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The Quibids Scam

that s who that is swipebids v quibids fake blogs fake reviews and melissa theuriau 19171792 The Quibids Scam

The Quibids Scam

The Quibids.com Scam

Quibids.com has been seen on tv commercials recently advertising the purchase of brand-new, hot items, for as much as 95% off. Imagine buying a $2,000 Macbook Pro for $20, these are the types of savings that Quibids is advertising. I have done some reasearch and have determined that Quibids is a scam based on what I have found. While they claim to be offering new, brand-name products for a “steal”, they are glossing over the thousands they make from all of the people that lose each and every auction. Please keep reading to find out how they make so much money, and why they withhold statistics on their bidding process.

 

Here’s how Quibids works:

  1. They buy items in bulk, brand new. They probably get them for a great deal from buying in bulk.
  2. They set them on auction. The actions have no time limit (I’ll explain later)
  3. Each bid only increases the cost of the item by one penny and each bidder spends $0.60 per bid
  4. The item sells, the sale price is a great deal, for the person who won the bid.


The Auction

Preying on those who are accustom to sites like Ebay, the auctions have a timer, and appear to have a time limit. However, (according to the terms and conditions) Each bid can add up to 20 seconds to the bid countdown. What does this mean? It means that bids will be stuck at the last 10 – 20 seconds for hours on end. It becomes an endurance competition. Thousands participate, and one person wins.

The Bids

Each bid costs the bidder $0.60, and increases the cost of the product by one penny. Really quick, lets do some math. In the screen shot at the top of this article, it says “iPads for $124.80. That means Quibids made $7,612.80 off of each iPad sale, based on the information above, which is verified by quibids’ promotional video that you can find at signup. Here’s the links \YouTube or QuiBids’ Scam of a Website. In the video, the CEO verifies that each bid costs the participants $0.60, and increases the item cost by a penny. This means that each penny resembles $0.60 profit for Quibids. $124.80 = 12,480 pennys. 12,480 x $0.60= $7,488 + $124.80 (the actual payment of the iPad) = $7,612.80.

The Quibids Scam

I find it best to think of this website as a casino or a lottery. Yes, some walk away with success stories, but with tens of thousands of bids per item, you can assume that there are thousands of bidders. And this means that you have countless amounts of people spending money with nothing to show for it. 10 bids = $6.00, so you could see how quick your cost of participating can stack up.

Now, I don’t think Casinos and Lotteries to be unethical. I think most of the participants know what they are getting into. Especially since the lottery prints the odds of winning on every card (or at least they do in Georgia). While statistically, they are still a scam, at least lotteries are up-front about your odds. While Quibids is not.

No Odds of Winning

Quibids says in their terms and conditions, that “Every auction is unique and the results of all auctions offered on QuiBids depend on the number of users participating in such auctions and the skill of the users participating in the auctions; precise odds of winning are therefore unavailable.“. This is a statistical impossibility. If they have the number of participants, and the number of winners, they can have the odds of winning. They claim that skill factors in, but I see no skill involved. Only endurance, and the ability of people to throw away money on an item that they are statistically unlikely to ever win.

I think Quibids.com should be legally required to present the odds of winning an item. Only then, will this be a fair, and legit website. It is my hope that this article informs potential Quibids participants of the risks involved, and if they choose to roll the Quibids Die, they will at least understand what they are getting into. If it were advertised as a raffle or a lottery to begin with, I do not think as many people would find interest.

http://www.quibids.com/help/terms.php


Published by Brett Clanton, on June 28th, 2011 at 12:40 am. Filled under: Website ReviewsNo Comments

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