The Next Bid Reverse Auction?

stripee · 27 October 2009 at 11:18PM

hi

just been sent info about this site from cashbackkings. Has anyone heard of it, used it, or know much about it please. I think I now understand how it works, but don't know who's sellling the goods in the first place. Seems like a potential way to pick up a good bargain if it actually works. Also potentially a bit too good to be true. If genuine, then maybe one for the newsletter!? Answers on a postcard please!

Lowest Unique Bid wins the Auction! TheNextBid is a reversed auction website that operates "Lowest unique bid" auctions and "Express" auctions. It offers a new way to win brand new products for a fraction of their market value!

The Lowest unique bid auction gives you the opportunity to buy brand new products at very low price. The winner is the bidder who has placed the closest bid to 1 pence (£ 0.01) and that no one else has placed (unique bid).

http://auctions.thenextbid.com/register.htm?vip=aw&awc=2357_1256681803_80eee4f3f8788a9c162c146c971fc7e9

Sorry, can't work out how to get a shorter link, but I think it should work anyway.

Stripee

cyberbob · 27 October 2009 at 11:25PM

Here's the info from Whois

domain: thenextbid.com
reg_created: 2008-09-09 09:24:44
expires: 2012-09-09 09:24:44
created: 2008-09-09 11:17:52
changed: 2009-08-12 09:57:52
transfer-prohibited: yes
ns0: dns1.transnexis.net
ns1: dns2.transnexis.net
ns2: dns3.transnexis.net
owner-c:
nic-hdl: JK1579-GANDI
owner-name: Reef Interactive
organisation: Reef Interactive
person: Jochen Kovic
address: '145 - 157 St John Street'
zipcode: EC1V 4PY
city: London
country: United Kingdom
phone: +44.02032399098
fax: ''

StaffsSW · 28 October 2009 at 12:30AM

Reverse bid auctions - a tax on the gullible.

Enfieldian · 28 October 2009 at 1:03AM

What if their are no unique bids below the value of the item or worse still, no unique bids at all.

stripee · 28 October 2009 at 11:27PM

ok, answered my own question now- I know how it works. I think i've worked it out, other than just watching their demo video - you have to pay to bid!!!!!!! What a stupid system!!!

Eg

So it's £1 per bid for a Iphone valued at £659. Bids are in 1p increments which means in theory, (even if all bids are unique) there's a potential income of £65,900. The number seems so stupidly high that I've had to work it out three times.

Looking at an EOS camera in the closed auctions, the average number of bids (crudely calculated) is 5 bids per penny. Which is £1,000 in bid revenue for the first £2 of potential bids... WOW

It appears it's a licence to print money for people who want to grab a greedy bargain. Crazy stuff...

I will personally be staying well clear

Stripee

jamesparker_2 · 30 October 2009 at 8:58AM

I am not clear about the post! Please guide me through it in a simple process.

cyberbob · 30 October 2009 at 9:10AM

jamesparker wrote: »

I am not clear about the post! Please guide me through it in a simple process.

If you want information you need to be a little more specific. This whole thread is pretty self explanatory. Not sure how much clearer people can be

bid4bid · 31 October 2009 at 2:06PM

stevew8975 wrote: »

Reverse bid auctions - a tax on the gullible.

Yes possibly correct.

The Next Bid Reverse Auction?

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