yeah just read something about that and there is a timer that resets with each 60c bid at some point it stops and who ever bid last wins for that price .
just watched a ipad mini end on £7.00 wtf ....
this this is how it works .
How does QuiBids work?
QuiBids is not your basic online auction model. We proudly developed a unique, exciting way to rejuvenate a century-old traditional auction in the digital era. We do understand that the similarities can create a bit of confusion, and we dont want that to obscure how we do business. So weve decided to explain just how things work around here.
Getting started
Before you start bidding, you have to register an account with us. On the home page simply select the Register tab on the main tool bar, or click on the Orange Button that reads Register Now along the banner. Once youre done registering, a confirmation email will be sent to the address you provided. If you dont immediately receive this email from QuiBids, then check your Spam folder to ensure that it wasnt mistakenly identified or blocked.
We recommend you add us to your safe senders list in order to avoid future confusion. Once youve confirmed your account, youre free to buy bids and participate in auctions!
Buying bids
Who loves options? Everybody. Well, youve got two when it comes to buying bids. You may (A) purchase bids immediately after registration, or (B) select the Buy Bids tab on the main menu at a later time. Your first bid pack buy is a set price, but after your initial bid pack purchase, therell be five different bid packs to choose from, each a different size. We recommend what most users start off with: a Beginner Bid Pack for testing out the auction waters. Once youve selected the proper-sized bid pack, simply add your credit card and billing information. From here, youre almost ready to join your first auction!
Remember, when purchasing bids, you are really buying the right to place bids and that each bid is worth $0.60. Purchasing bids doesnt guarantee that youll win, but the Buy Now feature is always at your disposal (well discuss that in a bit), and its basically like spending money toward the desired product.
Learning how to participate in an auction
Congratulations on making it this far! Now youll see bids as they appear in the upper-right corner of your screen. This number will update every time you bid on our site.
Before you start bidding, we strongly recommend you watch a few auctions and in so doing take some time to familiarize yourself with the pace and the dynamics of an auction. On the home page youll see a section labeled Live Auctions that displays the auctions that are currently running.
The timer
The timer counts down consecutively until it gets below 20 seconds. From that point on, the timer will reset to 0:20 seconds every time a bid is placed, thereby giving other users the chance to bid again.
If the auction persists after a certain number of bids (its not uniform from auction to auction), the timer will begin resetting at 0:15 seconds after each bid. Finally, if we feel the auction has gone on too long, the timer will reset to 0:10 seconds each time a bids placed. When the time expires, the auction ends and the last person to bid wins the right to purchase the item for the final price.
Sometimes we'll host what we call Speed Auctions, where the timer will reset to a maximum of 0:10 seconds. To determine whether or not an auction is a Speed Auction, check for the little red timer icon accompanying it.
Bidding
So earlier we established that options are good, right? When it comes to bidding, youve got two. (A) Simply select the bid button. Your bid will be recorded and your name will show up as the highest bidder. Each time youre outbid by another user, youll need to manually click the bid button again if you wish to guarantee that youll win the item.
Option (B) is the Bid-O-Matic, which does your clicking for you! This feature is designed for you to go hands-free, or even Internet-free, as Bid-O-Matic will automatically place bids from your account, per your direction. Simply instruct it how many bids youre willing to give up, and the price you want to start bidding at!
Probably the most important thing to remember is the last paragraph of this from wiki. Basically you buy bids for 60p so if you put down 10 bids on something and dont win, you lose £6. Its a very clever business model. kudos to the guys who are running it.
"Users of the service purchase "bids" to participate in auctions.[5] Bidding may begin only when there are five minutes remaining on the auction's timer. A bid placed in the last twenty seconds resets the timer for another ten to twenty seconds. Each bid increases the final auction price by a small amount (e.g. about 1 cent in the US).[5][6] There are some variations. In Speed Auctions each bid adds ten seconds to the timer. Additionally, some auctions allow auto-bidding via Quibids' Bid-O-Matic tool.
The final price is typically lower than the value of the item, but all bidders (not just the winner) will have paid for each bid placed.[7] Customers who bid on an auction may, during and up to two hours after bids are declared closed, choose to buy a unit of the auctioned product at its listed retail price, less the value of the bids they had lost in the auction.[8]
QuiBids advertises that a $499 iPad can be purchased for $22.54, however this discrepancy is due to differences in currency. Each "penny" on the website is purchased for 60 cents. The advertisements do not explain that the comparison is $499 in US dollars, compared to $22.54 in Quibids bidding rights.[7] Therefore, in that particular case of the iPad, all bidders combined would have "paid" $1352.4 in bids (22.54 * 100 * 0.6)"