Unk Greg Posted November 3, 2012 Report Share Posted November 3, 2012 Curious... pennygunauctions.comCame as a link with ccw site. $400 retails going for $50.00...so says winner section. Site says new in box. Quote Link to comment Share on other sites More sharing options...
imprez55 Posted November 3, 2012 Report Share Posted November 3, 2012 I didn't even look at the link but if its anything like the beezid (?) auctions and the like, then its legit but shady. Each bid of the auction only takes the total up x amount of dollars, however each one of those bids cost the person who bid it $1. So the site buys the items in question themselves and can still make a profit. That $400 retail gun just went for $550 easily for the site. Again, I have not used this site nor can I even access it from work but if it sounds too good to be true, it probably is. Doesn't mean you can't make out from it, but I have heard they have shady timer practices as well so you might still get screwed Quote Link to comment Share on other sites More sharing options...
Moneyless Posted November 3, 2012 Report Share Posted November 3, 2012 I didn't even look at the link but if its anything like the beezid (?) auctions and the like, then its legit but shady. Each bid of the auction only takes the total up x amount of dollars, however each one of those bids cost the person who bid it $1. So the site buys the items in question themselves and can still make a profit. That $400 retail gun just went for $550 easily for the site. Again, I have not used this site nor can I even access it from work but if it sounds too good to be true, it probably is. Doesn't mean you can't make out from it, but I have heard they have shady timer practices as well so you might still get screwedThat is EXACTLY how this scam site works Quote Link to comment Share on other sites More sharing options...
Scruit Posted November 3, 2012 Report Share Posted November 3, 2012 There used to be a penny auction company downstairs from my previous employer. They moved in during the darkest depths of the corporate real estate economy in the city, ran for 6 months and disappeared in the middle of the night when creditors came knocking. Question: is their physical address or phone number listed on the site? If it is email/800#/po box only the RUN AWAY. Quote Link to comment Share on other sites More sharing options...
Unk Greg Posted November 3, 2012 Author Report Share Posted November 3, 2012 Saw the fee to bid and timer bit. Thinking brick and mortar -shop, smaller mom and pop ... better chance for a remedy if a problem. Thanks. Quote Link to comment Share on other sites More sharing options...
Scruit Posted November 4, 2012 Report Share Posted November 4, 2012 At best a penny auction is a gamble. At worst it's an outright scam.The overwhelming majority of people will pay for stuff they don't get. How's that not a scam? Quote Link to comment Share on other sites More sharing options...
Unk Greg Posted November 4, 2012 Author Report Share Posted November 4, 2012 Thanks all for input. Quote Link to comment Share on other sites More sharing options...
speedytriple Posted November 4, 2012 Report Share Posted November 4, 2012 At best a penny auction is a gamble. At worst it's an outright scam.The overwhelming majority of people will pay for stuff they don't get. How's that not a scam?People waste money on scratch off loto tickets every day. Same idea, it's just a buck right? You spend it in hopes that you are gonna be the winner. Quote Link to comment Share on other sites More sharing options...
Scruit Posted November 4, 2012 Report Share Posted November 4, 2012 People waste money on scratch off loto tickets every day. Same idea, it's just a buck right? You spend it in hopes that you are gonna be the winner.That's gambling. I said "At best a penny auction is a gamble. At worst it's an outright scam." Quote Link to comment Share on other sites More sharing options...
speedytriple Posted November 4, 2012 Report Share Posted November 4, 2012 I know you said gamble not gambling. I see scratch of loto tickets as a scam. Your odds of winning a gun are about the same as winning a sratch off loto ticket. Quote Link to comment Share on other sites More sharing options...
Scruit Posted November 4, 2012 Report Share Posted November 4, 2012 I know you said gamble not gambling. I see scratch of loto tickets as a scam. Your odds of winning a gun are about the same as winning a sratch off loto ticket.A very good analogy. How many people waste how many dollars on scratch cards for every one person who wins?Penny auctions should be considered (and regulated as) a form of gambling. It is not skill. Quote Link to comment Share on other sites More sharing options...
speedytriple Posted November 4, 2012 Report Share Posted November 4, 2012 No its who has the fastest mouse click. Lol Quote Link to comment Share on other sites More sharing options...
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