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Smartest Biz of the Year:

Friday, November 5th, 2010
Posted in Reviews by Joel Gross

Basically it’s the first really well made online auction gambling site. The way it works is that if you are bidding on a Sony PS3, bidding starts at $.01 and goes up by $.01 increments. The auction is on a short countdown (usually just a few seconds) and each additional bid sets the clock back by a set number of seconds. Many items end up selling for ultra low prices like $14.80 for that brand spanking new PS3. What’s the catch?

Each bid costs you $.60 to make. So on an item that is bid up to $14.80, Quibids actually makes $.60 * 1,480 bids= $888!

Best business model ever. It preys on two of the most common human weaknesses: the gambling instinct & shopping desires.