MadBid.com - anyone used it

half diminished

Senior Member
Messages
1,361
Location
Buckinghamshire
There seem to be some real bargains but I wonder how much you have to spend to win an auction?

http://uk.madbid.com

The big issue I can see is that you are at risk of placing bids at say £1.30 each and then someone adds a 1p bid and you still don't win.

Great money spinner for the site owner! A £300 laptop only needs to sell at around £3 at say an average of £1 per 1p bid. Clever!

Has anyone here used it or won anything?
 

Kumimajava

Member
Messages
43
Location
Oxford, UK
these have been around for quite a while - I think a site called 'bid to win' was one of the earlier ones.

it's a clever idea in the sense that the site operator doesn't even (usually) stock the item - they just have them shipped out to the 'winner's address' from the distributor's/importer's warehouse. keeps the overheads low & usually if there is a problem with faulty items or returns, then the buyer deals drectly with the sender.

i've never used these sites & never will. a lot of people who have used them & think they're initially getting a real bargain, but eventually figure out that they're subsidising the winner on every auction they don't win. after having this realisation, you might imagine, they are not pleased. If you have a look around the 'net, you'll find a lot of forums with frustrated bidders & heated debates.

none of this, of course, is illegal (i don't think), since it's just a different online auction type and all the bidders sign/agree to the 'terms and conditions' before bidding. but it can be frustrating.

i hope this helps.
 
OP
half diminished

half diminished

Senior Member
Messages
1,361
Location
Buckinghamshire
these have been around for quite a while - I think a site called 'bid to win' was one of the earlier ones.

it's a clever idea in the sense that the site operator doesn't even (usually) stock the item - they just have them shipped out to the 'winner's address' from the distributor's/importer's warehouse. keeps the overheads low & usually if there is a problem with faulty items or returns, then the buyer deals drectly with the sender.

i've never used these sites & never will. a lot of people who have used them & think they're initially getting a real bargain, but eventually figure out that they're subsidising the winner on every auction they don't win. after having this realisation, you might imagine, they are not pleased. If you have a look around the 'net, you'll find a lot of forums with frustrated bidders & heated debates.

none of this, of course, is illegal (i don't think), since it's just a different online auction type and all the bidders sign/agree to the 'terms and conditions' before bidding. but it can be frustrating.

i hope this helps.
I agree, been back there a couple of times but have been put off each time.
 

kevgermany

ex Landrover Nut
Subscriber
Messages
22,004
Location
Just north of Munich
I looked at a couple of similar sites. There are a few variations, but each involves many people paying "small" sums per bid. Often the bidding preiod is extended for every successful bid, meaning that unlike ebay, you're trying to hit a moving target. Doing the maths as shown above, gives a very handsome return for the organiser.

I guess it's possible to "win" high value items for a small cost, but it's very hit and miss and you could easily end up losing quite a lot of money with nothing to show for it but experience.

Some of the models are more like betting, than bidding. As in betting on a horse race where you guess/predict the winning animal, here you guess the winning price. The odds are not good. And the cost per bet is high.

I also decided not to take part.
 

Kumimajava

Member
Messages
43
Location
Oxford, UK
indeed there are many variants on this - another popular one is the 'lowest unique price' scheme.

there you're given a price grid (say 5p or 10p increments) and you place 'bets' on which price will end up being the winning price - the lowest 'unique' submitted bet wins.

in a way, these sort of sites are good fun if you look at them as 'gambling' - if you decide you have a few quid to (potentially) lose. Just set a 'silly' low bid a few times & don't expect to win... and if you do, you'll have a positive surprise.

either way, as someone who designs & studies auctions as a full-time occupation, i don't particularly like these kinds of schemes - always makes me think that whoever's participating will end up feeling cheated in the end anyway... ah well.
 

Pjonah

Member
Messages
870
Location
West Row, Suffolk
the one that scares me is Swoopo, you buy bids at 50p each and the value goes up 1p a time and adds 10 seconds to the time left. You can employ a bid butler which will place bids for you, it does seem that for every lucky winner there is a whole host of people that will have spent significant sums and have F**k all to show for it.....scary.:confused:

At the end you pay the value its raised to, say a Nikon D50 for £100 but you placed £350 bids so you £450, still a good price but not sure if I like the format.....no I definitely don't like it!
 

Moz

Senior Member
Messages
841
Location
North of Liskeard, Cornwall,UK
There seem to be some real bargains but I wonder how much you have to spend to win an auction?

http://uk.madbid.com

The big issue I can see is that you are at risk of placing bids at say £1.30 each and then someone adds a 1p bid and you still don't win.

Great money spinner for the site owner! A £300 laptop only needs to sell at around £3 at say an average of £1 per 1p bid. Clever!

Has anyone here used it or won anything?
Looked at the site for 2 minutes. Bid for £50 is the line and people actually do. They deserve all they lose.

Nothing for nothing (unless you're an MP) in this world and if it seems too good to be true, it probably is.

Never heard of it before now and I shan't be visiting again.

Martin
 
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