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Review 10/24/2009
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Swoopo is a site trying to take advantage of people who don't understand the system. It primarily takes advantage of the fact that you pay for bids--and then spend the bids on items, to increase the cost of them. The final person pays that cost--plus any bids they're out.
Of course, if you come in, you see items far lower than they should be--and spend bids to raise their price...always raising the actual price much less than the bids placed on them.
This means, if you see a $100 item going for $50, usually this means that Swoopo is making a profit of $3650--as every 75 cent bid boosts the price by a penny, in their penny auction section.
I'd like to just post this example of Swoopo's evil brilliance. I visited there to check it out, and watched one of their 300 bid vouchers sell.
The ending price, for this item worth $225 (and only then $225 of savings from Swoopo, they pay nothing for this item), was $39.68. That means that people paid, to Swoopo, $2,976.
Worst of all, however, the winner was a BidButler 'winner'. They set some ridiculous ceiling, and left. Here's what Swoopo proudly displayed:
Congratulations, Wallece!
Savings: 0%
Savings:
Worth up to: $225.00
Placed bids (515): $386.25
FreeBids (38): $0.00
Final price: $39.68
Savings: $0.00
At least they had the courage to admit, openly, that this person saved nothing--quite the opposite! In attempting to get just 300 bids, they spent 553 bids--losing 253, overall. More to the point, in cash, trying to buy this $225 item...they /lost/ $200.93 on the deal.
Swoopo: Where even the winners are losers.
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