eBay trying to remove sniping

[jayshum]

Originally Posted by Schlesinj

I work in an industry that utilizes a 2 minute rule for an auction platform. In this case the auctions last 15 minutes and will get extended for each increment if the rate is reduced. The time is extended from 2 minutes at the point of a reduced rate not each time someone bids. These are blind auction with the bidders only knowing if they are not winning.

This has been standard for over 20 years. The bidders are used to it and generally have been a positive platform. It has produced lower rates (which is good in this case) vs the alternative.

I don't understand what you are saying. What is the rate you are talking about? What do you mean that the time is extended from 2 minutes at the point of a reduced rate?

[Schlesinj]

Originally Posted by jayshum

I don't understand what you are saying. What is the rate you are talking about? What do you mean that the time is extended from 2 minutes at the point of a reduced rate?

I was trying to keep it generic since it sounds like a similar concept. The initial response of the bidders was they did not like it. It then became normal.

It is for the sale of municipal bonds to the primary investor (usually an investment bank). Rate just means overall interest rate and cost in this case. The lower the better for the issuer off be bonds.

[Knightlax5]

Originally Posted by Schlesinj

I was trying to keep it generic since it sounds like a similar concept. The initial response of the bidders was they did not like it. It then became normal.

It is for the sale of municipal bonds to the primary investor (usually an investment bank). Rate just means overall interest rate and cost in this case. The lower the better for the issuer off be bonds.

How are buying bonds the same as buying sports cards? There is no way they DECREASE the price in extended bidding, that would completely defeat the purpose.

[Schlesinj]

Originally Posted by Knightlax5

How are buying bonds the same as buying sports cards? There is no way they DECREASE the price in extended bidding, that would completely defeat the purpose.

Sorry to confuse you, lower rates resulting from an extra bid is same idea of extra bid for cards increased price for a card.