swoopo

[elkidogz]

has anyone used this swoopo site yet? seems a little odd... this is the only site I've seen advertise it... I created an account, but I'm not so sure i'm actually going to invest cash on it... has anyone used it and are the prices real?

Auction | Cheap TV laptop ipod auctions - bid & win on Swoopo

[Jamfke]

I did some Googling about it when I first signed up here. You purchase "bids" with which you bid on items. Each bid costing like one dollar or something close. Thing is, once you've bid, your bids are gone. So, you are actually helping to pay for the item that someone else "wins" for those phenomenally low prices.

Look at it like this, you bid, let's say, 10 times. Let's also say that 200 other folks bid 10 times each. Joe Blow ends up winning the auction for like $11.00. However, the site "Swoopo" cashes in for over $2000.00, buys the device you're bidding on, and keeps the difference. Or in other words, the site buys a Nikon D90 for 1200 bucks, and then pockets the 800+ bucks. Unlike eBay, where you can bid and bid, but don't owe anything unless you win.

[WVCoalMiner]

Yeah but some auctions bids are ONLY 2 cents or 5 cents and some auctions are a little more.

[elkidogz]

yeah, so it's legit? I am just hesitant to actually try this site because of the fact that it just doesn't seem legit to me... I mean how do they get the merchandise? I don't see how this is supposed to actually make them money.

[RLucas]

Originally Posted by elkidogz

yeah, so it's legit? I am just hesitant to actually try this site because of the fact that it just doesn't seem legit to me... I mean how do they get the merchandise? I don't see how this is supposed to actually make them money.

If it is a $1200.00 D200, and 3000 people bid from one to ten dollars, that could be anywhere from $3000 to $30,000 dollars the site brings in. Unlike Ebay, you have to pay to bid. The site buys the $1200 camera outright from a dealer and sends it to the high bidder. So the site has at the very least, a net profit of $1800.00. They are making mad money!

[Jamfke]

What makes it even worse is that when the timer gets down to like 10 or 15 seconds, and somebody places a bid, the timer goes back up a few seconds to "give everyone an equal chance of winning."

Go and watch a few of the bids that are close to ending, you'll see what I mean.