oh shit my bad. my math was off, a lot lol. you're right, that's actually not that bad.
the problem with this site then is it's actually a more of a gambling site not an auction. at an auction, if you're outbid, you don't lose any money. Here, every time you bid you lose a dollar.
This is an awesome site these people are running. for every dollar that is bid (100 bids) they make 100 dollars. they're raking it in big.