Or did they choose this one to make great riches?
PennyAuctionSite.com is a new one we’ll be watching. It looks like it was just launched today. They’re based in Estonia.
Bids are $1 each and credits expire? August 31st.
Please Note: There are many, many more penny auctions we are watching, you can find some of them in the forum under Penny Auction Sites
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Russell Ladson November 22, 2011, 1:02 am
I have learned that there is no such thing as a “penny auction. It is rather a pyramid bidding process that costs a lot of money when you lose. Pennyauctionsite.com is a gunslinger site not recommended for the faint of heart. Whenever I bid on the site, it always seems like I’m betting against the house. They have very little information about their products and sometimes it feels like other bidders magically appear to drive up the price. I have tried persistence to win but they have quirkey timers and bid buttons that sometimes appear to stop working right in time for you to lose. I can’t say that they are dishonest but the site does feel uncomfortable sometime.