Swoopo?

I joined another site similar to this called ThePerfectBid.com
I haven't made any bids because I have a problem getting past the fact that I have to pay per bid and every time a bid is placed the price on the item goes up just 10 cents and whoever is the bidder that placed the final bid, wins the auction . They have an autobidder that will make your bids for you in the last 10 seconds of the auction so you don't waste any bids. But the site says that any bid made a couple of minutes prior to the end of an auction adds 20 seconds to the auction. So I am guessing everyone will set up an autobid, all the bids will be made within the last 10 seconds of the close of the auction adding 20 seconds for every bid and the winner will be whoever is the luckiest and gets the last bid. It seems to me that it is just a small lottery. Maybe I am just missing the big picture.