QuiBids?

Anybody ever use this auction site, and is it legit?

http://www.youtube.com/watch?v=pn046Ms5uXs

 

from what i hear its an exponential thing and even if you dont win with a 500 cent bid, they still take your 500 cents...not sure if its true or not just what i hear

 

Apparently it costs just to place a bid, even if you don't win. Maybe 20 cents?

 

that makes sense (cents). there had to be a catch somewhere

 

My buddy uses this. Don't expect to get stuff for cheap. It might cost a bit less than retail you have to pay per bids. It adds up quick

 

I've heard, and read, about these sites... sounds like a lot of the talk is that the site owners (or people that work for them) will up the bids, so people bid more, then they win, leaving the "real bidder" as the loser, but still paid money.

Stupid if you ask me. I'm never going to try it.