Quote:They are very misleading that's for sure. It's not much different then the ads for those auction sites saying you can win iPad's for $1.39 and what not. Some truth in advertising regulations would be welcomed but then there would be almost no campaign ads for billionaires to buy. 

Those "penny auction" sites are headed for deep dookie. Because you have to pay for "bids", there's a push to classify them as gambling sites and regulate them as such. One site (Beezid?) has already launched a "marketplace" section to look more like a legitimate commerce site as opposed to a slot machine.

 

There are also allegations of shill bidders and bid-bots being used at all of the penny auction sites to make sure that there's a profit on every item sold/won. It's a shady corner of the Internet, and one that's going to see regulators drop the hammer on it in the near future.

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