Beezid.com Penny auction SCAM, Internet

I have purchased bids for beezid.com. I have spent hundreds of bid to win nothing. Everyone starts bidding before the "timer" (the timers reset after every bid either 10, 20 or 40 seconds) even starts trying to out bid other bidders but what they don't realize is the website is making on average $.69 per bid. For every bid you place 1 penny goes to increase the bid for the item and on average each bid is $.70. This company is making thousands of dollars a day (sometimes on one item) and there are VERY FEW bidders that actually win the auction. Now if bidders would wait until the final countdown began instead of bidding when the item has 3,4,5 ect.. minutes this company wouldn't be making our hard earned money and we would be the ones benefit not them.