Thursday, June 24, 2010

PA sites popping up everyday

Yes penny auction sites keep appearing everyday. I don't know how but looks like many people want to go into the business. Seems to be pretty easy but you still must have capital in order to start a business. Compared to other types of businesses, penny auction sites seem to be more affordable and cheaper than others. Maybe I should start up one and see how it goes then. Unfortunately, there are scams of these sites all over the Internet, so you have to be careful and determine which ones are legit and which ones are scams.

Wednesday, June 16, 2010

Be careful of buying bidpacks with Paypal

Looks like buying bidpacks with Paypal didn't turned out so well after all. When Zoogboo went down for good, people are scrambling to get their money back from buying those bidpacks. Unfortunately for me, I couldn't recover them since mine was cash instead of credit card. There is no protection for buyers since you're just buying intangible goods. Just be wary of buying bidpacks using Paypal instant transfer. Now I'll never recover my money again unless there is some way to recover them. Even I filed a dispute and escalate to a claim didn't help because the seller was using an alias instead of his real name.

Sunday, June 13, 2010

Lots of penny auction sites appearing everyday: good, bad, and ugly

Since the global economic crisis, penny auction sites are the rage these days. Replacing traditional auction sites like eBay, penny auction sites give users the chance to win auction items cheaply but must buy bid packs in order to bid on the auctions. Unfortunately, scam sites keep appearing everyday in order to entice users to buy bid packs and waste their money on items they actually don't have. I learn the hard way after Zoogboo tricked over 300 people of their money and ran off. I was unfortunate as well and lost money from that site. You need to have good intuition about whether or not the site is legitimate. Visit forums such as Penny Auction Watch and PennyBurners to keep up-to-date on penny auctions.

Tuesday, June 8, 2010

Some penny auction sites down

Well looks like some penny auction sites shut down for awhile. Happens all the time since they can't seem to make profits. Zoogboo is obvious anyway. monsterpennybids seems to give up on future auctions due to reserves set too high on items. Snaago has put their site up for sale on eBay, which means the site is in trouble (financial or legal who knows). What's really funny is that these owners show their other side (like Two-Face in those Batman movies)which is more dark and twisted. Doesn't matter anyway when there are countless other penny auction sites opening everyday.

I'll put up a list of penny auction sites you can rely on (hopefully) the right side. I really did win a few items, but cash deposited into your Paypal account is the easiest and doesn't require long delivery times.