After seeing the TV ads, i went to beezid.com and read throughly as I signed up for my account. Yes, i understood that each bid cost me something, yes, i read about the "autobid" system they have.
So I decided to bid on a small dyson vacuum (msrp $299). Before I placed my bid, I watched the bidding history. i began looking when the bid price was around $9. as i watched, there was one account that appeared to be manually bidding, shewolf410. after almost every bid, this account posted back another bid.
I looked at the previous auction for this product and the winning bid came in at $13.86. So if I do the math right... at $0.60 per bid and 1 cent increase per bid, beezid.com grossed $831.60 or a $299 product.
I went back to the bidding history and saw 7 total accounts bidding on the product at that time. Some were autobids but most were manual bids, shewolf was hanging in there. around $12.00, the bidding had gotten down to just shewolf and another account. So, at this point, from $9 to $12, there were 300 bids. To be consrevative, I will estimate shewolf had 100 bids during that time (about $60). As I continued to watch, shewolf continued bidding all the way up to $15, another 300 bids. Of these, she had another 100 (another $60). At this point, again, other bidders had entered and fallen off, and it was just shewolf and another (different from before) bidder. This continued until the bid reached around $18 (another 300 bids). shewolf spent another $60 on her bids. Suddenly, shewolf no longer was bidding. Instead, there were 3 bidders, 1 manual, and 2 autobidders.
What do I ascertain from this?
1. shewolf exists, but needs to learn math ($180 spent).
2. shewolf exists, understands math but needs some help from family and friends. maybe this person has an addicitive personality, I don't know but the person may want to consider counseling.
3. shewolf doesn't exist and is simply an account that beezid uses to push bid transactions.
I am leaning toward believing #3 but will continue to use/investigate beezid.com.
As other people have mentioned, as always BUYER BEWARE!!!