QuiBids - a site more addictive than TUG! CLOSED account!

[djs]

It's not much different than a Pyramid Scheme. In theory, someone can come in and get an item such as (currently) a Apple MacBook Pro 13" Laptop for $37.84 + the cost of a single $.60 bid. This item costs around $1,100 and other bidders will have helped to pay $2,270 for the item. Many losers and at least one winner, but potentially two winners depending on how much the winner spent on bids. Essentially the winning bidder win with all the losers' money.

 

[laurac260]

so is this site down now? Is that what the title of the thread means by "closed account?"

 

[pjrose]

It means the OP quit while ahead and closed the account so as not to get sucked into losing money.

 

[PigsDad]

It's not much different than a Pyramid Scheme.

I don't see it as a form of a pyramid scheme, as with that, the first people who get into the scheme profit off of the last people who join in. That's not what's happening here.

I really like the comparison to a lottery that was brought up here earlier. You buy a lottery ticket for $0.60. You can win with a single ticket, but you increase your odds of winning by buying multiple lottery tickets. The major difference is that the order in which you buy the lottery ticket determines the winner (i.e., the last one to buy a ticket before the time runs out wins).

Kurt

 

[PigsDad]

It means the OP quit while ahead and closed the account so as not to get sucked into losing money.

Smart OP.

Kurt

 

[MichaelColey]

Lottery: A tax on people who are bad at math.

 

[RDB]

It's probably more like a raffle. Everybody pays. One person gets the item. Except instead of benefiting a good cause like most raffles, it benefits the "auction site".

Sorta like BINGO, although often that benefits a good cause.
Hundreds pay in and someone wins. Then we all play again hoping to win. We do this for hours and most times win nothing.

 

[MuranoJo]

Lottery: A tax on people who are bad at math.

I'm ok at math, but my mantra is still, 'You can't win unless you're in!!!'
Hey, the big Mega was won by someone here in Idaho (shared with someone over the border in WA). Who needs a timeshare when you have $180M in your pocket (before taxes)?

 

[MichaelColey]

I'm ok at math, but my mantra is still, 'You can't win unless you're in!!!'

The odds are about the same either way.

 

[djs]

The odds are about the same either way.

But I am reminded of Jim Carey's line in Dumb and Dumber:

"So, you're saying there's a chance"