Comments on: Swoopo is a Scam http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/ Ezra -ez- Nugroho's blog Tue, 02 Mar 2010 19:00:12 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: ezran http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-4224 ezran Tue, 02 Mar 2010 19:00:12 +0000 http://www.ezran.org/blog/?p=228#comment-4224 Matt, thank you for the comment! This is precisely what we learned in our Game Theory class. The only way to beat Swoopo is to bid collectively among all the bidders. The larger the pool of bidders, the more Swoopo makes money. Swoopo is even more evil than other penny sites because they cross list the same items in different regional sites. Swoopo bidders are fighting against the whole world! Save your money, guys! Just look for good offers in deal sites. Matt, thank you for the comment!

This is precisely what we learned in our Game Theory class. The only way to beat Swoopo is to bid collectively among all the bidders. The larger the pool of bidders, the more Swoopo makes money. Swoopo is even more evil than other penny sites because they cross list the same items in different regional sites. Swoopo bidders are fighting against the whole world!

Save your money, guys! Just look for good offers in deal sites.

]]> By: matt http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-4214 matt Mon, 01 Mar 2010 23:56:32 +0000 http://www.ezran.org/blog/?p=228#comment-4214 Speaking to the New York Times, Glen Whitney, a mathematician and a former quantitative analyst at the hedge fund Renaissance Technologies, stated: “In aggregate, consumers trying to obtain these products are overpaying. Unless you have an edge over other people who are bidding, and you can get them to subsidize your purchase, you shouldn’t do it. It’s a chump’s game.” (NY Times, Aug. 16th, 2009) Here is a perfect example: http://www.swoopo.com/auction/apple-iphone-3gs-32gb-black-/289906.html Do the math and figure out what Swoopo earned on this “great deal” and also look at the “deal” the winner got. Speaking to the New York Times, Glen Whitney, a mathematician and a former quantitative analyst at the hedge fund Renaissance Technologies, stated: “In aggregate, consumers trying to obtain these products are overpaying. Unless you have an edge over other people who are bidding, and you can get them to subsidize your purchase, you shouldn’t do it. It’s a chump’s game.” (NY Times, Aug. 16th, 2009)

Here is a perfect example:
http://www.swoopo.com/auction/apple-iphone-3gs-32gb-black-/289906.html

Do the math and figure out what Swoopo earned on this “great deal” and also look at the “deal” the winner got.

]]> By: Is Swoopo a SCAM? http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-4060 Is Swoopo a SCAM? Wed, 10 Feb 2010 05:05:42 +0000 http://www.ezran.org/blog/?p=228#comment-4060 Swoopo may not be a scam outright but there seems to be some similarities. Swoopo may not be a scam outright but there seems to be some similarities.

]]> By: marc http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-3990 marc Tue, 26 Jan 2010 18:24:13 +0000 http://www.ezran.org/blog/?p=228#comment-3990 THEO: "However, the shill bidding argument is valid. If this were true, then this site would be a scam." WELL DONE THEO, YOU ACTUALLY FIGURED IT OUT. THEO: " This could be easily proven one way or the other by statistically looking at several auctions and calculating odds of certain events happening." I HAVE LOOKED AT THE TYPES OF BIDS UNSTATISTICALLY, AND I DEFINITELY FIND PATTERNS WHICH SUGGEST THEY ARE DOING SHILL BIDDING IN ORDER TO MAKE PEOPLE USE UP AS MUCH OF THEIR PREPAID BIDS AS POSSIBLE. THEO: "I would advise Swoopo to submit to an independent audit to demonstrate that this isn’t happening. " FAT BLOODY CHANCE OF THAT HAPPENING. THEY WON'T EVEN REVEAL ANY ACTUAL WINNERS, THEY WON'T REVEAL ANYTHING (MORE EVIDENCE THAT THEY HAVE SOMETHING TO HIDE), SO UNLESS A GOVERNMENT AGENCY STEPS IN, THERE IS NO WAY THEY WILL REVEAL THEIR MODE OF OPERATIONS, SIMPLY BECAUSE IT IS A SCAM. THEO: “However, the shill bidding argument is valid. If this were true, then this site would be a scam.”

WELL DONE THEO, YOU ACTUALLY FIGURED IT OUT.

THEO: ” This could be easily proven one way or the other by statistically looking at several auctions and calculating odds of certain events happening.”

I HAVE LOOKED AT THE TYPES OF BIDS UNSTATISTICALLY, AND I DEFINITELY FIND PATTERNS WHICH SUGGEST THEY ARE DOING SHILL BIDDING IN ORDER TO MAKE PEOPLE USE UP AS MUCH OF THEIR PREPAID BIDS AS POSSIBLE.

THEO: “I would advise Swoopo to submit to an independent audit to demonstrate that this isn’t happening. ”

FAT BLOODY CHANCE OF THAT HAPPENING. THEY WON’T EVEN REVEAL ANY ACTUAL WINNERS, THEY WON’T REVEAL ANYTHING (MORE EVIDENCE THAT THEY HAVE SOMETHING TO HIDE), SO UNLESS A GOVERNMENT AGENCY STEPS IN, THERE IS NO WAY THEY WILL REVEAL THEIR MODE OF OPERATIONS, SIMPLY BECAUSE IT IS A SCAM.

]]> By: Theo http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-3971 Theo Sat, 23 Jan 2010 22:42:29 +0000 http://www.ezran.org/blog/?p=228#comment-3971 At the risk that arguing with idiots makes you one, I'll wade in. Scam? - No Stupid way to buy merchandise? - Yes Brilliant way to make money from people with tremendous amounts of time on their hands and the inability to do simple (and I mean simple) math? - Yes! Swoopo clearly describes the rules, they are fair to everyone, no one has a better chance than anyone else. It's not a scam. I think the duller bulbs out there are confusing "scam" with "terrible way to buy stuff". The markups are obscene, but so are the markups on lottery tickets, raffles, slot machines, and rental furniture. The foreign currency argument is specious. What difference does it make that the site converts currencies? However, the shill bidding argument is valid. If this were true, then this site would be a scam. Shill bidding is illegal because the shill bidder would know if the auction were about to end and bid to keep the auction going. Or they could keep a sucker bidding until a new fool logged in. This type of auction format would be very vulnerable to this fraud as the company makes money even if the shill bidder ends up with the item. This could be easily proven one way or the other by statistically looking at several auctions and calculating odds of certain events happening. I would advise Swoopo to submit to an independent audit to demonstrate that this isn't happening. Find better uses of your time and money, but stop whining about a scam where none exists. An chek yur speling befour yuo poste. Maikes yo look stupad. At the risk that arguing with idiots makes you one, I’ll wade in.

Scam? – No
Stupid way to buy merchandise? – Yes
Brilliant way to make money from people with tremendous amounts of time on their hands and the inability to do simple (and I mean simple) math? – Yes!

Swoopo clearly describes the rules, they are fair to everyone, no one has a better chance than anyone else. It’s not a scam.

I think the duller bulbs out there are confusing “scam” with “terrible way to buy stuff”. The markups are obscene, but so are the markups on lottery tickets, raffles, slot machines, and rental furniture.

The foreign currency argument is specious. What difference does it make that the site converts currencies?

However, the shill bidding argument is valid. If this were true, then this site would be a scam. Shill bidding is illegal because the shill bidder would know if the auction were about to end and bid to keep the auction going. Or they could keep a sucker bidding until a new fool logged in. This type of auction format would be very vulnerable to this fraud as the company makes money even if the shill bidder ends up with the item. This could be easily proven one way or the other by statistically looking at several auctions and calculating odds of certain events happening. I would advise Swoopo to submit to an independent audit to demonstrate that this isn’t happening.

Find better uses of your time and money, but stop whining about a scam where none exists. An chek yur speling befour yuo poste. Maikes yo look stupad.

]]> By: Michael http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-3936 Michael Sat, 02 Jan 2010 02:50:59 +0000 http://www.ezran.org/blog/?p=228#comment-3936 At last...Marc's on the right track..it's the BOTS. Would you go to a genuine auction and be pleased if 8 of the auctioneers agents sat behind you ramping up the bid you were trying to win? Apart from that it is wholly technologically flawed...test it yourself...open Swoopo.co.uk on one tab and Swoopo.com on another. they're synchronised...except not all goods items are identical-although the (phantom) bidder/time and price are...plus they are the same amount in different currencies?? I smell a rat. At last…Marc’s on the right track..it’s the BOTS. Would you go to a genuine auction and be pleased if 8 of the auctioneers agents sat behind you ramping up the bid you were trying to win?
Apart from that it is wholly technologically flawed…test it yourself…open Swoopo.co.uk on one tab and Swoopo.com on another. they’re synchronised…except not all goods items are identical-although the (phantom) bidder/time and price are…plus they are the same amount in different currencies?? I smell a rat.

]]> By: marc http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-3918 marc Mon, 28 Dec 2009 17:25:07 +0000 http://www.ezran.org/blog/?p=228#comment-3918 Swoopo is a total Scam, and the owners are major con artists. The one reason, above all else, that no one has mentioned here, is that it is highly likely, from all the experiences people have had on the site, including myself, that Swoopo use internal BOTS to bid on items, thus making real users use more and more of their prepaid bids. This way, Swoopo pockets all the money it has already collected through prepaid bids. Regardless of their claims that they do not bid up things (and hwo exactly is going to check their claims unless the Government does?) I guarantee you they do. Furthermore, as someone mentioned, has anyone ever seen or heard of any real actual winners from this site? Has anyone ever been on TV to show how they have won cheap things on this site? I have contacted Swoopo directly several times, asking them to provide me the names of some actual real winners, and they have refused to do so "because it is against our policy to reveal that information". I told them that it's quite simple - just contact a winner, and ask them if they will give permission to use their name to be contacted, and there are bound to be some people who will give permission to do so, and then they can send me the information. Months have passed, and still nothing. All of this evasion, and secrecy, and avoiding the truth reeks of deception, and con, the site is worse than any con gambling site, where owners somewhere in the Caribbean are controlling the cards so that people lose their bets. This site is a total scam, run by major con artists, who are raking in big big money by basically cheating people out of their purchased bids. The governments in all countries where Swoopo operates should immediately investigate the company with a view to closing them down. Swoopo is a total Scam, and the owners are major con artists. The one reason, above all else, that no one has mentioned here, is that it is highly likely, from all the experiences people have had on the site, including myself, that Swoopo use internal BOTS to bid on items, thus making real users use more and more of their prepaid bids. This way, Swoopo pockets all the money it has already collected through prepaid bids. Regardless of their claims that they do not bid up things (and hwo exactly is going to check their claims unless the Government does?) I guarantee you they do. Furthermore, as someone mentioned, has anyone ever seen or heard of any real actual winners from this site? Has anyone ever been on TV to show how they have won cheap things on this site? I have contacted Swoopo directly several times, asking them to provide me the names of some actual real winners, and they have refused to do so “because it is against our policy to reveal that information”. I told them that it’s quite simple – just contact a winner, and ask them if they will give permission to use their name to be contacted, and there are bound to be some people who will give permission to do so, and then they can send me the information. Months have passed, and still nothing. All of this evasion, and secrecy, and avoiding the truth reeks of deception, and con, the site is worse than any con gambling site, where owners somewhere in the Caribbean are controlling the cards so that people lose their bets. This site is a total scam, run by major con artists, who are raking in big big money by basically cheating people out of their purchased bids. The governments in all countries where Swoopo operates should immediately investigate the company with a view to closing them down.

]]> By: Eric http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-3860 Eric Thu, 03 Dec 2009 03:34:53 +0000 http://www.ezran.org/blog/?p=228#comment-3860 Swoopo is not a scam. The rules are clearly posted. They even link to a NY Times article at the top of the page talking about why it is so profitable and why you should beware: http://www.nytimes.com/2009/08/17/technology/internet/17shop.html?_r=1 Simply click the "Swoopo in the news" link at the top to see for yourself. It's not a scam because someone is getting these items for a significant discount while all the losers are willfully or unwittingly subsidizing the cost. Granted, Swoopo is taking advantage of people, but this is a buyer beware world and it is up to the consumer to educate himself/herself. Besides, religion takes advantage of people all the time AND they don't pay taxes. Religion is the greatest scam ever perpetrated on man by man, but I'm sure that comment will make at least 50% of people's blood boil. Swoopo is not a scam. The rules are clearly posted. They even link to a NY Times article at the top of the page talking about why it is so profitable and why you should beware:
http://www.nytimes.com/2009/08/17/technology/internet/17shop.html?_r=1

Simply click the “Swoopo in the news” link at the top to see for yourself.

It’s not a scam because someone is getting these items for a significant discount while all the losers are willfully or unwittingly subsidizing the cost. Granted, Swoopo is taking advantage of people, but this is a buyer beware world and it is up to the consumer to educate himself/herself. Besides, religion takes advantage of people all the time AND they don’t pay taxes. Religion is the greatest scam ever perpetrated on man by man, but I’m sure that comment will make at least 50% of people’s blood boil.

]]> By: Dean Chaudhry http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-3850 Dean Chaudhry Sat, 28 Nov 2009 08:43:07 +0000 http://www.ezran.org/blog/?p=228#comment-3850 I agree. Swoopo is a total scam! If not, then why have we never seen photos and/or names of "winners"?? Possibly because there aren't any!! Lottery ticket winners photos/names are posted! Why aren't Swoopos?? It doesn't seem anyone personally knows of a person(s) that have won! Interesting! I say SCAM!! I agree. Swoopo is a total scam! If not, then why have we never seen photos and/or names of “winners”?? Possibly because there aren’t any!! Lottery ticket winners photos/names are posted! Why aren’t Swoopos?? It doesn’t seem anyone personally knows of a person(s) that have won! Interesting! I say SCAM!!

]]> By: duncan http://www.ezran.org/blog/2009/03/swoopo-is-a-scam/comment-page-1/#comment-3824 duncan Fri, 20 Nov 2009 17:48:16 +0000 http://www.ezran.org/blog/?p=228#comment-3824 its a total scam - just watch a single auction and see how many different people are bidding on the same item (and loosing cash). The rules may be clear but there is a total lack of transparency. I give this model a year at the most. its a total scam – just watch a single auction and see how many different people are bidding on the same item (and loosing cash). The rules may be clear but there is a total lack of transparency. I give this model a year at the most.

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