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 20:30:56 GMT
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Viewed:
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6292 times
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Todd Lehman wrote:
>
> In lugnet.market.theory, Christopher Lindsey writes:
> > 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...
>
> Wow, that's totally nasty. Great example! Can that sort of thing happen on
> eBay as it is now, BTW?
Yep. It's also grounds for closing your account if you get caught.
--
Frank Filz
-----------------------------
Work: mailto:ffilz@us.ibm.com (business only please)
Home: mailto:ffilz@mindspring.com
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Message has 2 Replies:
 | | Re: Bid retractions (was Re: eBay dead again)
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| (...) That's a pretty big if. Especially since someone proving it only means your eBay account getting yanked, as you haven't broken any prosecutable laws (that I can think of). Think of it this way: what if you got two friends to do the other deeds (...) (27 years ago, 23-Mar-00, to lugnet.market.theory)
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