Subject:
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Re: Bid retractions (was Re: eBay dead again)
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Newsgroups:
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lugnet.market.theory
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Date:
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Thu, 23 Mar 2000 18:59:12 GMT
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Viewed:
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1988 times
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Hmmm... I don't like this whole bid retraction thing.... It
also means that the seller could pull one over on the buyer
if he has two extra throw-away Ebay accounts, and unless
I check the bidding history I'd never know it...
Scenario:
1. I bid on an item going for $5.00, then set my maximum
bid for $50.00
2. The seller realizes that the item isn't selling for what he
expects, so he/she comes in and bids with another account
until he/she surpasses your maximum bid (thus finding out
how high you're willing to go).
3. He/she then retracts that bid, and before the auction ends
comes in with another account bidding just short of your
maximum bid, leaving you as high bidder.
Auction ends, seller rakes in the dough, and the buyer is probably
naively happy, thinking that they beat out someone else and not
realizing that they paid more than they probably would have if the
seller hadn't intervened...
Chris
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Message has 2 Replies:
 | | Re: Bid retractions (was Re: eBay dead again)
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| (...) A reason to always pay attention to your auctions, and look at the bidding history if the auction jumps a lot in the last moments. If I'm eagle eying an auction, I'll even capture the current bidders just before the last moment, and then (...) (25 years ago, 23-Mar-00, to lugnet.market.theory)
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