Thursday, December 15, 2011

Attractive Discounts From Sold.my? No, Not Really!


Read till the end!

The moment I was summoned to the twin towers’ lobby for parcel collection, I knew right away my Dicota BacPac Bounce laptop backpack’s finally here!!


Yup, I won a laptop backpack worth RM 179 for just RM 24.95! All thanks to Sold.my!

I spent about half of my entire investment in my attempt to bid for a Canon camera, which I lost due to the horrible Internet connection in Miri :( That was when Meiz gave me tips on how to increase my chances of winning, which obviously helped because my investment is finally paid off! *hugs bag


I still have about 10 tokens to play with. I frequented Sold.my really often, waiting to snipe in hopes to win items with my remaining tokens :D BUT, despite all the happiness and joy, I won’t be purchasing any additional token packs, at least not in the next few months. 


Sold.my is the sister company of Sold.sg, a bidding online website from Singapore where people would bid and counter-bid and counter-bid AND counter-bid, just to get hold of desired items at a cheaper price. Trust me when I say this bidding and counter-bidding thing is highly addictive! They have the latest gadgets up for bids – iPhone 4s, Samsung Galaxy S II, iPad 2s, Blackberry smartphones, cameras and many more! All you have to do is to register with Sold.my, purchase token packs and start bidding to win!


Sounds like an easy win, right? Well, sorry to disappoint, but no, it’s not so easy. And most who knew the modus operandi of such online sites labeled it as a scam.

Sold.my / Sold.sg is not the only bidding site available. We have ubid.com.my, mybidauction.com.my, and several others, all offering similar attractions to end users like us. With people counter-bidding endlessly, desperate to be the winner, little do they know that they are actually helping the sites to earn from all the tokens used. I’m not talking about 20% to 50% earnings, but 300 to 500%!!!


Each bid (1 token) costs RM 1.50; and every bid increases the iPhone 4s price by RM 0.01! The picture above is a genuine snapshot from Sold.my, showing the closing price of the iPhone 4s at RM 113.46! 

That's a total of 11,346 bids!

11,346 bids = RM 1.50 x 11,346 = RM 17,019!!

So yea, the total earnings Sold.my gets from the iPhone 4s (which costs about RM 2,800 retail), is more than RM 14k !!!

Then again, It’s really hard to conclude if this is a scam. Winners walk away with all the discounts (not all though, some ended up paying more than the retail price i.e. Mr Wee who got the iPhone 4s at RM 2,951.46), while those who didn’t make it lost their investments. As for myself, if I wanna be part of it, I would bid smart, not hard. It wouldn’t be a scam if you bid wisely ;)

But, like I said, I will continue bidding to not let me tokens go to waste, then I’m out of the whole bidding thingy, for now because despite winning an item from Sold.my, I felt cheated, somehow :|

3 comments:

Donn Donovey said...

FYI, this kind of token bidding website existed long time ago. Psychologically, the reason why they use 'token' is so that it doesn't sound as expensive compared to using the word 'ringgit'. 1 token sounds like nothing compared to RM1.50, even though both is same value. This tactic encourages users to be addicted and keep bidding without thinking so much on the money.

I you bid, and didn't win, you still waste your money for nothing.

Even if you win, just remember there are ALOT of other people who will lose their money.

Ethical or not, it's your opinion for you to decide. As for me, I don't want to be a sucker in consumerism.

Anonymous said...

It's not a scam. It's a business model that relies on mass consumerism and participation of ecommerce savvy individuals. As you pointed out, its not hard to work out the profit margins, they are phenomenal. You cannot deny a company making 500% profit if the business model works. The same way as casinos make tons of money by giving their clients the impression of winning - this kind of business gives you the impression of buying something at a ridiculous discount. And for those who don't get it - they would have only spent a few dollars (which of course is the whole idea). To look at it a different way, do you want to pay 1.50 for a chance to win a small lottery?

Anonymous said...

It's as good as gambling, only one winner and the rest are losers. Once you start, you get sucked in and before you know it, you will have a few thousand bucks of credit card bills to pay. Many of those bidding are what i call power bidders, they bid all the way and knowing that many people will not do that, they tend to win the bid with some discount (at other bidders expense)and they resell the item for a profit.