How to win a penny auction

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

  1. 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.
  2. They are new – so there is little competition

Ok, so here is what you do:

  1. 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!
  2. 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.
  3. 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
  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.

  • steve

    Your calculated effort is wrong. .10 cents is 1/10 of a penny. Therefore you’re looking at $5 in your math.

  • Steve is stupid

    $.10 Now go do your math.