One penny auction, QuiBids, is gaining rapid popularity! Consumers bid on items listed for a fraction of what they cost.
After observing the site for over half an hour today, I noticed the catches. It costs $.60 to place each bid. Also, you have to pre-purchase bids. 45 cost $27, 75 cost $45 and 300 cost $180. Furthermore, as people place bids on an item, the auction time increases.
Although there are some great deals, it seems pretty impossible to swoop in and win items like iPads or Mac Books.
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