Beezid.com is a rapidly growing “penny auction” site where user can get incredible items for amazing prices. This is mostly due to there massive marketing on television where they show actual users getting amazing deals like, $900 cameras for $13, $3,000 televisions for $100, and even $30,000 cars for $500. Sounds pretty amazing right? That is until you actually go to there website.
Just like you, I thought beezid.com was the best thing since canned cheez whiz. Unlike you however, I didn’t do my research before going to beezid.com. First of all, in order to even start bidding on there items you need to buy bids. Actually you get 5 free bids when you sign up, but they can only be used on the “Cherry Auctions”, which usually consist of bid packages.
A common package is 50 bids for a retail price of $40. That’s $0.80 per bid unless you bid on a bid package which averages out to $0.60 or so for 50 bids. Not too bad, especially if you can score a $30,000 vehicle for only $500, right? That’s what I thought. I very quickly found myself down $70 and nothing to show for it. At least playing the lottery I still have the tickets.
The items are increased by $0.01 every time a user places a bid. The time that they have left until they are closed also increases every time a user places a bid. So as long as people keep bidding on the item the timer will keep resetting and your bid stock will keep dwindling.
Let’s look at our prices again. Say you got a heck of a deal on a 50 bid package and only paid $0.50 per bid, and you see the new MacBook Air which retails at just shy of $1000. The current price is $49.99 and the timer is at 00:00:05 so you place a bid. The timer resets back to 00:00:20 and immediately after your bid is placed another 10 people have outbid you. Ten of your bids later the MacBook is now at $53.00 and you are out $5.00.
Next you try your luck on a Playstation 3 which has a current price of $3.50. You think that when time gets low on the item it should be around $20.00 so you book an autobeezid to bid for you from $20.00 to $25.00 that uses up 30 of your bids. Somewhere else another user books an autobeezid from $22.00 to $30.00 using 35 bids. Can you guess where all of your bids and that $15 went? Right into Beezid.com’s bank account.
As you can see Beezid.com is quite a gamble and it becomes very easy to lose a wad of cash. Now I’m not saying that you couldn’t get lucky enough to get a $300 telescope for only $9.97, but as more users turn out to try there luck winning is going to become even more difficult.