Gamble for Bids
Written: Aug 25 '09 (Updated Sep 03 '09)
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This is one of several "auction" sites that attracts customers with penny auctions on brand new electronics and gift cards from major stores.
Bid Cactus runs only eight auctions at a time. There is no reserve on any auction and they are set to run for various times. To win a customer must be the last bidder on an item when the clock runs out. The challenge is that each bid on an auction will add up to 30 more seconds on the clock. So basically, everyone else needs to lose interest or run out of bids (bids are acquired in packs of 25 to 300) Auctions are timed to run out at peak internet use times.
The catch is that each bid cost 75 cents. For instance if a Olympus Digital Camera goes for 59 cents, that means that there were 59 bids at 75 cents each which means that bid cactus collected $44.25 in bids from various customers and charged 59cents plus shipping. Sounds like the customer still gets a good deal doesn't it? A Sony Vaio Notebook went for $20.70, so they collect $1552.50 in bid fees. So you can see how Bid Cactus makes money. It is very important to remember that several people bid on both of these items, and some of the customers that bid walk away with nothing.
If this sounds like a scam, well plenty of people agree with you. However this is actually gambling. It doesn't matter how much you bid, because each bid rises by a set increment (1 cent). All that matters is that you get the last bid. This competition is very addicting. I have observed bids go over the value of a gift card, which obviously means that people are just out of control. There is forum chatter that implies that these auctions are rigged by the website, but I believe that underestimates the lure of this game of chance. Gambling is very addictive, especially quasi-skill based games. I say quasi-skill, because most of the normal strategy used in an online auction is missing here.
There are several other auction sites like this. Bid Rodeo is one. One difference between BidCactus and this other sites is that there is no bid assistant. Other sites allow you to use an automated system that will preset a price that you would pay and the number of bids that you want cast.
Overall, this is a pretty crazy way to get a "great" deal. It might work for you but it will probably use up a lot of time and money in the process. They can't really force you to bid in these auctions. The rules are pretty clear so if you want to take a chance you can play.
Recommended:
No
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About the Author
Location: Dorchester, MA
Reviews written: 60
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About Me: cinn5825 at netscape dot net
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