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# has anyone heard of

telebid.com - all you have to do is buy ur bids ( u can buy bid packages)
and start bidding on ps3's wii's, ipods, mobile phone

has anyone ever heard of this as I can't not find any reviews about the site

I dont like the look of the site

harvie316;1462081

I dont like the look of the site

Had a look myself. Concerned that the site is in Germany, but says that US patent pending.

Original Poster

Hi,

I have heard of this, in fact I have used it.

From my experience to win an Item 1 of 3 things must happen:

1) You are extremely lucky
2) The website freezes while you are the top bidder
3) You spend a decent amount of money on bids

A quick breakdown of how the company makes money.

You bid and it costs you 50p. The item price rises by 7p per bid.

If you see an item with a current price of £50 the company have made £407 already.

To work this out you need to work backwards from the current item price as below:

£50.00 / £0.07 = 714 (Bids)
714 x £0.50 = £357 (Value of Bids)
£357 + £50.00 = £407 (Value of bids + Sale Price)

As you can see the company are making a fortune on items.

They also use certain variables on a few auctions. For instance...

A Laptop worth £650.00 will be given a fixed price of £69.00 so the winner only pays £69.00 for the Laptop.

The only problem for the bidders here is that because everyone would like a laptop for £69.00 everyone bids meaning the price can rise to as much as £1300.00 (The highest I have seen) but the winner will still only pay £69.00 as the company make money from the bids not the sale price.

Estimated company profits on this sale would be: £8704.00 (This includes there initial purchase price).

Please be aware that you can lose an awful lot of money on bids and not win an item.

My advice would be to think very carefully before bidding as this can become a form of addiction because in essence it is gambling.

Cheers