. I have seen auctions go up to 12 hours for the big-ticket Quibids items.
Bid Value Incremental
In a traditional auction, you can bid any amount. However, at Quibids, you can only bid so that the price increments by 1 cent (sometimes 2/5/10 cents). Why is that?
As previously stated, the source of revenue for Quibids is not through the selling price of the item but through the bids placed. From their standpoint, they make a maximum profit only when the number of bids placed are high. So their aim as a business is to see to it that people bid a lot on a product.
The simplest way to accomplish this is by lowering a price. When someone sees a Quibids macbook selling for a couple of bucks, he is more tempted to bid than when the same product is bidding at a thousand dollars. Thus to maximize the number of bids placed, Quibids will not allow you to bid any amount but only an amount that increments the cost up 1 cent.
So now you know how Quibids works, you can start off your Quibids journey! Don't forget about Free Quibids Bids that you get on signing up. Also, before you start bidding, go through all the Quibids Strategies tutorial that you will find on this blog. This will greatly improve your chances of success and you can make some really good profits. Good luck!
So for the newbies again, how does Quibids work? How are they able to give away Macbooks for a hundred bucks? Is Quibids legit? How can anyone offer 90% off?
So let's get the obvious out of the way - Quibids is legit and it is making loads of profit. It is not a charity that gives away brand new items for a few bucks. So how does Quibids work?
Simple - Quibids uses a Bidding fee auction model (link to Wikipedia page) which is usually called the penny auction on the internet.There are 3 fundamental differences between penny auctions and ordinary auctions. If you understand these, you will know exactly how Quibids works and how they can offer up to 90% discounts and still turn a sizable profit.
Pay Per Bid: Bidding is NOT Free
This is the most fundamental difference between a penny auction like Quibids and a traditional auction site like eBay. Quibids makes it profit from the bids. Whenever anyone places a bid, she is charged $0.60 irrespective of whether it is a winning bid. As you can imagine, this adds up quick.
For example, a typical Macbook auction can attract more than 10,000 bids. This is a very conservative estimate. This translates to $6,000, which is a healthy profit margin for a Macbook selling at $100.
Do you see the point? Quibids doesn't make money from the price of the item they are selling. They can afford to give away the products for free! Their income stream is from the bids.
Simply put, Quibids is a win-lose type of situation. The winner can get a great deal on the purchase but everyone else loses. Contrast this with a traditional auction scenario which is a win-break even situation: If you win, you get a good deal and if you lose, you actually lose nothing. In Quibids, if you lose the auction, you will lose money.
Timer Increments
This can be a confusing aspect to beginners who ask how Quibids work because they do not understand how the timer is increment. In spite of what Quibids claims, the simple reason for this is they want to make more money.
A fixed timer can give rise to the auction strategy of sniping. Everyone will bid at the last moment. This will significantly reduce the total number of bids placed and as stated in the previous point, Quibids makes money off the number of bids placed.
So Quibids simply increments the timer by 10/15/20 seconds each and every time a bid is placed. This is also a reason why you will never know when an auction will end. It will always be 2 seconds away when someone bids and the timer increments. I have seen auctions go up to 12 hours for the big-ticket Quibids items.
Bid Value Incremental
In a traditional auction, you can bid any amount. However, at Quibids, you can only bid so that the price increments by 1 cent (sometimes 2/5/10 cents). Why is that?
As previously stated, the source of revenue for Quibids is not through the selling price of the item but through the bids placed. From their standpoint, they make a maximum profit only when the number of bids placed are high. So their aim as a business is to see to it that people bid a lot on a product.
The simplest way to accomplish this is by lowering a price. When someone sees a Quibids macbook selling for a couple of bucks, he is more tempted to bid than when the same product is bidding at a thousand dollars. Thus to maximize the number of bids placed, Quibids will not allow you to bid any amount but only an amount that increments the cost up 1 cent.
So now you know how Quibids works, you can start off your Quibids journey! Don't forget about Free Quibids Bids that you get on signing up. Also, before you start bidding, go through all the Quibids Strategies tutorial that you will find on this blog. This will greatly improve your chances of success and you can make some really good profits. Good luck!
Wednesday, January 5, 2011
Quibids Strategy-6: How to Win Big Ticket Quibids Auctions
A Quibids strategy for winning big-ticket items can be quite different from the ones that you might use for a $10 Walmart card. This post will help you to win big-ticket items like Quibids Macbook or Quibids iPad. In fact, there are not the only big ticket items. A non-exhaustive list of these auctions include -
Not all Quibids strategies are applicable to these items. For example, you cannot use the Volunteer's Dilemma Quibids Strategy throughout the bidding process because there are too many bidders around and the chances of this game-theory like classic dilemma situation is rare. However, it can be used in certain phases.
So here are the list of tips to win Quibids Macbook or other big-ticket items:
Quibids Tip-1: Timing is the Key to Winning
First, you should read my post on Best and Worst Times to Bid on Quibids, which is a post on Quibids strategy that discusses the least and most competitive times at Quibids. If you want to win a big-ticket item like Quibids Macbook, it is very important that you bid during the least busy times. I cannot over-emphasize the importance of this. If you bid at the wrong times, your probability of winning can drastically decrease.
I want to demonstrate this with an example. Here are two auctions of the same product. One of them is during a good time and another during a bad time. This is exactly as is mentioned in my post. Can you see the difference?
Cheap Plasma TV for $4.10, bidding during the best time mentioned in my post:
Costly Plasma TV for $170.36 during the worst time mentioned in my post.
You should now be convinced how important bidding at the right time is to win on Quibids.
Quibids Tip-2: Decide if You can Pay the Full Price to Cut risk
Why are you at Quibids bidding for this item? Sure, you would like to get some cheap items but are you ready to pay the full market price. I know most bidders don't. However, your winning Quibids strategy depends on this decision, so you need to make a choice right now.
Remember that when you lose an auction, you lose money. This is not eBay. If you are seriously trying for a big-ticket item, you will need a lot of bids. If you lose, all this money is lost. Be aware of the risk before you venture out.
Quibids Tip-3: Use the Waiting Game
For big-ticket items, you should use my Quibids strategy on Waiting Game. This will help you to use minimal amount of bids. However, remember that while this is a theoretical best strategy to use, there are many practical constraints. This works very against the psychology of a bidder. No one likes to sit for hours in front of a computer and track every second and every bid.
If you belong to the category that can afford to pay the full retail price, you should also use the Volunteer's Dilemma Quibids strategy during the bidding process. This should never be used on a continuous basis. Rather, you should use it when there are no aggressive bidders around.
This is a high-risk high-return strategy. If you are able to create a classic game-theory dilemma situation, you can end the auction then and there and win the item. If not, you will end up losing more bids than usual. It can work well if you study the nature of bidding of your fellow bidders. If they appear meek and less aggressive, there is a higher probability that you win using this strategy.
Quibids Tip-4: Use the Bid-o-Matic Option
This is an important Quibids strategy from a practical point of view. We are all humans, after all, and we cannot sit for hours together in front of the computer without missing a single bidding chance that occurs once every few seconds. We need some rest and time off.
It is very risky to just stop bidding during a time window. This is because someone else might win the auction in this time and if he does, you will lose all the money you invested up to that point in the form of bids. This can be a very nasty situation.
Therefore, just use the Bid-o-Matic option which will allow you to place bids automatically without the need to be present in front of your computer.
However, remember the limitations of this method. For example, the maximum number of bids that can be placed through this is 25. You should read up about Bid-o-Matic first before you start bidding. The information can be found at the Quibids Help Section.
Quibids Tip-5: Avoid Bidding at the Start
This is a great Quibids strategy that a lot of bidders neglect. Big-ticket items can be highly competitive at Quibids and there are hundreds of bidders trying to win it. It is highly unlikely that you will win the auction for a few cents or even just a few dollars.
Therefore, it is best that you do not bid during the starting part of the auction. It is highly unlikely that you will be missing something. If in the rare case the auction ends during this time, try it the next day again. But following this Quibids strategy can save you hundreds of dollars.
One estimate is to use the 'Recently Sold for' amount for this product. Of late (last few months) Quibids has been using the lowest amount for this number that has occurred in the last few weeks. Therefore, totally avoid bidding till the price reaches this value.
Even after reaching this value, it is highly unlikely that it will end soon. You can wait longer. It is really hard to say how long - impossible in fact. Take a calculated risk in this aspect. However, remember that once you start bidding, you cannot give up half-way because if you do, you will lose all the money invested.
Quibids Tip-6: Be Prepared for a Long Haul
When you want to win a big-ticket item like a Quibids Macbook, you need to be prepared for a really long haul. No one can predict how long the auction can go. In the pictures shown above, the difference in time between the two auctions was several hours. You cannot really predict the time-frame.
Sometimes, items go late into the night and continue even up to the next day morning. We are talking here in the order of 6,8,10 hours at times. I know this can be really long but that's the price you got to pay.
Being prepared for this is important, not just psychologically but also physically. Have something to eat and munch on during the auction. While eating, use the Bid-o-Matic as described in the previous Quibids strategy. However, don't doze off to sleep before the auction ends!
Quibids Tip-7: Never Say Die
So finally, the last in the list of to win Quibids macbook and other big-ticket items! This is very important because a lot of people just don't realize it. If you are not going to be prepared to buy the product at the retail price, you might just lose a lot of money trying. This is the risk that you should be prepared to take.
If you quit halfway, you lose the product and also all the bids that you placed till that point. This can mean a lot of hundreds of dollars. Therefore the best strategy is to stick through with bidding and trying to win.
Also, at each stage reconsider your decision of whether to use the Buy It Now feature. For example, if you have spent $1000 on bids on a Quibids Macbook, it is much better that you put in a few hundred more dollars and buy the product than lose all the $1000.
I hope these Quibids strategies help you win big on Quibids. Good luck!
Subscribe to this blog to get latest Quibids strategies that I will keep posting.
- Quibids Macbook
- Quibids iPad
- Variety of Plasma TVs
- Variety of high quality cameras
- A number of Netbooks and other Laptops
- Occasional Quibids treats like Honda Civic car and a Caribbean Cruise!
Not all Quibids strategies are applicable to these items. For example, you cannot use the Volunteer's Dilemma Quibids Strategy throughout the bidding process because there are too many bidders around and the chances of this game-theory like classic dilemma situation is rare. However, it can be used in certain phases.
So here are the list of tips to win Quibids Macbook or other big-ticket items:
Quibids Tip-1: Timing is the Key to Winning
First, you should read my post on Best and Worst Times to Bid on Quibids, which is a post on Quibids strategy that discusses the least and most competitive times at Quibids. If you want to win a big-ticket item like Quibids Macbook, it is very important that you bid during the least busy times. I cannot over-emphasize the importance of this. If you bid at the wrong times, your probability of winning can drastically decrease.
I want to demonstrate this with an example. Here are two auctions of the same product. One of them is during a good time and another during a bad time. This is exactly as is mentioned in my post. Can you see the difference?
Cheap Plasma TV for $4.10, bidding during the best time mentioned in my post:
Costly Plasma TV for $170.36 during the worst time mentioned in my post.
You should now be convinced how important bidding at the right time is to win on Quibids.
Quibids Tip-2: Decide if You can Pay the Full Price to Cut risk
Why are you at Quibids bidding for this item? Sure, you would like to get some cheap items but are you ready to pay the full market price. I know most bidders don't. However, your winning Quibids strategy depends on this decision, so you need to make a choice right now.
- I can never pay the retail price: In this case, you should invest in bid vouchers. Read my post on How to Win Quibids Bid Vouchers to learn about this. Remember that there is no universal Quibids strategy that will ensure you will win. There is risk involved in Quibids and indeed any other penny auction. You can lose all the money that you invested in and for a big-ticket item this can be quite high. You should be willing to take on this risk if you want to follow this path.
- I can pay the full retail price if it comes to that: Good! You are using Quibids to see if you can get a great deal but if not you are still ready to pay the full retail price and get the product. In this case, you should NOT use your real bids and bid on voucher bids. This is because voucher bids do not count towards your Buy It Now feature. If you lose the auction, you do not really lose any money because all the 'lost' money can be used towards buying the product at the retail price.
Remember that when you lose an auction, you lose money. This is not eBay. If you are seriously trying for a big-ticket item, you will need a lot of bids. If you lose, all this money is lost. Be aware of the risk before you venture out.
Quibids Tip-3: Use the Waiting Game
For big-ticket items, you should use my Quibids strategy on Waiting Game. This will help you to use minimal amount of bids. However, remember that while this is a theoretical best strategy to use, there are many practical constraints. This works very against the psychology of a bidder. No one likes to sit for hours in front of a computer and track every second and every bid.
If you belong to the category that can afford to pay the full retail price, you should also use the Volunteer's Dilemma Quibids strategy during the bidding process. This should never be used on a continuous basis. Rather, you should use it when there are no aggressive bidders around.
This is a high-risk high-return strategy. If you are able to create a classic game-theory dilemma situation, you can end the auction then and there and win the item. If not, you will end up losing more bids than usual. It can work well if you study the nature of bidding of your fellow bidders. If they appear meek and less aggressive, there is a higher probability that you win using this strategy.
Quibids Tip-4: Use the Bid-o-Matic Option
This is an important Quibids strategy from a practical point of view. We are all humans, after all, and we cannot sit for hours together in front of the computer without missing a single bidding chance that occurs once every few seconds. We need some rest and time off.
It is very risky to just stop bidding during a time window. This is because someone else might win the auction in this time and if he does, you will lose all the money you invested up to that point in the form of bids. This can be a very nasty situation.
Therefore, just use the Bid-o-Matic option which will allow you to place bids automatically without the need to be present in front of your computer.
However, remember the limitations of this method. For example, the maximum number of bids that can be placed through this is 25. You should read up about Bid-o-Matic first before you start bidding. The information can be found at the Quibids Help Section.
Quibids Tip-5: Avoid Bidding at the Start
This is a great Quibids strategy that a lot of bidders neglect. Big-ticket items can be highly competitive at Quibids and there are hundreds of bidders trying to win it. It is highly unlikely that you will win the auction for a few cents or even just a few dollars.
Therefore, it is best that you do not bid during the starting part of the auction. It is highly unlikely that you will be missing something. If in the rare case the auction ends during this time, try it the next day again. But following this Quibids strategy can save you hundreds of dollars.
One estimate is to use the 'Recently Sold for' amount for this product. Of late (last few months) Quibids has been using the lowest amount for this number that has occurred in the last few weeks. Therefore, totally avoid bidding till the price reaches this value.
Even after reaching this value, it is highly unlikely that it will end soon. You can wait longer. It is really hard to say how long - impossible in fact. Take a calculated risk in this aspect. However, remember that once you start bidding, you cannot give up half-way because if you do, you will lose all the money invested.
Quibids Tip-6: Be Prepared for a Long Haul
When you want to win a big-ticket item like a Quibids Macbook, you need to be prepared for a really long haul. No one can predict how long the auction can go. In the pictures shown above, the difference in time between the two auctions was several hours. You cannot really predict the time-frame.
Sometimes, items go late into the night and continue even up to the next day morning. We are talking here in the order of 6,8,10 hours at times. I know this can be really long but that's the price you got to pay.
Being prepared for this is important, not just psychologically but also physically. Have something to eat and munch on during the auction. While eating, use the Bid-o-Matic as described in the previous Quibids strategy. However, don't doze off to sleep before the auction ends!
Quibids Tip-7: Never Say Die
So finally, the last in the list of to win Quibids macbook and other big-ticket items! This is very important because a lot of people just don't realize it. If you are not going to be prepared to buy the product at the retail price, you might just lose a lot of money trying. This is the risk that you should be prepared to take.
If you quit halfway, you lose the product and also all the bids that you placed till that point. This can mean a lot of hundreds of dollars. Therefore the best strategy is to stick through with bidding and trying to win.
Also, at each stage reconsider your decision of whether to use the Buy It Now feature. For example, if you have spent $1000 on bids on a Quibids Macbook, it is much better that you put in a few hundred more dollars and buy the product than lose all the $1000.
I hope these Quibids strategies help you win big on Quibids. Good luck!
Subscribe to this blog to get latest Quibids strategies that I will keep posting.
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