madbid.com - sounds too good to be true

NewEdition

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Has anybody used this site?
Seems there are some good deals on it, but just wary that you have to make a payment to them to buy credits before you can start shopping.
 
Well, there was a link to it on RTE, TheJournal or BreakingNews, cant remember which site, but was one of those three.
Surely the sites that contain these links to articles like this must check them out first?
 
It's not illegal but close. You need to pay for each bid you make and chances oflf winning are very slim. Madbid get paid for every single bid, meaning they take in way more than the item actually costs and one person gets it cheap. It's a win win for madbid. And I wouldn't rely on RTE et al getting ads verified. They don't care.
 
These sites are a complete waste of time and money. Each 'bid' costs you one or more credits, at ~12c per credit, everything up there now requires 4-8 credits to place a bid, and it seems like you can only increase the bid 1c at a time, so it might take a lot of bids before you ever win the right to buy something 'cheap'!

Just watch a few of the 'auctions' and see how the price creeps up and up, as the timer resets with each bid. They make best use of auto-bid to ensure maximum profits for them.
 
Consider an item that would normally cost €300. If each bid only increases the price 1c, then there are 3000 bids by the time the price reaches €30. At 12c a bid, they've already taken in €360. And there will probably still be people thinking it's a great price, so they'll put in another bid. If it goes up to €100, they've taken in €1200, and whoever gets it is happy with their bargain. Everyone who didn't win it has probably only paid a couple of euro, so they're not overly unhappy. I'd tend to think of it almost as a lottery.
 
Consider an item that would normally cost €300. If each bid only increases the price 1c, then there are 3000 bids by the time the price reaches €30. At 12c a bid, they've already taken in €360.

Except it costs 4-8 credits to bid for items. The Kindle up there now with a retail value of €130 required 5 credits, so 60c per bid. That's racing past €20 at the moment, so MadBid have already taken €1200 on that particular item!!!

The bright side they say is that if you don't 'win' an item, you can use the credits you've spent bidding on that item as discount on the 'buy it now' price, if there are more of that item available.
 
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