Beezid
- Thread starter Joe Riley
- Start date
It's an online penny auction site.
http://www.beezid.com/
http://www.beezid.com/
nick silverman
Member
does this really work?
You have to pay to buy bids, every review I've read has been nothing but positive. There's TV commercials, google ads, and tons of other places that kept showing me the site. I finally checked it out.
You pay for bids, $1 each. So let's say an $800 laptop sells for $150. You bid 50 times on it. In reality, you spend $200 for it. but there are 15,000 bids to get to $150 so the auctioner (owner of beezid) would be making $15,000 on the item. Genius.
Took this off another forum I saw-
"Basically, It's a well engineered bidding war by design with the intention of draining your pockets during the process $1.00 at a time.
Every bid you place costs $1. So it's not uncommon for someone to spend $100 bucks for the opportunity to win a 50" HDTV at the final sale price of only $200 bucks. This sounds like a pretty good return on investment right?
...If you actually beat the odds that is.
If not, then what? - Well, you just lost $100 bucks on buying "bids" and won nothing at all.
The problem here is in the fact that users placing bids are driving the final cost of the item up by only 1 penny at a time. This is hardly going to eliminate any bidding competition and somehow cause other bidders to suddenly "drop out" of the auction and go away.
Keep in mind a $100 bucks worth of purchased bids will drive up the final selling price by only $1.00. So because of this idea, there is a continued incentive for thousands of other people to continue bidding on the item while you just lost $100 bucks because you maxed out and and ran out of your "bid money" to continue the process. (Does that sound like a slot machine?) Then the next guy in line also runs out of his "bidding credits" or $100 bucks - your choice. So this process continues until everyone maxes out thier available bidding funds and then someone comes along eventually and actually wins the item.
One thing is sure.. There will only be 1 winner in this equation. Always.
This means out of 7,589 bidders there will be 7,588 losers who just lost the same $100 bucks worth of bidding cash you just did.
So you might ask how can anyone afford to auction off a $4,000 TV set for a selling price of only $200 ?
Sure, this actually happens. Someone really wins! The auction owner has to actually relinquish a brand new $4,000 - 50" HDTV for only $200 to someone. No scam here. Perfectly legit and they actually do this. ..And why not?!
...After all, the auction just earned him $20,000 for a $4,000 TV set? - Not a bad deal eh?
This is because if you do the math, you will figure out that the 200 bucks for the 50" HDTV equates to mean it will cost bidders 20,000 pennies to reach that level. Translates to mean that 20,000 bids have just occurred to reach that $200 final sale price, each bid costing bidders $1.00 each !!! = $20,000! etc..
So the next day, the auction owner will go out and buy another $4,000 50" HDTV for another "lucky winner", Mere "chump change" at this point after the $16,000 in profit he made from the losers during the last auction. - Rinse, lather, repeat and continue to fill up bank account. (Why didn't I think of that? lol)
The site resembles an "auction" site but it really isn't an auction taking place at all. Pressing the "Bid" button in the reality of things is just like pulling the handle on a slot machine.
It's not really a "scam" because there is actually a real winner. But rather, it just takes advantage of the "human condition" and preys on the mentality of people who might think they will actually beat the odds and get something expensive for little or nothing.
Got to hand it to the guy. He's actually making a boatload of cash with this "online auction" arrangement.
But, i'm saving my coins for the "real" slot machines. Besides, they have great food and entertainment there to make up for any losses I would deliberately plan in advance to incur." - KC8VWM, of qrz.com.
The owner's a genius, hands down.
You pay for bids, $1 each. So let's say an $800 laptop sells for $150. You bid 50 times on it. In reality, you spend $200 for it. but there are 15,000 bids to get to $150 so the auctioner (owner of beezid) would be making $15,000 on the item. Genius.
Took this off another forum I saw-
"Basically, It's a well engineered bidding war by design with the intention of draining your pockets during the process $1.00 at a time.
Every bid you place costs $1. So it's not uncommon for someone to spend $100 bucks for the opportunity to win a 50" HDTV at the final sale price of only $200 bucks. This sounds like a pretty good return on investment right?
...If you actually beat the odds that is.
If not, then what? - Well, you just lost $100 bucks on buying "bids" and won nothing at all.
The problem here is in the fact that users placing bids are driving the final cost of the item up by only 1 penny at a time. This is hardly going to eliminate any bidding competition and somehow cause other bidders to suddenly "drop out" of the auction and go away.
Keep in mind a $100 bucks worth of purchased bids will drive up the final selling price by only $1.00. So because of this idea, there is a continued incentive for thousands of other people to continue bidding on the item while you just lost $100 bucks because you maxed out and and ran out of your "bid money" to continue the process. (Does that sound like a slot machine?) Then the next guy in line also runs out of his "bidding credits" or $100 bucks - your choice. So this process continues until everyone maxes out thier available bidding funds and then someone comes along eventually and actually wins the item.
One thing is sure.. There will only be 1 winner in this equation. Always.
This means out of 7,589 bidders there will be 7,588 losers who just lost the same $100 bucks worth of bidding cash you just did.
So you might ask how can anyone afford to auction off a $4,000 TV set for a selling price of only $200 ?
Sure, this actually happens. Someone really wins! The auction owner has to actually relinquish a brand new $4,000 - 50" HDTV for only $200 to someone. No scam here. Perfectly legit and they actually do this. ..And why not?!
...After all, the auction just earned him $20,000 for a $4,000 TV set? - Not a bad deal eh?
This is because if you do the math, you will figure out that the 200 bucks for the 50" HDTV equates to mean it will cost bidders 20,000 pennies to reach that level. Translates to mean that 20,000 bids have just occurred to reach that $200 final sale price, each bid costing bidders $1.00 each !!! = $20,000! etc..
So the next day, the auction owner will go out and buy another $4,000 50" HDTV for another "lucky winner", Mere "chump change" at this point after the $16,000 in profit he made from the losers during the last auction. - Rinse, lather, repeat and continue to fill up bank account. (Why didn't I think of that? lol)
The site resembles an "auction" site but it really isn't an auction taking place at all. Pressing the "Bid" button in the reality of things is just like pulling the handle on a slot machine.
It's not really a "scam" because there is actually a real winner. But rather, it just takes advantage of the "human condition" and preys on the mentality of people who might think they will actually beat the odds and get something expensive for little or nothing.
Got to hand it to the guy. He's actually making a boatload of cash with this "online auction" arrangement.
But, i'm saving my coins for the "real" slot machines. Besides, they have great food and entertainment there to make up for any losses I would deliberately plan in advance to incur." - KC8VWM, of qrz.com.
The owner's a genius, hands down.
The timer resets to anywhere from 8 to 20 seconds depending on the item. They can go on for hours.
