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Watch Out For Penny Auction Sites!
jimlevitt
Posts: 1 Newbie
Just wanted to warn everyone out there that you should only participate in penny auctions if you're willing to lose money and not win anything. That seems to be the way they work. I was taken in by a review on this and I ended up losing money. I don't recommend participating in any of these sites! I know I won't
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Comments
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well durr!Target Savings by end 2009: 20,000
current savings: 20,500 (target hit yippee!)
Debts: 8000 (student loan so doesnt count)
new target savings by Feb 2010: 30,0000 -
Anyone stupid enough to think they are genunely going to win someone quite frankle deserves to lose.
How can anyone not see it as a complete scam??0 -
Many of these are glorified raffles for the terminally greedy and/or stupid IMHO0
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nomoneytoday wrote: »Many of these are glorified raffles for the terminally greedy and/or stupid IMHO
They are much worse than raffles because they play to the instinct of people to 'protect their investment' (aka throwing good money after bad.)There are two types of people in the world: Those that can extrapolate information.0 -
Plus they are basically gambling, which is hugely addictive.0
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Thanks. I was interested (maybe not know). I got hold of a comparison spreadsheet from one of these sites and couldn't believe some of the figures some companies make. it seemed to be reporting figures correctly which was a refreshing change. Maybe some are better than others0
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