Madbid?

Aruffell · 17 Nov 2009 at 12:17

My brother just rang me and told me he saw an advert for this website http://uk.madbid.com/

Just wondering what the story is around this as i've just seen £400 cash go for £3.17.

I mean, straight away i think SCAM, but there was an advert on tv, which means it must have got through trading standards etc... right?

I'm on my phone at the moment so cant check through the site thoroughly.

Andy

neil3k · 17 Nov 2009 at 12:17

you had to buy bids iirc

markweatherill · 17 Nov 2009 at 12:22

I think we'll see a sudden spate of these websites! Swoopo and the like.

bledd · 17 Nov 2009 at 12:22

Basically, you have to pay for EACH bid placed, even if you don't win.. That's how they make the money

Jokester · 17 Nov 2009 at 12:24

So it's basically just a form of gambling?

Aruffell · 17 Nov 2009 at 12:24

So thats how they make their money, but is it a viable thing to do to get things cheaper, or im guessing you'll win some and you'll lose some, so you might as well stick to ebay?

Andy

Bennie-Mac · 17 Nov 2009 at 12:26

More expensive to buy bids than swoopo, and when you bid it restarts the timer. Only thing going for it is that it doesnt seem to have as many people on it as swoopo, so there is more chance to win. But thats still unlikely

Jokester · 17 Nov 2009 at 12:28

Woah, they're quids in there, even if everyone got the max discount on bids, take for example the plasma tele, they've had 8374 bids so far, at the cheapest bid price of 75p a bid that's well over £6k they've made on it!

RobH · 17 Nov 2009 at 12:29

http://en.wikipedia.org/wiki/Bidding_fee_scheme

.Lethal · 17 Nov 2009 at 12:29

Madbid.... Yeah, that site is so Mad I must get my credit card out right now.

Lokai · 17 Nov 2009 at 12:43

Jokester said:
Woah, they're quids in there, even if everyone got the max discount on bids, take for example the plasma tele, they've had 8374 bids so far, at the cheapest bid price of 75p a bid that's well over £6k they've made on it!

Doesnt work like this, only the person that "wins" pays the amount they have bid.

Madbit make there revenue through premium rate revenue shares, so say 6000 bid via text or there site they are charged at 150p per bid.

Jokester · 17 Nov 2009 at 12:52

_Andyh_ said:
Doesnt work like this, only the person that "wins" pays the amount they have bid.

Madbit make there revenue through premium rate revenue shares, so say 6000 bid via text or there site they are charged at 150p per bid.

Huh, how is that any different to what I've said. Each bidder pays between 75p and £1.50 a bid (that tele was 8374 bids so as I said well over £6k as a minimum), then the person that actually wins then pays what ever the winning bid was.

Lokai · 17 Nov 2009 at 12:53

Ah sorry thought you where saying everyone pays the amount they actually bid

daz · 17 Nov 2009 at 12:53

Jokester said:
So it's basically just a form of gambling?

Exactly - it's a lottery/raffle and you're buying tickets.

It's like saying that the person that won the Euromillions "bought" the cash for £1.50. Of course they didn't it was just luck.

daz · 17 Nov 2009 at 12:54

Aruffell said:
So thats how they make their money, but is it a viable thing to do to get things cheape

Is buying scratch cards a viable way to pay your weekly bills?

bledd · 17 Nov 2009 at 13:13

It's a pyramid auction site basically

Greenlizard0 · 17 Nov 2009 at 13:17

I got a few free bids back in the summer. It's alright, but I can't really be bothered with it lol.

Vonhelmet · 17 Nov 2009 at 13:27

A fool and his money are soon parted.

gillywibble · 17 Nov 2009 at 13:52

Bargepole.

Janesy B · 17 Nov 2009 at 13:53

Jokester said:
So it's basically just a form of gambling?

Yes.

It's the lowest unique bid that no one else has made so it is pot luck really.