So I was on StumbleUpon last week and it brought me to a site called QuiBids. The site peaked my interest with it’s advertising. Every ad had a testimonial. Each testimonial was, in effect, how this person bought this product for 90-98% less than retail. On average items like Nintendo Wii and Xbox 360 sell for $9.47 and items like iMacs and MacBooks sell for around $45.
So here is how the site works and why it is a total scam. This particular site charges 60 cents per bid and you have to buy the bids up front. That’s .60 for every .01 of the sale price. When you look at an item like the Xbox 360, selling for $9.47, at .60 for every .01 of that price you see that this company is in fact selling a $400 Xbox for $568.20. While the person that purchased it may get it significantly cheaper than they would in a retail store the website still makes the money from each bid leading up to that total. When you look at the bigger ticket items like an iMac that sell for around $50 you begin to see where this company makes all of its money. Fifty dollars worth of bids is 5000 bids. That’s $3000 for a $1400 iMac. This company, even if it pays full retail for it’s products, makes at least a 50% profit on every item it sells. I highly doubt that they are paying full retail for their products which only makes their profits more.
While these kinds of websites may get you a fantastic deal on your items there is always only one winner. Everyone but the winner still has paid per bid to try to win that item and some people will bid upwards of two hundred times on an item and still not win. These companies are taking supreme advantage of the old adage “Ignorance is bliss.” While you may be happy that you just bought a brand new computer for pennies on the dollar, the person that lost to you has lost dollars to the penny, and the company has screwed you all as a collective whole.




