E Bay sniper for idiots....
Discussion
It's really simple.
Item X is for sale in an ebay "auction" (hint: ebay auctions are not real auctions).
The item is currently up at £10. Fred is the highest bidder. Fred has bid £20, but ebay hasn't disclosed that amount yet.
You decide that your maximum is £50....
Scenario 1.
You bid £50 in the closing seconds. Ebay sets the highest current bid at £21 (£1 more than Fred's bid).
Fred does not have a chance to reconsider his bid. You win the item for £21.
Scenario 2.
You bid £50 with days left to go. Ebay sets the highest current bid at £21.
Fred notices this, sucks air through his teeth and decides that perhaps he *could* go to £30 after all.
Fred bids £30. Ebay automatically sets current amount to £31 (again £1 more than Fred's highest bid), you are still the highest bidder.
Fred is annoyed and bids £35. Ebay sets the current amount to £36. Fred gives up and goes back to looking for internet porn.
The auction ends, you win the item for £36.
Scenario 3.
You bid £50 with days left to go. Ebay sets the highest current bid at £21.
The auction owner notices your bid and shill bids against you. He reveals your highest bid amount by bidding more than you. He then cancels his bid and bids again at £49, which is £1 less than your maximum.
The auction ends, you win the item for £50.
In all cases, you've won. In all cases you've not paid more than your maximum. In two of the three cases, you've acted foolishly and have been parted from more money than you need have been.
Item X is for sale in an ebay "auction" (hint: ebay auctions are not real auctions).
The item is currently up at £10. Fred is the highest bidder. Fred has bid £20, but ebay hasn't disclosed that amount yet.
You decide that your maximum is £50....
Scenario 1.
You bid £50 in the closing seconds. Ebay sets the highest current bid at £21 (£1 more than Fred's bid).
Fred does not have a chance to reconsider his bid. You win the item for £21.
Scenario 2.
You bid £50 with days left to go. Ebay sets the highest current bid at £21.
Fred notices this, sucks air through his teeth and decides that perhaps he *could* go to £30 after all.
Fred bids £30. Ebay automatically sets current amount to £31 (again £1 more than Fred's highest bid), you are still the highest bidder.
Fred is annoyed and bids £35. Ebay sets the current amount to £36. Fred gives up and goes back to looking for internet porn.
The auction ends, you win the item for £36.
Scenario 3.
You bid £50 with days left to go. Ebay sets the highest current bid at £21.
The auction owner notices your bid and shill bids against you. He reveals your highest bid amount by bidding more than you. He then cancels his bid and bids again at £49, which is £1 less than your maximum.
The auction ends, you win the item for £50.
In all cases, you've won. In all cases you've not paid more than your maximum. In two of the three cases, you've acted foolishly and have been parted from more money than you need have been.
mikeveal said:
Strictly speaking Ebay isn't an auction site, in an auction, bids are disclosed and the auction runs until there are no more bids. People don't often appreciate the difference.
Not necessarily. I believe that eBay auctions are classified as "timed auctions". And that's not a new concept as I remember reading a book called Moonfleet (pub: 1898 and set in 1757) as a kid where in one scene there is an auction for the leasehold of a pub that is run until a candle burns down enough for a pin stuck in the side of it to fall out. Funnily enough a bid made just as the pin falls out is what wins it - a snipe in other words. 
Edited by JonRB on Wednesday 19th June 14:01
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