Joe Chicago
New member
Has anyone here ever used guns4pennis.com? Is it any good? I cannot believe anyone is selling firearms for such low prices.
guns4pennies
- Thread starter Joe Chicago
- Start date
dogtown tom
New member
It gambling, pure and simple.
You buy a package of bids for a set amount. When you "bid" that $$$ is gone, unlike a genuine auction. In a true auction only the high bidder is required to pay....bidding on a guns4pennies auction is more like putting nickels in a slot machine........the house always wins.
Some will call it a scam, its not. But it does prey on the gullible and those who haven't read the rules.
They aren't.....do the math and you'll see that the guns4pennies folks are making quite a bit of cash from the stupid, gullible and ignorant. They aren't licensed gun dealers and don't actually go out and buy the supposed "auction" gun until after the end of the auction.
You buy a package of bids for a set amount. When you "bid" that $$$ is gone, unlike a genuine auction. In a true auction only the high bidder is required to pay....bidding on a guns4pennies auction is more like putting nickels in a slot machine........the house always wins.
Some will call it a scam, its not. But it does prey on the gullible and those who haven't read the rules.
FrankenMauser
New member
They aren't going that cheap. The actual pricing scheme is hidden.
Pay-per-bid auctions are about one of the stupidest things anyone can spend their money on.
Let's take a look at their bid packages:
So, you're paying $0.68 to $0.96 per bid. But, you don't get that money back, if you lose the auction. You don't even get that money back if you never bid. Once you buy the bid package, it's gone.
Now, let's see what they've got listed:
Wow! A Glock 26 for $11.12!
...How 'bout, "no". Each bid on that item increments the displayed price by $0.01. So, if it has reached $11.12, it has had 1,111 bid placed (it starts at $0.01). If EVERY bidder bought the best package available, at $0.68 per bid, that works out to: 0.68*1111=755.48
$755.48 for a Glock 26.
But, most people that use pay-per-bid auction sites only buy smaller packages. So, if every bidder trying for that Glock bought the cheapest package with bids at $0.96 each, you've got: 0.96*1111=1066.56
$1066.56 for a Glock 26.
Now, it is true that the winning bidder is not paying that full amount.
But.. it's also true that the pay-per-bid model is used so people will lose track of how much they're actually paying for the auctions. Some people do get good deals, but most people get taken. The pay-per-bid model benefits the auction site substantially, not the bidders.
CNN ran an article about 3-4 months ago (in the "Tech" section), detailing another pay-per-bid site, that sold general merchandise. In general, winning bidders ended up paying about 30% more than retail, and up to 50% more than standard auction sites. But... they don't realize it while they're bidding, because the auctions only increment the display price by $0.01.
If you can win the item(s) with only a couple bids, it might be a good deal. If not, you're throwing all of your money away, without getting anything in return.
(Both images are screen captures of their website, pulled at approx 3:05 pm Mtn Time, 2/6/2012.)
Pay-per-bid auctions are about one of the stupidest things anyone can spend their money on.
Let's take a look at their bid packages:
So, you're paying $0.68 to $0.96 per bid. But, you don't get that money back, if you lose the auction. You don't even get that money back if you never bid. Once you buy the bid package, it's gone.
Now, let's see what they've got listed:
Wow! A Glock 26 for $11.12!
...How 'bout, "no". Each bid on that item increments the displayed price by $0.01. So, if it has reached $11.12, it has had 1,111 bid placed (it starts at $0.01). If EVERY bidder bought the best package available, at $0.68 per bid, that works out to: 0.68*1111=755.48
$755.48 for a Glock 26.
But, most people that use pay-per-bid auction sites only buy smaller packages. So, if every bidder trying for that Glock bought the cheapest package with bids at $0.96 each, you've got: 0.96*1111=1066.56
$1066.56 for a Glock 26.
Now, it is true that the winning bidder is not paying that full amount.
But.. it's also true that the pay-per-bid model is used so people will lose track of how much they're actually paying for the auctions. Some people do get good deals, but most people get taken. The pay-per-bid model benefits the auction site substantially, not the bidders.
CNN ran an article about 3-4 months ago (in the "Tech" section), detailing another pay-per-bid site, that sold general merchandise. In general, winning bidders ended up paying about 30% more than retail, and up to 50% more than standard auction sites. But... they don't realize it while they're bidding, because the auctions only increment the display price by $0.01.
If you can win the item(s) with only a couple bids, it might be a good deal. If not, you're throwing all of your money away, without getting anything in return.
(Both images are screen captures of their website, pulled at approx 3:05 pm Mtn Time, 2/6/2012.)
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troy_mclure
New member
same as qbids. a scam.
vranasaurus
New member
It's gambling pure and simple. It's not an auction its a slot machine. The only people getting anything are the people running the sites.
Any "auction" that requires you to pay to bid is a rip off. How are they not engaged in the business of selling firearms without a license?
Any "auction" that requires you to pay to bid is a rip off. How are they not engaged in the business of selling firearms without a license?
dogtown tom
New member
Good question.
Mike Irwin
Staff
I bet if you look at it closely they're simply acting like a broker.
Once you "win" the auction, you're put into touch with the FFL dealer they've contracted with.
I first heard about this model may a year or two ago. I looked into it a little bit and immediately arrived at the same conclusion as FrankenMauser.
These guys are making money hand over frigging fist.
Once you "win" the auction, you're put into touch with the FFL dealer they've contracted with.
I first heard about this model may a year or two ago. I looked into it a little bit and immediately arrived at the same conclusion as FrankenMauser.
These guys are making money hand over frigging fist.
You know, when I first saw their ad in Guns & Ammo (or whatever magazine it was), I went to the site to see what the heck was going on. Took me all of 3 minutes to figure it out.
At first I was annoyed and a little bit angry at the folks who run the business.
The more I think about it, the more I have absolutely no pity for anyone who is truly dumb enough to get suckered in to that nonsense. It's almost like... if you spend money there, you deserve what you get. (you get hosed)
At first I was annoyed and a little bit angry at the folks who run the business.
The more I think about it, the more I have absolutely no pity for anyone who is truly dumb enough to get suckered in to that nonsense. It's almost like... if you spend money there, you deserve what you get. (you get hosed)
This scam isn't even worth my time trying to figure out who wins and who loses. It's hard enough trying to find truly good guns at a fair price. Who needs this complication?
I guess some folks like gun shows and some like wacky gambling schemes. We all have our vices that don't always pay off.
I guess some folks like gun shows and some like wacky gambling schemes. We all have our vices that don't always pay off.
Uncle Buck
New member
Thanks for the info guys.
I also looked at the sight, and others like them, and could not figure out how they could sell it so "Cheap." But I did figure out something was not right and have avoided several of these types of auction sites.
I also looked at the sight, and others like them, and could not figure out how they could sell it so "Cheap." But I did figure out something was not right and have avoided several of these types of auction sites.