"The FTC has offered warnings on penny auctions, state consumer protection agencies have filed complaints, and there are class action lawsuits pending against many of these sites. "
That is correct if they are cheating their customers, We do not shill our customers and work off a bid pool type system. Please read through out faq's or how-it-works pages. You can also opt to buy and product at any time to for standard retail price found anywhere so their is no loss ( spent bids are credited towards the purchase ).
Your link article is also dated back in from September 19, 2012
For sure these type of auctions are really bad MoJo. You probably have a better chance at a Casino.. At least it takes you longer to blow your hard earned moneys on slots..
$.65 per bid and the auction price goes up a penny at a time....it's a rip off and I'd highly recommend people don't participate.
you're also stealing other companies' logos so that's another bad sign. that quadcopter logo is stolen from Quadrocopter.com, one of our advertisers. frankly, i don't know where people get the nerve to try these stupid tricks on other people.
just thinking about this some more....if an item starts at 1 cent and the bidding goes to $80, since bidding is done in 1 cent increments then that's 8000 bids. with an average bid cost of $.65 you're trying to make $5200 (!!!) on the sale of a DJI NAZA system that retails for under $200.
The price range is .01 to 1.98for the naza l, within the range their is guaranteed a winner, it don't go over. If you don't understand it don't bash on it.
let's say I'm wrong, why are you pulling other site's logos? who provides service for the items you sell/auction? you're brand new to this stuff and asking lots of questions yourself.
I am a experienced programmer in this area, I provide custom penny auctions scripts and plugins for my clients. My site is www.pennyscripter.com. I am not pulling other sites logos, it is a simple image from google images and I can find another. It's purpose was just a copter image. The items are factory direct. I have provided service to many auction sites for many years and decided to run my own product live for a change. Penny auctions have a bad name due to owners not shipping items. I have several clients that are very honest and do very well. I also know those that will cheat you for every dime.
Now I am new to this hobby and think it's great! I normally fly rc airplanes.
in reality you're trying to compete with the advertisers that support this site, all of whom I am willing to personally vouch for. i'm sorry but you are not welcome to promote your site here.
I take care of all manufacture warranty returns myself. As far as promotion here that is your call. Just trying to pass along some great deals. Sorry it you don't find value in what I am trying to offer.
Just kill rubbish like that off Bart, it has no place here, the only reason he has joined up to to steal from people that don't understand that he is scamming them.
In this industry you get tons of heat. Face it penny auctions gave themselves a bad name. It's really a rough industry, if you use bots users bash and file payment disputes. If you run a honest site they say you use bots anyways. One time I have a user buy a bid package and place 3 bids. Since he didn't win he filed a complaint. ( what did he really expect ). Auctions on my site are guaranteed to grant a winner within the ranges listed. The hidden price is randomly generated off of a random percentage I need to keep. Prices will never be the same each time products are listed. If no Bidder reaches the hidden price before the expiry date and all bids are returned and they can try again.
I normal penny auction would make 10 to 20 times the actual price of a premium product. Then they would use the funding to just give other lesser products away under cost. With my range system profit is limited within the bid range. Every item makes a small profit and still allows for low pricing.
But for the few that will win there will be a lot that won't and so it's nothing more than a gamble where the costs are all collected up front. Why not program a legitimate auction site and get your profit from the legitimate auction fees?
The worst thing is, he has no one using his site, only has 3 items for people to bid on. At that rate no one will win.... Sorry dude, but your venture is over before it started. Take the honest road and just sell the products in a store online.