Quote:
Originally Posted by Snapolit1
I still don't get it. Who is the croooked string bidder? Is he a friend of the guy who consigned the item? Is he the seller himself? And why does he care so much about 85 cents in the above example if he's spending over 1000 on a card?
If someone bids $1000 on an item but puts a max bid of $1200, who cares if that gab is closed in $1 intervals or $100.
I'm nowhere near smart enough to make sense of this.
|
The reason tiny incremental bids is worse is because the string bidder can "find out" where the max bid is without exceeding it. In your example, the shill bidder has no idea that the max is $1200, so they would rather bid it up at the smallest increment in hopes of finding the max than just bid $1100 and risk becoming high bidder because the previous max was only $1050.