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Posted 06/26/2013 10:04 am
seal, you missed an important point. "with a few minutes left" If he left the $50 bid in place then it could be "run up" by last second bidders. If they retract the $50 and bid $5, then they still win it at $5 if no one else bids in those last few minutes. But are willing to "lose it" if last second bidders run it up higher. Many auctions get "run up" by auto-bidding programs etc. in the last few seconds let alone minutes.
So there is a big distinction between leaving it at $50 and going down to $5. And as I mentioned, it can be a deterrent to "competition" who get discouraged by having every incremental bid they try - earlier - be fruitless. So there is benefit and reasoning to it - unfortunately. It is a cheat/abuse and not a waste of time or innocuous!
So there is a big distinction between leaving it at $50 and going down to $5. And as I mentioned, it can be a deterrent to "competition" who get discouraged by having every incremental bid they try - earlier - be fruitless. So there is benefit and reasoning to it - unfortunately. It is a cheat/abuse and not a waste of time or innocuous!
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BuffalosRock, you missed the point. He stated that the bidder re-bid at a lower amount. No matter if they re-bid or left the high bid up there they would still pay the same amount, which would be whatever the next level bid is. Say they placed a high bid of $50 and the bidding got up to only $5, that bidder would be in the lead at $5. Now they retract and the next highest bid was say $4.50 from another bidder. If the person that retracted their $50 re-bid, no matter what they bid, the realized price would only go up to $5, which is what they were winning with to begin with. That is why I said, with the proxy system in place doing so has no benefit or reasoning.
BuffalosRock, you missed the point. He stated that the bidder re-bid at a lower amount. No matter if they re-bid or left the high bid up there they would still pay the same amount, which would be whatever the next level bid is. Say they placed a high bid of $50 and the bidding got up to only $5, that bidder would be in the lead at $5. Now they retract and the next highest bid was say $4.50 from another bidder. If the person that retracted their $50 re-bid, no matter what they bid, the realized price would only go up to $5, which is what they were winning with to begin with. That is why I said, with the proxy system in place doing so has no benefit or reasoning.
