Elance and sites like it are crazy uncharted territory for me.

Are there really folks who run bots to scrape Elance, put in a bid for the minimum budget price (someone did bid $750, according to the min/max spread on there), and hope they get picked?

What happens when they do get picked, and they just agreed to build Amazon for $750? At that point I guess $750 is just so low an amount that neither party really cares to fight over it when the "developer" can't deliver?