The start of my penny auction experience

I came across a penny auction site called Quibids yesterday and it got me really excited. People were getting products for a fraction of their retail prices. Items include brand new Ipads for less than $50, HDTVs for less than $100, laptops, bluray players, various other electronic items for a few bucks or less. To me this seems a little too good to be true, yet I signed up with Quibids anyway and bought a starter back of bids for $48.