Telebid Scam or not?
Firstly, what is Telebid?
Telebid is an auction site, but an auction site with a difference.
Firstly you cannot just bid on any old auction that comes up, you
have to pay to be able to bid.
So how does Telebid work?
First you need to register. Once registered you log in and buy
bids. Bids cost 50p (£0.50) each and come in a variety of
packs from £5 for 10 bids to £250 for 500 bids. Now you can
use these bids to bid on auctions. An auction starts at £0.00
at a predetermined time. When someone places the first bid the
price goes up by £0.07 and the time that the action ends increases
by a random number of seconds from (anything from 1 second to 20
seconds). The time will count down until the time reaches zero
and whom ever is the last bidder at that time wins the auction but
every time someone bids this adds time to the countdown timer.
Let us explain this further:
An auction is due to start at £0 in 4 hours (time now 1300).
Someone places a bid and the bid increases to 4hours 10 seconds and
the price goes to £0.07. When the count down timer reaches
less than 1 minute (in around 4 hours) others will start bidding
(maybe sooner) and for every bid the price will increase and so will
the count down timer. When the count down reaches 1 second
many people will sometimes bid and push the timer high and the count
down continues. This carries on sometime for minutes and
sometimes for hours until everyone else gives up and the count down
time reaches zero and who ever is the bidder at that time wins the
auction at what ever price it has reached.
An example: A wristwatch
will start a Telebid auction in 4 hours time. Someone has placed a bid
which puts the price at £0.07 and ads 10 seconds to the timer.
With 2 hours to go someone else places a bid and the price goes to
£0.14 and the time has increased by a few seconds. Most
bidders will not bill until less than a minute is left. With
only seconds to go 10 bidders put in bids and the price increases
by £0.70 and the timer increases by 1 minute 10 seconds. And so it
goes on until 1 bidder is left when the timer reaches zero (and
the price can have increased to £10, £50, or even £300 depending
on the value of the watch and what people are willing to bid up
to). Sometimes an item will sell for a fraction of the
value. A Nintendo Wii for example may sell for £20.
The site also sells bids called 'free bids'. 300 free bids
(worth £150) are offered for sale at 100% off. In other
words if you win that auction you will receive 300 bids to use at
future auctions but not have to pay for them.
So how does the Telebid site make money? Ok, let us do the
maths. Each bid increases the auction price by £0.07 but
COSTS £0.50. Many people are bidding on the same item.
Because free bids are free, i.e. you do not pay for them if you
win, the price can rise to much more than the actual value.
Sometimes 300 free bids can end an auction at over £200. How
much does the site make for this? £200/£0.07=2857 bids at
£0.50 each bid=£1428 for something that has cost them £150.
Another example is a laptop computer valued at £899 but with 100%
off finally sells for £400 (but the buyer only pays for delivery).
£400/£0.07=5714 bids at £0.50 per bid=£2857 instead of the £899 it
cost the site.
What is the catch? Only one
person can win each Telebid auction. Therefore there are numerous
losers. Is Telebid a scam? That depends on your
definition of Scam. Does the Telebid Auction site give you
what you pay for? Well you pay for bids and that is what you
get. When you use your bids do you get the items you bid
for? Mostly, NO. Most people will lose an auction.
Is that a scam. No You do not have to bid. Then why did you
come here? To try to get something that has been suggested
you could get it cheap. This site is playing on your own
greed. Does that make it a scam? No. Do people
who win auctions get the items that they won? We do not
know. We only know that if you bid on and win an auction of
free bids then you will receive your free bids. Do Telebid
have people or robots that bid and win their own auctions thus
denying members a chance to win? We do not know but why do
they need to? As you can see from the above figures they
make enough profit from each auction without resorting to
cheating. Ok, some auctions they will lose some money but
overall they make large profits on most of the auctions.
How to win? Don't buy
bids. Seriously, only buy your initial bids of say 250 bids.
Then bid only on bids. Ignore the temptation to bid on other
items. Only bid on free bids and then use the bids you win
to bid on more bids until you have several thousand bids.
Then you can set bid butlers to bid on other items knowing that
you can outbid others. Any bids you do not have to use are
returned to your bid account. For example if you have 15000
bids and set a bid butler to bid for a laptop auction 100% free
(an auction for a laptop that if you win the Telebid auction you
only pay for the postage). You set the bid butler to bid
starting from £500 up to £1000 (7142 bids). The auction ends
at £800 so you used 4285 bids so 2857 bids are returned to your
account. Don't forget to now bid on more bids to top up your
bid account.
If you find anything on this website to which you feel you have
copyright please let us know by email to our email address at the top
of this home page. Upon notification we will take immediate
steps to rectify matters.
Copyright©BWSI.comesst.com 2003
|
