A red cent Public auction Web pages: A strong Online Lottery

What is a dollar auction? Well, meaning that you could bid on items by 1 cent increments that will be obviously within anyone’s budget. No wonder that Quibids, Beezid, and the likes, have gathered record levels of customers in a short timeframe. The key reason because of this uprising might be that if you win along with your penny bid, you can become saving about 90% on new retail items such as for instance Apple iPads for $20 (retail is $500 and up), Samsung LED 55″ flatscreen 3D TVs for $60 (retail is $2,000), etc…

Although it seems too good to be true, it’s very real. The bidding sites actually make a lot more money than what they devote to the brand new items. This is because customers have to buy the best to bid, on Quibids, a package of 100 bids may be worth $60, that’s 60 cents per bid. When you placed one bid and won the iPad at $20, you will actually spend $20.60 on the item.

No big deal right? Let’s crunch the numbers. First, let’s remember that unlike eBay, these sites do not need a definite end time on auctions, each time something is bid on, time is included with the clock. The auction ends when nobody posted a bid for say, 10 seconds. That basically implies that everyone has the same odds to win the item. On that note, let’s take the exemplory case of the iPad that went for $20. Starting the auction at $0, it took a complete of 2,000 1 cent bids to have there. In the event that you bid once, the probability to win this auction is basically 1 in 2,000. Needless to say, แทงหวยออนไลน์888  you are able to raise your odds by bidding repeatedly, 100 bids gets one to 1 chance out of 20 but you’ll then have spent $60 + $20 with a 5% chance to have the item. Meanwhile, the website will receive 2,000 times 60 cents for the item no matter what, that’s $1,200! Since the item costs them only $500 and the auction winner will still have to spend the last $20 bid about it, the website could make a staggering 144% profit! This is true on every item, each day, with the minimal infrastructure that comes with an online business.

It is truly a mystery why such methods are legal because if you sum it up, all they are, are online lotteries. Bids are bets and your odds be determined by the amount of money you spend. It is very important to the “customers” to understand that the dollar value of something that’s bet on does not represent anything, it’s just a trick to attract more folks and lead them to believe they will get a good deal. The truth is, you are able to forget about the status of the “auction” and just think of it as a lottery for which each ticket may be worth 60 cents. At the end of the day, you are able to either get lucky, disappear, or get caught in the loop and keep playing the odds. Like at casinos, you will likely then find yourself losing a whole lot more than that which you are winning. My advice: try it once or twice, then head to your retail store and pay face value…

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