News9, Oklahoma City, OK just did a story on Oklahoma based penny auction QuiBids.com, watch the segment to hear from the CEO of QuiBids.com, Matt Beckham and other penny auction bidders. News9 makes mention that users can get items for mere pennies but this is not the bids cost more than 1 penny.
“Although, there has been some debate on whether online auctions could lead to a gambling addiction.
Psychologist Stewart Beasley said when it comes to shopping or bidding online, moderation and awareness is key.
“Anything can be adrenaline producing, even this bidding could be addictive for people who get caught up,” Beasley said. “People will buy things they don’t need because it’s so cheap. It becomes a rush and a contest.”
His advice is to keep it under control and look for warning signs.”
This leads us to our penny auction tip of the day: Bid in Moderation
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I saw this story on the news. But oklahoma news dont really have to much to repor. But it was great publicity for penny auction websites in general. For a state that is usually behind the curve on stuff it was a good story.
Quibids is raking in the cash. Each time you bid, they charge you $0.60. whether you win or lose. That adds up prett quickly for them.
Take a $200 gift card at $0.02 bid incremental. Theoretically you could have 10,000 bids (10,000 x 0.02 = $200). At .60 a bid…. (10,000 x .60 = 6,000) that Quibids could theoretically make on a $200 gift card.
What a scam.
Go play the nickel slots at the casino. You have a better shot at winning some money. And, shame on News9 for making it seem like a great idea and giving the scam company free publicity. Shows you the lack of ability on News9 to be able to do any kind of investigative reporting.
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