eBay sniping

From: Mike <ipscone_at_msdsite.com>
Date: Thu Apr 24 16:21:42 2003

>>Specified end time with extended provision. You don't have any such
>>"NORMAL" auction like this.
>
> Of course you do. "Normal" auctions are held on a specific day, which in
> real-world terms is much the same thing as an eBay end time. Hell, you
> even
> have "buy-it-now" (sold prior, in a normal auction format), withdrawn &
> changed lots.

At best, that is a stretch. A specified end time, is just what it means.
eBay is exactly what a sealed bid auction is. A "normal" auction can
theoretically go for days. An ebay auction ends at X:YY period.

Those that bid early are just people that make a bid and announce what
they bid. But those that place their sealed bids at the end are unknown
until the end of the auction. Any auction, where there is any real
interest, is ALMOST NEVER won by an early bid; making them essentially
non-bids.

>>This is like a
>>sealed bid auction because the auction ends at a specified time and the
>>winners will be those that place last second bids (i.e. not seen by
>>others).
>
> Absolute bullshit. A sealed bid auction does not allow you to bid more
> than
> once, nor do you know if your bid has been exceeded. Nor is there any
> advantage/disadvantage in bidding early or late, as no-one knows what the
> bids are until the auction finishes.

Sure they do. Maybe some don't but many sealed bid auctions allow you to
get your bid back and make a change. Until the end of the auction, you
can do as you like.

The auction you propose is:
1) one with a fixed end time that is published
2) has an extension period for x amount of minutes.

There exists NO such auction in the real world. Only in your imagination
for a format that you think will give you a better chance of winning. But
the bottom line is, you don't win, unless you have the high bid. That is
what ebay does; that is what any real world auction does.

What you want is one that you can change your mind, essentially, after the
auction should have ended.

You want an auction where they auctioneer says, "Sold!" and you stand up
and say, "I was sleeping. Give me one more minute."
Received on Thu Apr 24 2003 - 16:21:42 BST