| Author |
 Replies: 24 / Views: 9,614 |
|
|
|
Pillar of the Community
 United States
3670 Posts |
"$600 laptop for $2800." No doubt, what a racket....  Large legit sites connected to four letter networks like Skoreit must be making some amazing profits.... Edited by Silverhawk74
09/06/2011 4:34 pm
|
|
Valued Member
United States
304 Posts |
There's one born every minute.
|
|
New Member
United States
1 Posts |
its not quite the racket you may think. I was planning to start my own penny auction site because I had felt as you did after seeing all the scores they had made and yes the winning bidder did well too. The ol' win-win situation appealed to me. However after peeling back the onion I found most of these sites are losing a fortune every day, that why so many come and go. If you go to << Link Removed >> you can check out a good cross section of the sites out there and how they are performing (the ones with the highest rate of user return are the ones getting killed, conversely the best ones to win at). Anything more than a 97% rate of a return is losing money by my math. You can also select the details on a particular site and pull up a graph showing the average number of bids received vs the number of closed auctions during a particular time period. I used to lose almost every auction unless I was committed to go the distance now I'm cleaning up. Great deals are to be had you just need to do a bit of homework first. Hope this helps anyone considering starting one of these sites, its a very risky proposition.
|
|
Rest in Peace
United States
9104 Posts |
 , mcoins!- How do you come up with 97% breakeven? My email is in my profile, yours won't work until you have 50 posts. |
|
Pillar of the Community
United States
3670 Posts |
"I used to lose almost every auction unless I was committed to go the distance now I'm cleaning up."
Perhaps, but to go the distance one must commit a huge chunk of change. Like anything REAL in this world, it takes money to make money....
Plus, hundreds of clicks and many hours spent on the hunt. May work for you, just not for me. My fundamental thinking is to invest money in more of a sure sound thing like Pm or collectibles. Obviously there is no sure thing, I just like my mathematical odds better on things I choose to go after like the fore mentioned. Something I have no problem moving for a bit more later in most cases....
|
|
Rest in Peace
United States
9104 Posts |
I've seen at least one site where you're allowed only five wins a month. That indicates to me that there's some way to beat the system. Some of their winning bids could not be profitable, paid bids or not.
|
|
New Member
United States
1 Posts |
I dont know about other penny auctions, but commodityauction is pretty good. They dont make a lot of money and if you are good you can. Look at there winners for the last week or evan day if you dont have that much time and count all bids placed on items that day and multiply it by $0.75 and add up the items that where bidded on with the price of gold and silver not there prices and you will see it close to the same amount. I think they make there money on people bidding on bid packages. I have lost hundreds of dollars on this site, but I think its fun and I am learning how to win more than I lose now. If anyone knows about coupon codes please share.
|
|
Rest in Peace
United States
9104 Posts |
, dyoon! |
|
Pillar of the Community
United States
3670 Posts |
"I have lost hundreds of dollars on this site, but I think its fun and I am learning how to win more than I lose now."
To that I would ask how much gold and silver have you now in your possession, verses the exact total invested in the site?
|
| |
Replies: 24 / Views: 9,614 |
First Page
Posted 09/06/2011 4:43 pm
