Mad bid. com

pennyshahin_2

Does anyone know anything about the site mad bid . com ?

boombap

I know that they are currently running the world's most annoying ad on the radio at the moment and it sounds as dodgy as hell!

Sorry can't be of more help,

S.

soolin

It is less an auction site more a gambling site, you pay to bid. Unless you like a gamble this is probably a 'not with a bargepole' site.

aqueoushumour01

it was ok when not many people knew about it but now there are more people you are really gambing when bidding as you pay for each bid

madmaud

here`s a code worth £6.50 for this site if anyone would like to use it.
madfly2.

poorrich

Just had a look at it after hearing a radio advert. Look pretty dodgy, because you have to pay to bid, then you have to pay for what your bidding for anyway! Just seems pretty strange. I'll stick to ebay.

There is a promo code which gives you 12 free bids: radio

Rich

soolin

You seem to have found the others successfully already as all your posts refer to the site.

Unfortunately risky sites like madbid tend not to get too much positive praise on a money saving site.

sonyhamster

Hi all,

Sorry, I know the last post has been a while - but does it actually work or is it actually a con?

Dys_2

The site works on the principle that people forget the value of their bids and see only the cost of the item they are paying for. On average each bid costs 30p but people have bought them previously in bulk so they simply have a counter with how many bids they have left. The auction goes up 1p per bid. The winners are whoever wins the auction and whoever sells the item. Everyone else finances the deal. Example: I sell a car worth £20,000 for £2,000 and you buy it. You have bid 1,000 times. You have paid £5,000 for a brand new car worth £20,000... you have got a great deal there. However to reach £2,000 there had to be 200,000 bids (£2,000.00). In addition each time you bid it actually takes two of your bids from your stack. They charge double you see. Anyway that means 200,000 * 2 = 400,000 * 30p = around £130,000. So I just sold a £20,000 car for £130,000 making a nice £110,000 profit. So both the auctioneer and the winner make a killing but it is financed by every loser in the deal.

The reason it works is because people irrationally get caught in a spiral of paying because if they do not they lose their 'investment'. You are simpl hoping the others will drop out before you do. If you run out of bids... tough luck.

Azari

It really is invidious because, as well as the points mentioned by Dys, above, anyone irrational enough to use this sort of scheme in the first place is very likely to be the sort of person who will keep bidding well beyond the point he should have stopped to 'protect his investment'.

In fact, it's even worse than that because, once you start, there really is no logical place to stop. Ever! (Unless you win.)

The carrot of something going absurdly cheaply is unlikely to materialise often.

It certainly is a very, very, bad way of purchasing things.

Downright evil, I'd say.

porto_bello

If anyone ever invents a gambling system that really wins, the last thing they'll ever do is share it!