Heres an example. One of the great things about Swoopo, is they are completely upfront and honest about how much of a scam / swindle they are. They post the results of every single auction, so you can see just how much money the site is taking in.
http://www.swoopo.com/auction/apple-iph ... 80068.htmlHere, a 32GB iPhone went for $64.66. With 200 'free bids' the product was valued at a grand! What a deal, the winner saved 800 dollars!
But, hold on... since each bid increases the auction price one cent, and 6,466 bids were placed (at 60 cents a bid)...
The bidders on Swoopo spent $3,879 bidding on the product! Swoopo made almost 3 grand! On one item!
Yeah, diabolical. It gets worse. Swoopo even auctions 'nothing' ... they'll have auctions for free bids in which they make profit! Having no product and making revenue. Swoopo! You evil geniuses!
- The Bomber