I voted for the REA method, but something needs to be implemented so that bidders cannot wait until 3:00 AM to put in their first bids. If you don't bid by a certain time, you would be disqualified.
I know some bidders insist on having the chance to bid at the very end, but the only way to actually do that is to outbid everyone else. You can bid at 3:30 but if it is not high enough, you will get topped at 3:32. Just bid the highest, and everything else will work out.
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