If penny auction is blackjack, then this is how you count cards.
Take this site for example:
http://www.bidblink.com – a friend of mine build this.
They have two key features that will allow you to game the system
- They allow you to Buy It Now – buy the item minus whatever you spent on bids
– example: you bid 500 times at .10 cents a bid on a $50 Gift Card = $50 spent.
– You pay $4 shipping to get the Gift Card for $50 – $50 discount = $0.
– Your cost: $54 for a $50 Gift Card. - They are new – so there is little competition
Ok, so here is what you do:
- Golden Rule: DO NOT spend more on bids than the value of the product.
– if the bids cost you 10 cents a pop, do not bid more than 500 times.
– for a $50 item .10 cents x 500 bids = $50 spent. Why would you bid more??
– it sounds ridiculously simple and logical, but many people fail to understand this! - Use Buy It Now if you lose.
– if you bid 500 times at 10 cents a pop on a $50 Gift Card, you spent $50.
– pay another $4.00 shipping and you get a $50 item for $50 + $4 = $54.
– you lose $4 on shipping, instead of $50 on bids. - If you read this far and don’t get it yet, you are hopeless.
– basically you are hedging your lost bid by paying an extra $4 - Wait WTF, then how do I win?
– BECAUSE the site is BRAND NEW: there are very few bidders.
– 8 out of 10 times you will win.
– because you are willing to bid 500 times, you will most likely win
– most of the time you will pay $20 dollars or less for a $50 item.
– thats a $30 profit!!!
Anyways, like this guy said – penny auctions are a scam. If there is one thing I like, it’s to stick it to the scammers!!!
Disclaimer: Don’t get mad if you are too dumb to execute this correctly. This is a calculated effort, and you could lose big if you are a dumbarse. So please, pay attention.