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 Replies: 12 / Views: 2,030 |
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Pillar of the Community
United States
3479 Posts |
It's about Bill Mastro's shill bidding scheme in the baseball card market but I'm sure parallels can be drawn to the coin collecting community. I was out of the coin collecting game for awhile but I've read about a few scammers since my return. https://www.cnbc.com/2017/08/18/tha...s-right.html |
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Rest in Peace
10197 Posts |
For those who don't know what a "shill bidder" is, read the link. Makes ya really wonder, don't it?, "Why do I keep bidding on ebay?"  I like shills, except when I don't back out soon enough!  |
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Rest in Peace
United States
18456 Posts |
Yeah ,another reason to be cautious on E-Bay .You really have to know what your doing when bidding .  |
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Rest in Peace
United States
17900 Posts |
Although there have been a number of shill bidding alerts that proved not to be such. Know your facts well before making such a claim.
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Bedrock of the Community
United States
17884 Posts |
Quote:
Many participants in Mastro's auctions had their suspicions, however.
"There would be a Ty Cobb, and the card would be sitting at a $2,000 value for two weeks," collector Jeffrey Lichtman recalled. "And I would then go on the computer, I would see the card, I wanted to buy it. So I put my bid in at, let's say $2,100. I would turn around and 15 seconds later I had been outbid. And it would happen time and time. It was almost like there was some maniac sitting behind a computer, inside the Mastro offices waiting for people to bid so they could top the bid. I knew immediately that something was off." Hello, ever heard of proxy bidding? Submit a max bid and anytime the bid get raised the computer automatically bids again for you until the bid exceeds your max bid. What he is describing is completely normal. |
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Pillar of the Community
United States
7375 Posts |
Very good article, thanks for sharing.
Imo, shills are powerless if one already knows the value of what they are buying, and how much they want to spend.
That's why I never put my max bid in until sniping time.
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Moderator
 United States
187950 Posts |
Interesting topic. Quote:
Yeah ,another reason to be cautious on E-Bay .You really have to know what your doing when bidding . I am just getting my toes wet in the ebay pool, but I have only purchased with Buy It Now. I have not placed a single bid yet.  |
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Pillar of the Community
United States
1839 Posts |
Just watched the episode. It was very eye opening. And quite scary to be honest.
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Pillar of the Community
United States
3343 Posts |
I used to care, now they're just a yawn. I bid my maximum on ebay right at the start. I get the satisfaction of covering every lower bid. And I have no reason to bid higher. If I don't get the item it wasn't worth it. Over 10 years I have found that there is NO coin in my bidding range that I won't see again. Adrenaline needs to be disconnected from bidding. I have lost a lot of items by a dollar. This is also satisfying in two ways. First, I've made the market with my losing bid. Second, if there are shills they're stuck with an overpriced item. "Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
08/26/2017 3:07 pm
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Bedrock of the Community
13014 Posts |
Quote:
Yeah ,another reason to be cautious on E-Bay .You really have to know what your doing when bidding . No one can force your max bid higher than you place it. Besides the big boy auction houses do it (I don't believe Legend does but I am not 100%) as they reserve the right to bid on their auctions. |
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Pillar of the Community
United States
6370 Posts |
Quote:
Hello, ever heard of proxy bidding? Submit a max bid and anytime the bid get raised the computer automatically bids again for you until the bid exceeds your max bid. What he is describing is completely normal. Depends. Was the potential buyer the high bidder for a time? Were the opponent's bids always inching up the price? With the information given, it could be either way. |
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Pillar of the Community
United States
1068 Posts |
Quote:
Many participants in Mastro's auctions had their suspicions, however.
"There would be a Ty Cobb, and the card would be sitting at a $2,000 value for two weeks," collector Jeffrey Lichtman recalled. "And I would then go on the computer, I would see the card, I wanted to buy it. So I put my bid in at, let's say $2,100. I would turn around and 15 seconds later I had been outbid. And it would happen time and time. It was almost like there was some maniac sitting behind a computer, inside the Mastro offices waiting for people to bid so they could top the bid. I knew immediately that something was off." Quote:
Hello, ever heard of proxy bidding? Submit a max bid and anytime the bid get raised the computer automatically bids again for you until the bid exceeds your max bid. What he is describing is completely normal.
Quote:
Depends. Was the potential buyer the high bidder for a time? Were the opponent's bids always inching up the price? With the information given, it could be either way. Proxy bids should be instant the second you submit a bid. If it takes 15 seconds to show anything, I would be suspicious too. |
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Pillar of the Community
United States
1119 Posts |
Quote:I bid my maximum on ebay right at the start. I don't sometimes I will put a low bid in at the start to test the waters but my actual bid always comes with less than 10 seconds left in the auction. When your max bid is in from the beginning other bidders can pick away at it. you might still win but I feel like my winning bids would always be a little more. when bidding I the closing seconds other bidders don't have anytime to react to my bid. I still make up my mind as to my max bid the second I see an item I want and never go over that |
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Replies: 12 / Views: 2,030 |
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Posted 08/22/2017 10:27 am
