Pretty much. I did some research about it a while ago. They claim that it is free to join, but then ask for a credit card number. In the fine print it says you will be charged $60 and you will be. What that gets you is 100 bids. Every bid costs you 60 cents. So if the bid for an iPad, for example, starts at 0 and you bid one cent, as soon as someone bids 2 cents you just lost 60 cents. The only way to get the iPad is to be the last person to bid. So let's imagine you get lucky and with your hundredth bid you win the auction at $35. You have paid $60 plus $35 for an iPad. Sounds pretty good. But then many other people have lost. Meanwhile Quibids has made $2130 for a $500 dollar iPad. Someone will win but most likely not you. The best way to view it is like a lottery. A lottery with really bad odds.
It is not a scam but you need to be very careful when doing auctions there. It is a good auction site for individual with experience on online auctioning and bidding. It is one of the biggest auction sites that are presently operational.