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 19:06:12 GMT
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Viewed:
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1924 times
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Christopher Lindsey wrote:
>
> 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...
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 re-capture after the auction and see if
the sniper was someone new or someone who had already bid.
--
Frank Filz
-----------------------------
Work: mailto:ffilz@us.ibm.com (business only please)
Home: mailto:ffilz@mindspring.com
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Message is in Reply To:
 | | Re: Bid retractions (was Re: eBay dead again)
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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 (...) (24 years ago, 23-Mar-00, to lugnet.market.theory)
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