Godlike Productions - Conspiracy Forum
Users Online Now: 2,153 (Who's On?)Visitors Today: 138,256
Pageviews Today: 209,786Threads Today: 38Posts Today: 1,192
01:34 AM


Back to Forum
Back to Forum
Back to Thread
Back to Thread
REPORT ABUSIVE REPLY
Message Subject PENNY AUCTIONS - ZIINGA A SCAM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Poster Handle Level0
Post Content
Ziinga is a scam because you are bound to 3 months platinum membership in their T&C's, but not all penny auctions are scams.

You can win on them if you are happy to gamble and spend (usually big!) money, I personally would never use these sites but for those who say the companies can't get stock at those prices just don't know how they work, it's simple and even the legit companies make a ton of cash, a colleague set one up and this is how it works:

Each bid increases the price by 1p and if you are the final bidder you get to buy at that price. Great!

Each 1p bid actually costs £1 to buy and bids are only available in £10, £20 and £50 bundles. Most winners need multiple bids to win, on average it takes 17 bids per user per win. So the iPad that sold for £41 will cost you the £41 + the £17 (or however many bids you used) for buying the bids in the first place. Often people can spend £50+ on bids before they realise.

Remember when one of these auctions finishes, the company have made a ton of cash, each bid costs £1 but only increases the price by 1p so an iPad that finishes at £41 has actually had 4100 bids at £1 each. Even if the company pays full retail price at £500, they've just netted themselves £4100 in bids alone (not including any unused bids sold in a bundle).

Ziinga is a rip off for it's own reasons but penny auctions in general are just another form of gambling, are you willing to bet £20 that you might get lucky and win an iPad/iPhone/Vanity gadget? I think they're morally corrupt but not outright rip offs, you have a little more control than the lottery but not by much. Next time you see one of these sites boasting somebody won a brand new KIA car for just £434 just remember that site has made £43,400 for a £8000 car....
 
Please verify you're human:




Reason for reporting:



News