freejack
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posted on February 4, 2001 02:35:38 PM new
This post is specifically for those who own Bidbay Bucks...
http://www.edgar-online.com/bin/edgardoc/DocFrame.pl?doc=A-1126021-0001075793-01-000006&fmt=text&nad=&nav=&x=95&y=33
I have just read the Bidbay's financial statements and things do not look good...they are in serious need of capital to continue running the business, and it seems likely they will turn to the public forum to raise this needed capital...If the past year has taught us anything about internet companies going public before making one cent of profit, it is the fact that these types of companies are not a viable investment opportunity...just look around in the dotcom grave yard and you will see that there are only a handful of internet companies that are making real money...and the rest are either shut down or their stocks are trading under a $1...This does not bode well for BidBay...I personally don't see anything that differenciates them from other doomed dotcoms...I have serious doubts that Bidbay will be able to stand on it's own once the dust settles...so....
...For all those who own Bidbay Bucks, it'll be prudent to spend them when you still can...When Bidbay winds down, do you really think you will be able to exchange them for cash?...not going to happen...I could just see the Bidbay offices being stormed by enraged Bidbayers with thousands of Bidbay Bucks in their account, demanding cash for them...So my advise to spend them NOW!!!
[ edited by freejack on Feb 4, 2001 02:41 PM ]
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OneDay
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posted on February 4, 2001 02:39:02 PM new
freejack, very well said.. This site has been a Big Joke since Day One..
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cardmall
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posted on February 4, 2001 03:36:20 PM new
Wow, $10 per share - Maybe in 1998 or 1999, but not today. Collector's Universe, which owns PSA and other grading services for cards and coins, is currently trading under $2 per share, and started out around $7 last year. They had a cash flow. Bidbay mentions several times that they HAVE NO INCOME REVENUE and may not have any for some time - What kind of business model is that to go public with?? Who would be foolish enough to purchase stock from this company? (Well, fools are out there I guess)
Something else that I found very interesting in the statement - $136,116 in cash as of August 2000 - That was 6 months ago, I can't imagine very much of it is left. My guess is the public offering was a last ditch effort to avoid bankruptcy. Funny thing is that if they succeed, they will make much more from the stock than anything they could hope to make from auction fees. My guess is that they will run out of cash though, and this is just based on what I read.
Alan
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wabmester
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posted on February 4, 2001 04:42:15 PM new
Reading the SEC filing was the first time I learned about the "other" VP, Wes Cooley. I always knew BidBay was a circus of deceptions, but I never knew they hired this guy:
[u]http://www.gridlockmag.com/freaks/wester.html[/u]
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msgodrocks
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posted on February 4, 2001 05:02:25 PM new
OH NO.. Bidbay is already # 2 in auctions and will soon take over the #1 spot , over ebay. Better cash in your ebay stock cause here comes bidbay!!!
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Humbled
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posted on February 4, 2001 05:06:24 PM new
It will be interesting to watch the eventual demise of this company that has self-proclaimed it's self to the the next Ebay. I have always thought that was not going to happen and it appears that now more than ever it is proving to be in trouble. I have said all along that they are mostly a chat site and sell mostly amoung themselves using those bidbay bucks. I find it interesting that a site would give away money on a consistant basis, when no money is being brought in. Wonder how the profit can happen?
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iluvauctions
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posted on February 4, 2001 05:06:49 PM new
It'll take a lot more than being number 2 in unique visitors before eBay stockholders sell.
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freejack
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posted on February 4, 2001 05:14:57 PM new
Get real...#2 in what terms? I do believe an obscure website listed them #2 in unique visitors...big deal...I'm sure people go there to check the site out, but are they bidding? I don't see any evidence of that....so you have a lot of visitors going to the site and then finding out that 95% of the bidding is in the Bidbay Bucks and Under $1 category...Can someone please tell me how a company can go public on this business model?
msgodrocks, Please come back when there's evidence that Bidbay is #2 in GMS (gross merchant sales)...this is the value on the amount of goods being traded on a site (ebay easily surpasses a billion each quarter on real money, not funny money)...being #2 in unique visitors doesn't mean much when there's no bidding activity.
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msgodrocks
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posted on February 4, 2001 05:16:00 PM new
I take back what I said after the last posting by rafaelva who Just Joined TODAY! Right!! A little to obvious for me
[ edited by msgodrocks on Feb 4, 2001 05:17 PM ]
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iluvauctions
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posted on February 4, 2001 05:18:34 PM new
top9.com isn't really all that obscure. But that's what they are #2 in.
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rafaelva
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posted on February 4, 2001 05:25:48 PM new
Amazing how it never stops. Me think the following: Conspiracy by y'all, hired on by someone to degrade and put down a site. Has anyone of you ever hear of the term, "interfering with business economics" me don't think.
Why? It is obvious that your job is to do just that. All this energy, looking at stats, reading SB2 fillings, amazing.
Keep barking y'all
Rafael
If you want a piece of me, look me up at bidbay.
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msgodrocks
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posted on February 4, 2001 05:45:08 PM new
since you repeated, I repeat, what is your user name at bidbay so I can look you up there?
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katzbizz
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posted on February 4, 2001 06:04:44 PM new
Sales, you want sales!
I had over $250.00 in sales on Bidbay this week. That's CASH sales not Bidbay Bucks not high hopes. REAL CASH!
The bidders are out there, The sellers are out there. You'll all soon eat your words because HERE COMES BIDBAY!
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msgodrocks
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posted on February 4, 2001 06:18:14 PM new
katzbizz I think you should change your name to pinochio! I looked at your auctions just now and from Jan 22 through feb 4, you sold exactly $ 30.93. Did I miss something?
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coolvette
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posted on February 4, 2001 06:21:56 PM new
You sure did! She lists with more than one ID!
~Vette~
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msgodrocks
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posted on February 4, 2001 06:24:24 PM new
was that also how she won four digital cameras after the rules stated that only one per person? The convenience of all this is extremely suspicious! But whatever you say. <wink wink>
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auctiongallery2
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posted on February 4, 2001 06:28:15 PM new
Well it is possible to make $250.00 a week on BidBay. But you have to consider that most items Katbizz and her other id's offer up for sale are nickel dime and quarter items.
This allows a user or new user to come in spend $20.00 and get a heck of a lot of feedback in one fell swoop.
I noticed the other night one member alone had over 200 feedback from one of Katzbizz's id's alone.
Is this legal? Yes. Is this allowed under BidBay's user agreement? Yes.
So $250.00 I believe it. It's possible. But it is also the exception on BidBay.
Edited for clarification.
auctiongallery2
[ edited by auctiongallery2 on Feb 4, 2001 06:31 PM ]
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OneDay
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posted on February 4, 2001 06:29:01 PM new
Oh The Perfect World of BidBay. Katzbizz, I am suprised with you defending BidBay after what they put you thru. Personal Attacks on you....Bidbay must have put you on their payroll...Amazing what a little money can do..Or was it their Bidbay Buck payroll??
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coolvette
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posted on February 4, 2001 06:31:09 PM new
She won the cameras fair and square and before the rule one per family was impleminted.
This is why the rule was made.
~Vette~
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auctiongallery2
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posted on February 4, 2001 06:34:22 PM new
Yes Vette she did win the cameras fair and square I agree 100% on that.
But I will also agree with oneday...they put her through HE Doubley Hockey Sticks over it...they being some jealous members who of course was led by the forgiving but not forgetting walks on water high and mighty almighty blonde one.
auctiongallery2
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msgodrocks
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posted on February 4, 2001 06:36:46 PM new
NOT!!! She won two the same weekend to "make a point" that anyone just list recipes with a bulk loader. The bidbay community went wild and she was almost hung. They implemented the one per family rule and so she then listed in her husbands name. She won again and the bb gang went wild again. But your story sounds better. <wink wink>
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coolvette
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posted on February 4, 2001 06:39:52 PM new
Her husband won on a random drawing.
~Vette~
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auctiongallery2
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posted on February 4, 2001 06:41:46 PM new
mgsdrocks...lol I hope I got it right.
Yes she did claim she did it to make a point...but the point I think Vette is making is under BidBay's user agreement of which she was not in violation of she won fair and square.
Now if you want to bring up moral and ethical problems...I can see your point and will agree there.
auctiongallery2
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msgodrocks
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posted on February 4, 2001 06:43:45 PM new
morals/ethics do not go with the bidbay company
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coolvette
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posted on February 4, 2001 06:44:01 PM new
But I will also agree with oneday...they put her through HE Doubley Hockey Sticks over it...they being some jealous members who of course was led by the forgiving but not forgetting walks on water high and mighty almighty blonde one.
Oh yes that almighty blonde one. The one that gets discussed on numerous boards and just flat can't learn nothing. LOL
~Vette~
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auctiongallery2
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posted on February 4, 2001 06:45:21 PM new
msgodrocks...I wholeheartedly concur.
auctiongallery2
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coolvette
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posted on February 4, 2001 06:47:09 PM new
morals/ethics do not go with the bidbay company
Not true. There are many red star ebay sellers that sell on Bidbay, there are various reasons for this and one of them is ebay ethics!
~Vette~
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auctiongallery2
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posted on February 4, 2001 06:48:46 PM new
Let me clarify my agreement with msgodrocks.
I was more or less speaking of PTB's over there.
auctiongallery2
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OneDay
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posted on February 4, 2001 06:55:11 PM new
auctiongallery2, what are PTB'S?
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ladypoetic
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posted on February 5, 2001 06:05:38 AM new
I've been reading these posts all morning, and cannot for the life of me understand why people seem so intent on destroying bidbays reputation. Especially you auctiongallery2 Arent you the same auction gallery that stated over and over again that you cared about bidbay? that you wanted it to succeed? So please enlighten me on how continually posting something negative will help this along?
I personally have only been a registered user of bidbay since the middle of January, but I like it, its easy to navigate, the people are extremely helpful( this alone may keep it afloat) of course the absence of fees at the current time helps also. When bidbay does implement fees I will stay mostly because of the people, but also because I believe they will thrive. They are an extremely new company and are already doing pretty well in my opinion, maybe not making a profit as of yet but give them time and support instead of trying to block their path and they will florish.
sorry for ranting on and on got bitten by a nasty flu bug of sorts so my heads a little fuzzy,thank you for your time
Brightest Blessings pOE
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