Is haggle com a legit site?

Is haggle com a legit site?
Haggle.com in a business sense is a legit site. I've done a lot of reading on it and examining it and it's safe to use, but I personally think its stupid for consumers to use.

It works like this. You buy your bids upfront, about .50 a bid. From there everytime you bid the price of the item goes up .10. Once someone wins the item they have to claim and pay for it. A catch is tho that every bid adds time on to the clock, so last second bidding is impossible.

How do they make money off it?

They sell an iToch 32g for $150. Basically the $150= 1500 bids. 1500 bids times .50 a bid = $750. So $750(from the bids)+$150(ending prices)= $900. So when you subtract the price they bought it for(at the most $300, they have a profit of at least $600 on the item.

I tried winning with my free bids from the site and failed terribly. As of right now Haggle is just starting to grow and will just grow and become harder to win.

My advice is to just stay away from it.

But major props to whoever started it.