Friday, October 7, 2011

PisoBid is definitely not a scam.



PisoBid is an online auction and is not for minors (18 years old and below). I got curious on how the site works so I registered. Like other new users, I intend to search on the feedbacks of people on that website - if it is a scam of not. I have read the blogs and comments from TechnoKyle and StrawHatJP and concluded that PisoBid is not a scam. All the bidders need is a strategic mind to win the bidding.
I actually salute the people behind the website. Their minds in coming up with this idea, a penny auction site (as they call it), are brilliant! Again, PisoBid isn't a scam. Here's a brief summary of some items won by the bidders (refer o the table below) or you may want to check out this link to view the recent winners.

Bids
Estimated Cost
Highest Bid
₱1000 Cellphone Load
₱1000
₱2.43
₱5000 Zara Gift Card
₱5000
₱4.94
Apple iPod Shuffle worth ₱2800
₱2800
₱2.60
₱500 Starbucks Gift Card
₱500
₱2.19
Apple iPod Nano 8GB
₱7200
₱19.31
Samsung Digital Camera SH100
₱10990
₱9.41

Bidders should remember that 1bid is NOT equal to ₱1 but at most ₱16.67, that is, if you have purchased 12 bids for ₱200.
BID PACK PRICES
Bids
Price
Actual Money You’re Spending
12
₱200
₱16.67/bid
35
₱500
₱14.29/bid
100
₱1000
₱10/bid
350
₱3000
₱8.57/bid
650
₱5000
₱7.69/bid
1400
₱10000
₱7.14/bid
If you won e.g. ₱5000 Zara Gift Card at a bid of ₱4.94, the site would earn as much as ₱8234.98 from the people who participated in the bidding, but highest bidder will only shed out ₱4.94~₱5.
To sum it all up:
Bids
Estimated Cost
Highest Bid
Number of
Bids
PisoBid Earned
(1bid=₱16.67)
₱1000 Cellphone Load
₱1000
₱2.43
243
₱4050.81
₱5000 Zara Gift Card
₱5000
₱4.94
494
₱8234.98
Apple iPod Shuffle worth ₱2800
₱2800
₱2.60
260
₱4334.20
₱500 Starbucks Gift Card
₱500
₱2.19
219
₱3650.73
Apple iPod Nano 8GB
₱7200
₱19.31
1931
₱32189.77
Samsung Digital Camera SH100
₱10990
₱9.41
941
₱15686.47
I repeat, in my opinion PisoBid is not a scam but just another product of great entrepreneurial mind. In order to not feel cheated, we should spend our bids wisely. I haven't tried bidding yet. I still have 5 free bids on my account. I have thought of a strategy, which I choose not to disclose in this entry. Happy reading! JJJ

12 comments:

pauldoh said...

nice post. thank you din sa paglink papunta sa post ko.

JuanMig said...

Hi Ma-Lai! Nice post.. I just want to point out 2 things:

First, the item starts at P1.00. You should subtract the 1 peso first on the amount before multiplying it.

Second, you should use the P10/bid and not the P16.67/bid. This is because, people normally buy the 100 bid pack for P1000 because it's the users choice.

That is all. The post in general is good!

I agree with you, as of today, Pisobid has been giving over 2000 items that ranges from a GC to a Plasma TV which is worth over a hundred thousand.

Keep up the good work PisoMan!

Ma-Lai said...

Hi JuanMig!

I overlooked the part where the bid starts at P1.00. Haha. Thanks for that! :)

About your second statement, I was projecting the maximum possible income of PisoBid.com so I used P16.67/bid not P10/bid which is the equivalent of the average bid pack that bidders buy which I'm not aware of, by the way.
In my case and in the case of some people I know [who would want to participate in the bidding], we may find it hard to shed out P1000 so we settle for the P200 bids. So I'd stick with the P16.67/bid computation. :)
Then the whole computation of what PisoBid.com earned would be less P1667.00 (based on 1bid=₱16.67).

Anonymous said...

fair post! gives the whole deal with pisobid, though i think you should also consider the free bids that pisobid gives to new members. new members get 5 free bids right? so they can use it without spending any money. :)

Happy2bid said...

We're glad that some people do take the time to verify their information before immediately concluding that piso auction sites are a scam. With the huge discounts offered, it's pretty easy to assume that its just a scam, which is why we do try to be very transparent with regards to our operations.

With that said, we would like you to try our website, its www.Happy2bid.com. We're still on our pre-launch phase but we're already open for registration. We hope to see you there!

BidKing said...

For me, PisoBid is the most honest and trustworthy penny auction site sa Pilipinas. Reason?

1. Ang dami na nilang winners with pictures and testimony pa yung iba.

www.pisobidwinners.blogspot.com

2. I think mag wawanyear na sila
3. Lahat ng nagsususlputan na penny auction site, sa PisoBid din base

4. sila nauna ng lahat ng mga penny auction site.
5. Ang dami ng Na BAN na mga bidders meaning lang nun na closely monitored ang site nila.

6. They have customer support who si always there round the clock.

Ano pa ba gusto ng mga tao? Safe na safe na nga oh..

If you ask me ano na ang nakuha ko, dalawa pa lang. Pero 10,000 pa lang nagagastos ko.

Happy2bid said...

Hi BidKing,

Actually, penny auctions have been around for quite a while now. It's a popular auction format in the US although the reputation of the business model is often tarnished by some fly-by-night operations that are looking to make a quick buck.

Anonymous said...

Im not sure but PISOBID say's that they do not use BOT's but if you'll be analyzing the AUTOBID function - hindi ba bot yun?

fleurinthedesert said...
This comment has been removed by the author.
Anonymous said...

In an actual auction, only the winner actually shells out cash in order to pay for the item. But in PisoBid, all participants have to shell out cash regardless if they win or not. Furthermore, at first glance people think they are only shelling out in centavos when in essence every bid may cost between P7.14 and P16.17 depending on the bid pack bought. So bidders actually are taking a chance with their money when they bid because there is no assurance that they will win. By definition, that is gambling.

Now here's the sad truth because I've tried to counsel people with gambling problems: No matter how you try to explain the math behind Pisobid they will NOT admit that it is actually gambling.

Bernie Mayo said...

a) Pisobid.com – 100% no robot bidder, fair site but outdated list of delivered items, July winners posted were April & May 2012 winners.

b) Pinoytiangge & Happy2bid – few active bidders but some bidders are proven robots spending 5x the value of the auction , unbeleivable, and major items winners has no picture posted. since june 2012 no winners known as real bidder (tao) won the major auction. I will definitely not bid on this 2 websites (so many robotic bidders 98%)

c) Panalo.ph – Closed , no active bidders since 8 out 10 bidders were robots. a definite scam auction site

This is my personal observation and opinion, make your our review of their winners list and current auctions.

Bernie Mayo said...

check this out:
http://www.youtube.com/watch?v=yJn9WbvtVYA

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