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.
Genius.