I don't have a real issue with it. Starting an auction at 9.99 with a hidden reserve of $500 seems indistinguishable from starting the auction at $500. Either way, you can't win the card unless you bid $500; does it matter if you know it or not? I would be more concerned about not knowing who the consignor is, because many of the items in major auctions come (in my opinion, of course) from card doctors.
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Four phrases I have coined that sum up today's hobby:
No consequences.
Stuff trumps all.
The flip is the commoodity.
Animal Farm grading.
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