What's the catch with the website "quibids"?

i heard about this website where they auction products such as mac computers, ipads etc....really nice, expensive stuff at 0.01 cent per bid. people are supposedly walking away with these products for next to nothing. (for ex: if you bid 500 times @ 0.01/cent a bid, you're down $5.00) it seems too good to be... show more i heard about this website where they auction products such as mac computers, ipads etc....really nice, expensive stuff at 0.01 cent per bid. people are supposedly walking away with these products for next to nothing. (for ex: if you bid 500 times @ 0.01/cent a bid, you're down $5.00) it seems too good to be true, so what's the catch? if any? and if no catch, then what? you just got lucky? please explain cause i'd love to give it a try if it's legit.
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