Anyone run a madbid.com type web site?

[Retired_member41]

If anyone does, 1. I hope its not as poorly run as the awful madbid one lol and 2. I have a quick question you could really help me with.

Thanks

 

[golddiggerguy]

A great model they run for generating revenue, but in reality it's gambling!

I really dislike the site TBH and the whole idea of it. I wouldn't think it'll be too long for the bubble to burst and people realise just how much they are getting ripped off.

Good luck with your version if thats the case.

 

[GreyWing]

I really dislike the site TBH and the whole idea of it. I wouldn't think it'll be too long for the bubble to burst and people realise just how much they are getting ripped off.

It gets burst every year mate but people's memories are short. They simply stop advertising, let the heat die down and then start over again.

The money they get in for an ipad is about 6k

 

[golddiggerguy]

I did the sums for all products on one day and was just shocked TBH, like you said £6k for an IPAD.

 

[bensd]

I wonder how much they rake in for a car?

 

[disruptive]

It's a very interesting model for me. Since I spent sometime many moons ago at one of the worlds largest online market places...one where you actually pay for what you get.

I've always found these "reverse auctions" a scam. Because its like a lottery as to whether you get anything, but its dressed up as a game of skill. I've never entered one and encourage no-one to try. The ratio of income to costs are sky high and there is some sharp practice around. It works because the punter believes headline figures of "£8.89 for a Mini Cooper". Sadly I suspect this affects the poorest and most vulnerable in society.

Incidentally there is one company best of the best, who do tickets for cars. They gross considerably more than the cost of the car...although that is a draw and doesn't rely on "skill".

 

[Retired_member41]

It's a very interesting model for me. Since I spent sometime many moons ago at one of the worlds largest online market places...one where you actually pay for what you get.

I've always found these "reverse auctions" a scam. Because its like a lottery as to whether you get anything, but its dressed up as a game of skill. I've never entered one and encourage no-one to try. The ratio of income to costs are sky high and there is some sharp practice around. It works because the punter believes headline figures of "£8.89 for a Mini Cooper". Sadly I suspect this affects the poorest and most vulnerable in society.

Incidentally there is one company best of the best, who do tickets for cars. They gross considerably more than the cost of the car...although that is a draw and doesn't rely on "skill".

I too think it damages the poorest in society, just like scratchcards, my original post was one, so i could ask a question, to see if you could actually run one of these reputably?

 

[Frog]

I don't think you could run one reputably as the other players in the market would have a significant edge over you. When you're willing to rip your customers off like they are, you can afford to pay a huge amount more per customer you acquire.

Participating in the auctions/scams/bids/whatever you want to call it obviously makes no logical sense... everyone here knows that. But then neither does buying scratch cards or playing the lottery.

Its legal... if the general public want to throw their money away on something stupid like this then anyone who can, might as well take their money. If you don't someone else will


Back on the point of running it reputably... I think the only way you make a success of this is if you deliberately hide how much profit is made from each item and make everyone think they have a good chance of bargains. Hide all the numbers in terms and conditions that your average Jeremy Kyle watching customer isn't going to concern themselves with...

 

[disruptive]

I've looked at this model, could have done it in the early days but decided it felt as legitimate as flogging sub prime mortgages to people who really cannot afford them. I hope no-one on AD does reverse auctions.

 

[ribble-valley]

That's my plans for daftbid_co_uk out the window then!

 

[Blossom]

I've always found these "reverse auctions" a scam. Because its like a lottery as to whether you get anything, but its dressed up as a game of skill.

Does it count as gambling (for restrictions, licences etc.)?