1 cent bid auction sites

[2ndgenz28]

I wonder if anyone has seen the adds on TV for these new [though not so new] 1 cent auction bid sites.

Id like to hear how it went for ya but I looked into them in 09 and I tell ya, I would love to start a 1cent bid auction site. Its a money making monster on the back end, surpasses anything ebay or paypal could dream up.

Here is what I gather in 09 so tv brands n current price may be off

"
Everything starts at 1 penny, and bids are all done by 1 penny, and you pay up to $1 for ever 1 penny bid you make.

On the main page a guy just won a $100 gift card for $1.10 but if they get near $1 per every penny bid, plus the final price. They can cover their losses on big items easy with enough volume. A $120 bid pack is 200 bids, 60cents per 1 penny bid.

Getting ahold of the numbers is amazing.

Cause member they get 60+cents for ever 1 penny bid made.

A guy pays just over $200 for a 52in flatscreen LCD but beezid makes 4-8-10 times more in profit over retial cost.

Sharp AQUOS / 52" LCD
Retails at: $1,699.99
$200.16
ohhenry [high bidder]

member each bid is only worth 1 penny but cost around 60cents.

100 pennies in a $1

100 X 200 = 20,000

20,016 bids so far.

60cents X 20,016 = $12,009.60
40cents X 20,016 = $8006.4

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winner: G-LACK-802
Price: $211.64
Sharp AQUOS / 52" LCD

forget that you can get a $2000 TV for $200

Its that they can sell a $2000 TV for $200 cause they made $4-$8-$10,000 profit on the back end of that sale.

I want a piece of that action, the back end action that is "

[The_Blur]

Every bid costs a certain amount. Let's say the cost per bid is $1. Each penny of price increase actually cost someone $1. If you buy a product for $100, the actual cost is 100 times that amount, $10,000. If you get the very last bid, you win an item for $1 plus the auction price.

Here's the trick. The last bid also extends the deadline. If you bid in the last second, it adds another 30 seconds to the auction. Now, someone else will bid. Eventually, most of the bidders give up, win nothing, and still paid for bids that cost then a dollar each. Since the items are bought at wholesale prices, these prices make a killing for site owners as the bid price approaches retail, and most members win nothing because the bids jack up the price.