So here it is: We don’t pay, encourage, incentivize, or bribe people to bid up the prices on our auctions; it’s that simple! But what proof can we offer customers that QuiBids doesn’t deal in shill bidding? And what is shill bidding anyway? These questions and maybe even one or two more are answered here in this blog post!
What is shill bidding?
Beyond the context of QuiBids, the word “shill” is casino jargon for somebody who poses as a customer to encourage legitimate customers to gamble or bet more. You could see pretty quickly how that tactic would play out on QuiBids, then. An employee or somebody outside the office paid to bid on auctions, since an increase in bidding directly increases the revenue we earn from hosting each auction. It’s fraudulent and dishonest though, which is at the root of the reason why we don’t do shill bidding on QuiBids!
Cool, how can you prove that?
Last fall and again in August 2011, QuiBids underwent audits from Grant Thornton LLP, an accounting and auditing firm based in Chicago with a nearby office in Oklahoma City. They found that QuiBids “maintains effective controls to provide reasonable assurance that bids are placed by bona fide users and does not manipulate the bidding process to inflate the bid price or affect who wins the auction (no use of bots, shill bidding or bidding by employees).”
Why else doesn’t QuiBids use shill bidders?
Aside from it being a fraudulent business practice, there are a handful of good reasons why we don’t use shill bidders on QuiBids.
-Our savvier customers watch each other like hawks, so surely somebody would pick up on a shill-type pattern of behavior.
-Shilling is just unimaginative. Being a legitimate business and all, don’t you think we’d relish the opportunity to earn income in ways other than funneling customers into auctions? Like, y’know, opening up new avenues for customers to buy stuff from us or improving our auction model?
-Lastly, if shills made it too difficult to win auctions, people wouldn’t bid on them! We’d drive away customers by increasing the demand for auctions without increasing the supply. Talk about your unsustainable business models.
More about the precautions QuiBids takes to make it a safe, fun site for everybody to use:
6 problems you won’t run into on QuiBids
Read the highlights from QuiBids’ second Grant Thornton audit
6 ways to maintain your online security on QuiBids
QuiBids Site Rules