How QuiBids and other penny-auction sites work.

Have you seen those awful QuiBids spots on TV? The ones where they say you can get an iPad for pennies? Well, as every econ professor I ever had told me “TINSTAAFL” – there is no such thing as free lunch.

A lot of people think it’s a straight up scam, that the auction sites just take your money, or that the products don’t really exist. That’s not exactly true. In fact, you could potentially get a good deal on an item, but QuiBids (and its competitors) are getting a much better one.

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