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#10

10-30-2018, 11:43 AM

silvor

Member

Join Date: Aug 2017

Posts: 159

I think the snipe bidding is what keeps the auctions honest.

I mean, if I or any hobbyist lists an auction starting at 99 cents, rarely are there bids early. Yet, the big guys get bids almost immediately.

Example, if an auction starts at 99 cents, and you put in your $100 bid right away, well, a dishonest auction can just keep bidding and creep up the price little by little. Once they hit your price, they can retract, then bid right under you.

If you snipe and put in your max bid, that eliminates that. Sure, the fake bids can still happen, but then if the fake bids overbid, well they can get stuck with winning and have to relist.

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