Evil Site. Ingenious. But Evil.

QuiBids is ostensibly a bidding site. Each bid increment is one cent. The auction ends when 15 seconds goes by without someone bidding on it. Many items are sold at far less than retail price.

Here’s where it gets fun: Placing a bid costs 60 cents.

A co-worker came up with an example: lets say an IPad sells for $50.00. Someone got a really good deal, assuming that person didn’t bid very often. How did the site do? Well, since each bid increments only one cent, and each bid costs 60 cents, so that’s a simple .60 times 5000 bids plus the $50 for the sale, so the gross proceeds for the auction are $3050.00

Wow.