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SWOOPO SCAM?
THE $76.95 IPOD TOUCH
Well, although immediately suspicious my curiosity made me click. That is when I first met Swoopo.com a new auction site that works much differently from eBay. A site where you can in fact get an iPod Touch for $76.95...
BUT
Swoopo is not like other auction sites you may be used to!
You see, at Swoopo.com you PAY TO BID. Yes, that is right. You will pay $1 for every bid you place. Each bid, increments the buying price of the item being auctioned up by $0.15.
So, let's use the iPod Touch example. If it sold for $76.95 and was started at a price of $1.00 then around 513 bids were placed. At $1 per bid, that means that actually $513 + $76.95 was spent to buy the iPod Touch.
Everyone who DIDN'T WIN ended up paying a combined $513 so that the one person who did win could get the iPod Touch for $76.95. There were 21 bidders in total. So, let's take a look.
1 PERSON WON THE IPOD TOUCH FOR $76.95.
20 PEOPLE SPENT $513 AND DID NOT WIN.
So, even though one person ended up getting an iPod Touch from Swoopo for only $76.95 the other 20 people each LOST about $25.65 just trying to win. So, Swoopo turns out to be more like a raffle than a real auction site. This is like a raffle was selling 21 tickets to win an Ipod Touch at $25.65 each. On person would win and get a great deal; the other 20 people lose and are out their cash forever.
So, in the end, Swoopo is not an auction site. It is a gambling site. Unlike on our beloved eBay you can ending paying for BIDS when you do not even get the item. YUCK!
I would say that Swoopo.com is not a good deal at all. They will be lucky if they do not get closed down due to gambling laws.
If you want to find honest good deals on stuff I would just get a cheapjerks.com membership. It is only $60 bucks or so and there is no gambling involved. Just very low prices on everything including the iPod Touch. Or, you could always just stick to eBay.com!
That is all I am going to say about Swoopo. I think you are going to hear a lot about Swoopo on the scam websites. STAY AWAY!
So, let's use the iPod Touch example. If it sold for $76.95 and was started at a price of $1.00 then around 513 bids were placed. At $1 per bid, that means that actually $513 + $76.95 was spent to buy the iPod Touch.
Everyone who DIDN'T WIN ended up paying a combined $513 so that the one person who did win could get the iPod Touch for $76.95. There were 21 bidders in total. So, let's take a look.
1 PERSON WON THE IPOD TOUCH FOR $76.95.
20 PEOPLE SPENT $513 AND DID NOT WIN.
So, even though one person ended up getting an iPod Touch from Swoopo for only $76.95 the other 20 people each LOST about $25.65 just trying to win. So, Swoopo turns out to be more like a raffle than a real auction site. This is like a raffle was selling 21 tickets to win an Ipod Touch at $25.65 each. On person would win and get a great deal; the other 20 people lose and are out their cash forever.
So, in the end, Swoopo is not an auction site. It is a gambling site. Unlike on our beloved eBay you can ending paying for BIDS when you do not even get the item. YUCK!
I would say that Swoopo.com is not a good deal at all. They will be lucky if they do not get closed down due to gambling laws.
If you want to find honest good deals on stuff I would just get a cheapjerks.com membership. It is only $60 bucks or so and there is no gambling involved. Just very low prices on everything including the iPod Touch. Or, you could always just stick to eBay.com!
That is all I am going to say about Swoopo. I think you are going to hear a lot about Swoopo on the scam websites. STAY AWAY!
Guide created: 11/24/08 (updated 06/16/09)
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