There’s a new bidding auction site in the Philippines that’s been getting a lot of buzz lately. It’s Pisobid. I was intrigued by it because of the amounts the bids were ending. Check it out…
Imagine, the auction ended at PHP7.51 while the cost of the ipad 2 is like PHP29,000? There’s something wrong I thought. Later on I found out what the catch is. You actually pay for bids. Once you pay for bids which costs anywhere from PHP6 to a bid to PHP30 to a bid (depending on the bid pack you buy) you can start bidding on products auctioned. Each bid raises the product “price” by PHP0.01. So that’s how it works. Moreoever, it’s not like ebay where there’s a set time. It’s more like auction houses wherein as long as somebody is bidding, it won’t end and whoever bids the last, wins.
So the game is being the last bidder, and monitoring your bids. Each bid you do will cost you at least PHP6. So 100 bids would cost you PHP600 but if you win a PHP1000 worth of product, you’re still ahead.
So for that Ipad 2 auction which ended up at PHP7.51, if let’s say I bid 500 times to be the last bidder, that cost me 500×6 or about PHP3,000. Not bad if I’ll win an ipad 2 worth PHP29,000. Definitely something to think about. The catch though is if I bid 500 times already and I wasn’t the last bidder, I just lost PHP3k.
The good part is, once you register you get 5 free bids. Check it out, try it, and there’s nothing to lose. Register here.
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