Would you buy an Ipod for a Penny?

(This is not a trick question…of course you would!)   

       Digg.com brought to my attention a trendy new way of finding deals online. Many people would jump at the opportunity to purchase laptops and flat screen televisions inexpensively.  This thought process is the basis for Quibids, which is a penny auction website that begins bidding at $0.00. This online auction is comparable to eBay, except each bid placed costs 60 cents. (To recap, if you place a bid, it raises the price by a penny, but costs 60 cents.) In my opinion, the site is genius, because it is highly profitable.  Although, I'll admit, my first instinct was to question the integrity of the site, because it seems too good to be true. Here is a video describing how Quibids works.

        In theory, this is an incredible opportunity to purchase high end goods at an affordable price.  Taking a chance, I decided to sign up for an account.  Here is where I found the first red flag. In order to place a bid, you must purchase bids in a bundle.  The minimum sale for first-time users is $60.00.  Unfortunately, I think this price tag is a bit steep for a trial, so I have not bid on any items just yet.  On the other hand, I have spent time watching auctions. 
        Many blogs have begun to expose Quibids auction site. Some People claim there are robots placing automatic bids on big ticket items, while others say they win items within the first few days and then rarely win again.  Others blame losses on bad strategy, and claim to have received immense savings. 
        I decided to investigate into what others are saying about this site.  Social media can serve as a wonderful tool, because social media allows people to connect to those that have had experience directly.

 Here is feedback I found on Reviewopedia.com regarding Quibids:

Mike says:
     March 7th, 2011 at 11:08 pm -I 100% disagree with BigPicture. Think of it as gambling at a casino. You win some and you lose some. You do not want to spend money on this website, thinking that you will automatically win. Thats just stupid!!!I won an apple Ipad retailed for $499.99 for $5.56 + $15.99 s&h + 30 bids. If you do the math 30bids * $.60 cents a bid = $18.00 so for a grand total of $39.55, i bought an ipad. Yes the people that lost the auction lost their bids, but isnt that what gambling is all about? You would not try to get a casino shut down just because you lost a bet! think of this site as a virtual casino, not a scam.
 Winner says:
      January 4th, 2011 at 1:44 pm -It amazes me how the majority of these comments are all negative. I signed up on Quibids today and won 3 auctions in less than a hour and those are with the initial 100 bids I paid $60 for. A Minolta 35 mm camera (list for $525)that i paid 3.78 with 10 bids, a 32 inch Viao TV, for 11.21 with 6 bids and a $100 Lowe's gift card for 11 cents! Its all about timing and waiting out the suckers. It is no different then playing the stock market. You will win some and you will lose some. TIMING PEOPLE!! TIMING!!! If you don't understand the stock market you will never understand penny auctions. they are not a scam. It just takes intelligence to understand it
Mark C. says:
     February 23rd, 2011 at 7:13 pm -I personally believe this company needs to be investigated. On at least two auctions, I've watched a 'person' bid so many $.60 bids alone they could have bought the item twice at retail price. Either they are the dumbest person on the face of the planet, or this is a bot simply running to drive the price up and keep others bidding on the item. The 'person' that was doing this had the nick 'annalovell'. If anyone else notices this, please post...
Sicofit says:
      January 27th, 2011 at 2:51 pm- I've never fallen into the penny auction trap but am still blown away by how these sites are allowed to advertise their business. Showing a winning bid by dollar amount is completely misleading and shouldn't be allowed. Example: Advertising an iPad having been won for $22.67 actually means 2267 bids at$.60/bid were placed. This means Quibids receives $1360.20 for an item that retails for $699.00. I'm not saying that there aren't any deals to be found on these auctions, but promoting 95% savings is just untrue. I'm glad to see the high number of posts that recognize this and I'm tired of seeing these advertisements on my computer. And those people who boast about winning items for $12.00, what did they really spend and how about the auctions they don't finish?
       

       If this site matches the positive comments above, it is a gold mine.  I find the positive comments about difficult to believe though.  If anyone else is daring enough (and has money to wager) I would love to hear about your experience with this program.  I’ll come right out and admit it, I am too chicken.  Before I paid the $60.00 required to register, I am glad I consulted the reviewopedia forum.