No, it is not. Sites like Quibids, Beezid, and Haggle are actually legit.
To obtain a bid, you much purchase a bid. Each bid costs 60 cents.
The item, however, only goes up 10 cents (in most bids) per bid.
So, if the item is up to $1.00, then they have actually made $7.00 (item price plus the amount of bids it cost to bid up to $1.00).
If the item is up to $100, they make $700. As you can see, they make incredible deals on the items you pay little for.