So this is a German company that now has a US (CA) operation.
Swoopo.com
Here's the scam (it operates like an online raffle)
#1. you pay $1 to bid for an item.
#2. when you bid the item price advances from .01 to .20
-so if the item is a $5 MacBook Pro and you place your BID (cost you 1$ to buy the Mac if you are the winner at $5) the price goes up to 5.01 (if its advancing at .01 per bid the auctions vary)
#3. also when you BID the timer advances 15 to 20 seconds.
So basically if they sell a $1200 Mac for $100 and each .01 BID increase cost the bidders $1 that's 100*100*1 =$10,000 in BID fees to sell a Mac at $100
Now its pure genius because you watch one auction and people spend $100 trying to win the chance to buy a camera at $50, but they also sell cash this way, too.
It looks no different than an online raffle or a gambling game to me. California Attorney General needs to toss these guys behind bars and pull the plug because I am JEALOUS!
We could do the same for porn passwords. Have like 100+ site members sold a day and surfers can BID $1 to get a month of Bangbus for $4 (4*100=$400 @ .01 increase per bid) same for webcam minutes, etc.
Swoopo.com
Here's the scam (it operates like an online raffle)
#1. you pay $1 to bid for an item.
#2. when you bid the item price advances from .01 to .20
-so if the item is a $5 MacBook Pro and you place your BID (cost you 1$ to buy the Mac if you are the winner at $5) the price goes up to 5.01 (if its advancing at .01 per bid the auctions vary)
#3. also when you BID the timer advances 15 to 20 seconds.
So basically if they sell a $1200 Mac for $100 and each .01 BID increase cost the bidders $1 that's 100*100*1 =$10,000 in BID fees to sell a Mac at $100
Now its pure genius because you watch one auction and people spend $100 trying to win the chance to buy a camera at $50, but they also sell cash this way, too.
It looks no different than an online raffle or a gambling game to me. California Attorney General needs to toss these guys behind bars and pull the plug because I am JEALOUS!
We could do the same for porn passwords. Have like 100+ site members sold a day and surfers can BID $1 to get a month of Bangbus for $4 (4*100=$400 @ .01 increase per bid) same for webcam minutes, etc.
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