I looked into it a long while ago when beezid was hot, here is the jist of it i gathered then, dunno if its still the same.
"11-18-2009, 02:12 PM
beezid
Anyone else see that commercial?
new auction site, 5th gen camaro’s going for under $1000
But it looks iffy still.
Everything starts at 1 penny, and bid are all done by 1 penny, and you pay up to $1 for ever 1 penny bid you make.
On the main page a guy just won a $100 gift card for $1.10 but if they get near $1 per every penny bid, plus the final price. They can cover their losses on big items easy with enough volume. A $120 bid pack is 200 bids, 60cents per 1 penny bid.
found a rip off report but at the end, he says it was fixed and he got awesome stuff for cheap.
http://www.ripoffreport.com/internet...nter-45693.htm
Though if the site is legit, you gotta get in early to get them good deals before to many folks join. [coughlockerzcough]
winner: RMTMMT
Price: $0.62
G.I. Joe: The Rise of Cobra blue ray DVD
do that all day long at $50-60 a pop, plus a million other titles.......
Also I checked the car ones are sometimes reveal auction.
A car is listed for 20-40% off but the price is hidden. It cost 1 bid to see the hidden price, and that hidden price will drop by 20cents and you can decide to buy at said price or not. so couple hundred thouh of reveal clicks that lowers it by 20cents, and a 40-80cent profit, a small 40cent profit on each 100,000 reveal clicks, $40,000 profit, lowers car price $20,000
big old pyramid scam that works as long as people play.
Getting ahold of the numbers is amazing.
Cause member they get 60+cents for ever 1 penny bid made.
A guy pays just over $200 for a 52in flatscreen LCD but beezid makes 4-8-10 times more in profit over retial cost.
Sharp AQUOS / 52" LCD
Retails at: $1,699.99
$200.16
ohhenry [high bidder]
member each bid is only worth 1 penny but cost around 60cents.
100 pennies in a $1
100 X 200 = 20,000
20,016 bids so far.
60cents X 20,016 = $12,009.60
40cents X 20,016 = $8006.4
"