Penny Auctions

Old Sep 24, 14, 7:22 pm
  #1  
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Penny Auctions

Anyone try to MS through these? I was thinking if you get could get the gift cards at a discount you might be able to unload them through giftcardgranny
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Old Sep 24, 14, 7:25 pm
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Good idea...how many SPG points would I earn if I bought a gift card for a penny?
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Old Sep 24, 14, 7:54 pm
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Originally Posted by darkeststar View Post
Good idea...how many SPG points would I earn if I bought a gift card for a penny?
Have you ever done a penny auction before? You have to buy bids. The object would be to get a $100 gift card for $80 worth of bids and resell it for $85
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Old Sep 24, 14, 8:14 pm
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I think I'll pass...

Originally Posted by Chris92128 View Post
Anyone try to MS through these? I was thinking if you get could get the gift cards at a discount you might be able to unload them through giftcardgranny
I was unfamiliar with this concept, so did some quick googling. One of the top hits:

http://www.fraud.org/penny-auctions

Sounds pretty risky to me.
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Old Sep 25, 14, 12:51 pm
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Originally Posted by gloobnib View Post
I was unfamiliar with this concept, so did some quick googling. One of the top hits:

http://www.fraud.org/penny-auctions

Sounds pretty risky to me.
It's only risky if you don't win. Just look at it like playing lotto. The house has the advantage but you might get lucky.
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Old Sep 25, 14, 12:56 pm
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I did a short stint in this a few years back. If you are able to grab the data and look at it statistically, you can definitely come out ahead by following trends. Honestly, it just wasn't worth the time it required in the end.
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Old Feb 21, 15, 8:49 am
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Originally Posted by littleconsumer View Post
I did a short stint in this a few years back. If you are able to grab the data and look at it statistically, you can definitely come out ahead by following trends. Honestly, it just wasn't worth the time it required in the end.
Do you have an Excel spreadsheet you can share about your profits?
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Old Feb 21, 15, 9:19 am
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Originally Posted by TTnC4me View Post
It's only risky if you don't win. Just look at it like playing lotto. The house has the advantage but you might get lucky.
Speaking of Lotto...does anyone know where I can get lotto tickets with a CC?
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Old Feb 21, 15, 9:48 am
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Penny Auctions

I've seen a lot of people say that they do really well on their first few auctions and then it goes south. I wonder if it makes sense to creat an account, do 2-3 auctions and then close the account and open another. I think the early wins are to get you over confident and then they steal your walrus pelts right out from under you.
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Old Feb 21, 15, 10:10 am
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Originally Posted by Father-of-3 View Post
I've seen a lot of people say that they do really well on their first few auctions and then it goes south. I wonder if it makes sense to creat an account, do 2-3 auctions and then close the account and open another. I think the early wins are to get you over confident and then they steal your walrus pelts right out from under you.
This is actually a really good idea. I did notice that my first few auctions were easy to win, but I didn't consider that the system is rigged. I think the key is, like OP said, to get the gift cards at a discount for reselling. Make sure you don't get stuck with a GC you can't resell. I may try this over the weekend... I'm snowed in and jonesing for some MS action...
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Old Feb 21, 15, 1:13 pm
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What is a walrus pelt?
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Old Feb 21, 15, 4:22 pm
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Originally Posted by horseymen View Post
What is a walrus pelt?
The Vikings used them as a form of currency.
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Old Feb 21, 15, 7:25 pm
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Back when Skoreit.com was around, I did very well with that particular penny auction site. Unfortunately, they were sold to Beezid.com, which is nowhere near as profitable. Once you got a decent reputation on Skoreit, you could win things for pennies on the dollar. I miss that site.
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Old Feb 22, 15, 1:53 pm
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I've been using Beezid for a while now. Excellent liquidation method although the commercials are a little lame.
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