Swoopo

[pinkcandy]

Hi

Has anyone heard of this online bidding website? Does anyone know if they are genuine or a big con??? Thanks very much

[Ethel]

I found this:

First, if you don't want to be conned, you need to figure out how they make their money. You buy "bids" that enable you to physically bid on an item. This is where the website makes their money. Each "bid" is equal to 50p in value.

When bidding on an item, each bid (unless it's a special auction, read up on them on the site to see the different kinds) will increase the price of the item by 7p. Now, it doesn't take a genious to do the math, they make 50p from someone clicking "bid" and also increase the price of the item by 7p. So every time someone clicks bid, they make 57p.

Now, I got mine quite cheap (though not as cheap as the �14 that was sold this morning). But still, at �50 they had at least 700 bids. For those who don't understand this, each bid increases the price by 7p. 7p x 100 = �7. Then �7 x 7 = �49, so 700 bids. So by selling the PS3 to me for �50 they actually made �350 off people bidding, and then �50 off me purchasing the item, so they made �400 off it, while I got a PS3 for �50.

The trick is not to hammer away your bids as each time you click "bid" you essentially throw 50p away, there are things called "bid butlers". They will bid (normally) when the timer gets below 5 seconds. So save your bids until it hits the 2 or 3 seconds remaining mark.

http://www.moneysupermarket.com/community/foru ms/t/swoopocouk-real-deal-24819.aspx


So you could use a lot of 50p bids and get nothing