TOPIC: Penny Auctions OMG!

These sites have found a new way to make millions of dollars off the general public. They are taking in butt loads of money off these auctions. How do they make money selling ipods big screen TV's for 70-90% off retail. All these sites you buy bid packages that cost on average of about .60ea. When you make a bid it only goes up .01 which on the face seems great. Each time a bid is made the ending time of the auction resets 20-14sec depending on the site. When the clock ends you win simple right. Well normally there will be dozens if not hundreds of people bidding so it could take hours even days for the auction to end. But how they can sell an Apple II that retails for $700.00 for 200.00. Well if it sold for 200.00 that means 20,000 bids were made each bid costing .60 times that .60 X 20,000 = $12000.00. plus the 200.00 it sold for. OMG! how do I start my own Penny auction website

These penny auction sites has caught my interest. I am in no way going to join any of these sites. I just came across a news station video clip last night where they talked about Deal Fun.com. One of the anchors tried it and won a few things for under a buck. This is what caught my interest. I found a forum called Penny Auction Watch. Seems this is the place where all the new auction sites post up when they go "Live" and where people post there gripes and complaints about these sites. I thought the best chance to win is one of these new sites that don't have many bidders yet. But that also has its problems as most new sites lose money until they build up a lot of bidders buying bid packs. I read they intentionally end items to themselfs if they can't get enough bids or they never send the item won to people and just refund the winner but all the other bidders who spent bid on the auction don't know the winner got refunded and they all just lose there money. It appears a lot of these sites are scams and there are many ways they can do it legally as far as what it appears on the surface. I read most people have to wait 3-6 months to get there items they win or never. If you ever been thinking about joining one of these penny sites it be wise to read this site
www.pennyauctionwatch.com/forum/