Wavee is very much like a lottery except that the House takes a far greater share than even a numbers running racket. I won a couple of auctions for bid credits and got my overall cost for credits down to about 40 cents each from the 75 cent rate the site charges to start with. I cut my bid cost almost in half! Great, right? No.
Even at 40 cents a bid, the site is raking in many times the value of each item. Say a $200 item ultimately sells for 90% off — $20 for a $200 gadget is a great deal, right? At a penny per bid, it takes 2,000 bids to go from $0 to $20. If each bidder paid the great price of 40 cents per bid on average, that means Wavee made $800 on bids and $20 from the winner. Even if they go down to Best Buy and pay the full retail price of $200 for the item, and then pay $20 to ship it to you, they would still be ahead $600 — that is, they would make 300% profit — on one of the most fantastic deals that they advertise with ecstatic testimonials.
Where does this all this extra money come from? Some comes from the auction winner, but mostly it comes from the dozens of auction losers who were enticed by the potential for a big payoff... Just like a lottery. And end up with nothing. It's not like I haven't heard the phrase "If it seems too good to be true, it probably is" before, but I still let myself get scammed. Stay away from Wavee.
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