75 bids for $48. Then you pay for item if you are the last bidder. Each bid raises the price by $0.01 (a penny). Each bid therefore costs about $0.66. An item that sells for $10.00 therefore has raised about $660. IPhone 4 goes for $15-$25. That's the ripoff part.
The scam, I think, is that the last bidder is not a person, but a made up userid from Swizzie. I got my 75 bids. Bid on an iphone twice. Both times I was bidding at the time the bidding stopped and my last bid wouldn't register. And the userid of the winner was someone who hadn't been bidding until that last bid. I was watching closely the second time and know that the winning id that time was one that hadn't bid for the last 600 bids (from $15 to $21).
I suggest avoiding this site.
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