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Technology Stocks : Ebay in Peril? Sniping at fault.?
EBAY 81.31-2.9%Oct 31 9:30 AM EST
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To: caly who wrote (5)9/30/2002 1:46:04 PM
From: Bill Jackson  Read Replies (3) of 72
 
calypso, many people are not so philosophical as you.
They want to bid and get out bid and then bid again on their own. They do not want to hand custody of their bid to a nameless proxy engine, which for all they know could be corrupted, as so many live auctions are where proxy bids are permitted. Shills for the auction house bid the item up to a bit below the highest proxy(Remember how some hign end auction houses were prosecuted for this a little while ago?)

These people who want to personally hold the reins of their bids at the auction are the prime victimes of sniper programs as the bid escalates at the last second and they have no time to counter.
In addition, a few minute of glaring at a higher bid tempts many people to beat it, just like a real life auction.

The main reason to get rid of sniping is because the snipers want to keep sniping. If the playing field was levelled with a 2-5 minutes settle time thay would either have to bid more or they would lose items to the personal bidders at home. At that time sniping would be less common and the average price paid would jusmp enormously as the bids went higher. Dealers and collector(the main snipers) do not want this. Tha snipers want the advantage.

Bill
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