Yes, I blew about $100 there before I realized it was a scam.
Here's how it works. You have to buy bids. They sell you bid packages. The cheapest one is 30 bids for $27. Every time you bid on an item it goes up in price be $0.01.
Every auction has a timer. The problem is the auctions don't end when the timer runs down. Every time someone bids the auction goes back up to 30 or 15 seconds. I was watching an iPad for 5 hours that only had 15 seconds left. So to win the auction is super difficult. It's more like a raffle. You have to be the last person to bid on an item but people are always bidding and adding more time so it's almost impossible.
Plus I think it's rigged as well. I watch a guy bid $1500 worth of bids on an item that only costs $300 in the store. Does that make sense?