chutestrate
Member
How does it work. I read the getting started information, and it makes no sense to me. Are people buying and selling way under market value???
I definitely won't be using the site, but does anyone really know how it works? I don't see any clear explanations of the process. Just curious now. Is it really a scam or just a risk someone needs to be aware of.
As far as I know, all penny auctions work like that. They are not an auction service like eBay, but a vendor selling good via an auction format.chutestrate said:ohhhh, I think I've been dense. Is it the site that sells items and sellers can't list items there?
TexasRifleman said:Basically you pay for the privilege of bidding. Each bid costs you money. Eventually someone will "win" the auction and buy a gun for, say, $45. But, he may have spent $500 in points to bid enough to win, so he really pays $545 for the gun.
Some other guy bidding against him may have spent $400 in points to bid, and got nothing for his $400. Along with every other person who bid.