On line bidding sites

[gassafeman]

I wish Id thought of it.

What a blatant rip off.

Mind you, I think the system can be worked into your favour by analysing the percentages of money paid to win a 'decent' auction, and spending a lot of time viewing the auctions.

I'm going to give it 3 months and try and work a system. These things (like professional gambling) need 4 'C's.

Confidence
Capital
Conviction
Construction

Paul.

 

[cmother1]

Tread carefully GSM - this sort of thing can be the stuff of marital breakdown.
Right - I'm just off to buy some Acai berries

 

[gassafeman]

Its an increbidly low-risk v's reward if its played right. Thats what Im starting to work out right now.

But it will take a long time to analysise everything to get it right.

I have a person 'working the numbers' with me aswell.

Paul.

 

[kirkgas]

GSM why have you moved out of Glasgow?

 

[Blasphemous]

How does it work Paul? I see they say FREE Sign Up and then it says FREE 3 Bids? Does that mean I have to 'pay' just to make a bid?

EDIT: Just been watching it. It's a lottery rather than an auction surely? It's certainly a winner for the website owner!

 

[PrenticeBoyofDerry]

Is it one of those jobbies, you pay for bids. Then when you bid win or lose they are spent.
So cost money even if you don't manage to make highest bid price?
So therefore you continue bidding as it's gona cost you regardless!

 

[gassafeman]

GSM why have you moved out of Glasgow?

Because of work. I was given a big contract in London a few years back and stayed in England ever since.

Some of my contractors are still based in Glasgow/Refrew/Paisley.

Paul

 

[gassafeman]

How does it work Paul? I see they say FREE Sign Up and then it says FREE 3 Bids? Does that mean I have to 'pay' just to make a bid?

EDIT: Just been watching it. It's a lottery rather than an auction surely? It's certainly a winner for the website owner!

Blas, you are spot on. These can be beaten though.

On paper I would have won one bet if I had gambled today. A net profit of £186 based on my inital 'buy bids' strategy. That includes my losses on other bids and the cost of buying the bids. Couple that with time not working, its not profit making at the moment. Far from it.

The old excel formuli are now being macro'd into some sort of erm... macro.

Paul.

 

[mikeyd]

Good luck to you if you work out how to win.

So have I got it right:

It costs the best part of £1 to place a bid (after the 3 free bids) and if you bid but don't win the price increases by 1p. So the vendor / website is already in the money if the item reaches 1% of it's retail price. Then whoever wins has to pay the winning bid value.

As mentioned above it must be good for the website owner.