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Kai Proton



Registered
  31/01/2005
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Wii Owner
13th December, 2010 at 18:52:51 -

Has anyone Used Madbid.com ?

it seems a little too good to be true,

Looks like you buy bid er..Credits, and use those Credits to make bids, so like Ebay you make bids but you can only make the ones you have credit for so, you cant bid like crazy because you have to buy more credits..


So,, I heard a Promotional code on the radio tonight on the way home from Evil work,

and it would give me 5 free credits or some thing,

my question is, has anyone heard of it / used it / Won anything from it ?


 
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Sketchy

Cornwall UK

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  06/11/2004
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13th December, 2010 at 19:09:36 -

It's just another form of gambling.
There's a tiny chance you'll win an item - but 99% of the time you'll have wasted your money, because it costs you to bid, whether you win the item or not.

 
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Hagar

Administrator
Old klik fart

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  20/02/2002
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  1692

You've Been Circy'd!Teddy Bear
13th December, 2010 at 19:13:17 -

@Sketchy for real? Is that full price or just a percentage of the full cost? Either way I find that ridiculous.

Just proves there is no such thing as a free lunch.

 
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Sketchy

Cornwall UK

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13th December, 2010 at 19:17:24 -

You lose 100% of money spent on bids, whether you win or not.

from Wikipedia:

Auctions run on MadBid.com are commonly known as "bidding fee auctions" or "penny auctions", a type of auction in which participants must pay a non-refundable fee to place a small incremental bid. The winning bidder pays the final bid price, which is usually significantly lower than the retail price of the item. Because most bidders will receive nothing in return for their paid bids, some observers have stated that the fee spent on the bid is actually equivalent to a wager.

Pay-to-bid auction sites often come under scrutiny and are likened to gambling.
In December 2008 the BBC questioned whether penny auctions sites were like an online lottery following a report from a gambling expert. Professor Mark Griffiths of Nottingham Trent University commented that the Gambling Commission "should look into this". He went on to state that "I think bidding on penny auction sites is akin to a gambling-like experience" and went on to say "Obviously, when people are bidding again and again and again and they don't actually win the item in the end, that's very much like gambling."

 
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Kai Proton



Registered
  31/01/2005
Points
  148

Wii Owner
13th December, 2010 at 19:20:47 -

Thanks for the Advise Guys,

I think I will steer clear of it, and Go watch Tremors 1 instead

 
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Time for a Sexy Party!
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Sketchy

Cornwall UK

Registered
  06/11/2004
Points
  1965

VIP MemberWeekly Picture Me This Round 43 Winner!Weekly Picture Me This Round 47 WinnerPicture Me This Round 49 Winner!
13th December, 2010 at 19:33:25 -

@Hagar -
Think I misunderstood what you said.
It costs you x amount to make a bid, whether or not you win.
If you only place one 50 bid though, you don't lose 50 - only the 1 or whatever it costs per bid.

But yeah, it's not worth bothering with (but not technically a scam either).


 
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