I watched this site for a while then jumped in and bought a few dozen bids. I don't think it's a scam per se--it's clear that you have to pay to play--but if there are bots or some other scheme for artificially increasing the purchase prices then that's clearly fraudulent. In my case I placed one bid ($. 60) and won a $15 iTunes gift card. I paid $. 04 for the card + $1.99 shipping + $. 60 = $2.63. I'm not complaining. A few days later the gift card arrived. I noticed the QuiBids LLC street address at the bottom of the (undated) letter they sent me: 4 NE 10th Street Suite 242, Oklahoma City, OK *******-1402. So I checked it out. It's a UPS Store location -- http://www.theupsstorelocal.com/4698/
My 2 bids (cents).